Bookkeepers Margate Kent (CT9): You are responsible for keeping "true and fair", accurate accounting and financial records for at least six years, if you are a sole trader, operate an online store or run a small business in Margate, to comply with the 2006 Companies Act. You could face disqualification as a Company Director and receive a fine of thousands of pounds, if you're unable to produce this information. You can undertake these financial recordings on your own, however when you think about the fact that according to the trade magazine Accounting Today over 40% of small businesses spend at least 80 hours per year doing their bookkeeping activities, it is often better to use a professional bookkeeper or accountant.
If just the thought of writing out ledgers, preparing profit, loss and fiscal reports, producing balance sheets or tracking assets and liabilities fills you with a sense of dread, then the time has come to contact a bookkeeper in Margate for advice.
BOOKKEEPER OR ACCOUNTANT?
"What exactly is the difference between a bookkeeper and an accountant?" Is a question that is asked by many people in Margate. While in the past a lot of accountants considered the task of bookkeeping to be beneath their skill-sets, experience and qualifications, many accountancy companies in the Margate area will now take on bookkeeping, because of improvements in software over the past 10 yrs or so. To make sure their bookkeeping services are commensurate with a dedicated bookkeeper's fee, it is now quite common for accountancy companies to charge a flat rate for these services. This means the cost of bookkeeping is far more affordable than it once was, and is excellent news for small businesses in Margate since it offers a greater variety of competition within this sector.
When thinking about the big difference between an accountant and a bookkeeper, it is the standard of training that's required for each discipline. An accountant will, at the minimum, hold an accounting degree, and should have also had specialist training in business and fiscal management, and taxes. A bookkeeper in Margate will have a fair grasp of these fiscal skills, but may not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN MARGATE
The recording of day by day transactions (financial) of any business in Margate, describes the process of bookkeeping in simple terms. This can include;
- Logging of all financial incomings; including electronic, cash and card payments.
- Documenting invoices received and making certain that payment is completed punctually.
- Monthly reconciliations and reporting.
- Payroll services.
- VAT submissions and recording.
- Billing of customers for goods or work completed.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Ensuring accounting and double-entry bookkeeping practices are followed.
Contingent upon service level you require, a bookkeeper might just be needed to double check your accounts on a set schedule, if you are willing to carry out the majority of your own bookkeeping work. At the bare minimum this really needs to be done on a monthly basis, to enable the rapid identification and rectification of any problems or mistakes. Provided that you are confident of staying in control of your monetary transactions without affecting your daily business activities, this solution can be the most cost-effective trade-off.
Whatever the circumstances are with your company or business, if you are seriously looking to hire a bookkeeping company in Margate, there is a fair chance that you could be having problems with the process of financial records and tax returns. A good bookkeeping company will help you with everything from creating expense reports, invoicing and stocktaking, to linking your accounts with the latest computer software to seamlessly of your financial data.
One of the most crucial aspects of good bookkeeping, is being able to successfully reconcile accounts payable with cash flow. Which means that instead of paying an outstanding bill right away, or waiting on a final notice, which most small businesses in Margate are guilty of at some time or other, your bookkeeper will optimise bill payments to times when your accounts are in the best possible position. In addition to keeping your business enterprise financially secure, this also maintains your good standing with your suppliers and service providers. Unfortunately, this is just one of those balancing acts that can be difficult to accomplish when you're firmly focussed on the streamlined running of your daily business operation.
Employing a professional bookkeeper in Margate, for your small business or if you are a sole trader also gives them the opportunity to cast a fresh eye over your business affairs. This unbiased evaluation can allow them to discover business trends and patterns that you may have disregarded. It's not uncommon for a bookkeeper to spot an opportunity or flag up an area where profits are dropping. For the success and growth of any business in Margate, it is vital that these key performance indicators (KPI's) are spotted early on.
If invoices are sent out by your company it can often be uncomfortable having to pursue late payments. Some of that apprehension can be taken away by having a person outside your business bubble make that telephone call or visit to your clients. A bookkeeper can employ legal options to handle a persistent late payer, and without having to resort to a claims court proceeding, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are fairly straightforward and basic. This involves keeping all receipts and invoices in relation to the business, and tracking income and expenditure on a monthly basis. Now, this doesn't sound too difficult does it? However, it's still advisable to hire the services of a competent bookkeeper to make certain that it is all done right. Offering advice on what legitimate business expenses you can claim back, a specialist sole trader bookkeeper in Margate will deal with HMRC on your behalf. This may include advertising, rent and bills if you work from home, items such as computing equipment, printer ink and stationery goods. If you'd like to get more in-depth advice, and discover how your business can grow and develop going forward, chat to your local bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS IN MARGATE
There are several business niches where a specialist bookkeeping service might be necessary. For example, if you run an online store, you'll be wise to employ a bookkeeper in Margate who understands exchange rate transfers, multi-currency processing, international and cross-border taxes and online payments. If that same store sells goods you hold or produce, then supervising your inventory and stock on a 24 hours a day basis is a massive priority, after all the internet doesn't sleep, so nor should your bookkeeping software or services.
A virtual office can also be provided in combination with your bookkeeping service. This is useful in enabling a sole trader or online only business to have a phone service and postal address to offer a physical link with their client base. It is definitely worth talking about this possibility if it is needed, although not all bookkeepers in Margate will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping qualifications are at Diploma and Certificate level, and it's not mandatory for a qualified Margate bookkeeper to have a degree in accounting. There is an ever-growing choice of online courses available, although qualifications can still be gained via further education colleges and universities.
There are 2 key training and certification organisations which represent bookkeepers:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have been provided with a training schedule and advanced qualifications in bookkeeping practice. They're then permitted to become licensed AAT bookkeepers, which promises their clients a certain level of service which is backed by the organisation. If a bookkeeper who is affiliated with the AAT has a complaint against them or is found to have broken the code of practice they will be liable to disciplinary and tribunal processes to protect the trustworthiness of the AAT.
The Institute of Certified Bookkeepers or ICB: Providing accreditation to certified bookkeepers, in addition to training and reference material to keep their associated members up-to-speed with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world.
The qualifications of any bookkeeper can be checked on the register of ICB or ATT members on their respective websites. Prior to using any bookkeeping service in Margate, it's definitely a wise idea to complete such checks.
Bookkeeping services are available in Margate and also in nearby places like: St Peters, St Lawrence, Haine, Garlinge, Monkton, Woodchurch, Westwood, Northdown, Manston, Cliftonville, Birchington, Reading Street, Kingsgate, and in these postcodes CT8 8AE, CT9 1JR, CT9 1HA, CT9 1BD, CT8 8TJ, CT9 1LS, CT9 1EY, CT9 1ER, CT8 8AL, CT8 8BB. Local Margate Bookkeepers will probably have the phone code 01843 and the postcode CT9. Verifying this should confirm you are accessing locally based bookkeepers. Margate sole traders and business owners will be able to utilise these and various other comparable services.
Outsourced Bookkeeping Margate
All businesses in Margate should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, the money left in their bank, their payables/receivables, and so on. With the owner of the business having to handle the concerns and issues of operating a business, the task of doing the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Margate.
If a company in Margate hires a bookkeeper in order to become an employee, the company will be required to pay out a substantial sum of money in training that individual for the purpose of performing the bookkeeping duties. Furthermore, there is no guarantee that the person will stay after the training is completed. In that case, the company stands to lose a considerable amount of money for very little return. Apart from that, businesses will need to seek out ways and means to provide benefits and incentives to keep the fully trained employee within the company. These are just some of the reasons why companies often enlist the services of bookkeeping companies and professional bookkeepers in Margate.
The business owner in Margate can look for the following options with the bookkeeping company that offer outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very much important to get quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Margate should have a well protected system that can be relied on and trusted.
Franchise bookkeeping Margate.
Margate Bookkeeper Tasks
Most bookkeepers in Margate will be ready to provide you with the following accounting and bookkeeping services: tax returns Margate, bookkeeping for freelancers, QUOTE FORM provided. We'll get back to you with information as soon as we can.Margate, payment services Margate, bookkeeping for clubs, management reports, accountancy packages in Margate, Margate, management accounts, bookkeeping services for retail outlets, Kashflow bookkeeping in Margate, bookkeeping for sole traders, invoice processing Margate, bank reconciliations, bookkeeping and accounting, business bookkeeping, Quickbook bookkeeping, corporation tax returns, bookkeeping services, Sage bookkeeping services, tax return preparation, bookkeeping for restaurants in Margate, bookkeeping for organisations, credit control, bookkeeping services for shops in Margate, bookkeeping for tradesmen, bookkeeping for home-based businesses, bookkeeping services for startups in Margate, and more. These are just a few of the tasks that are conducted by local bookkeepers. Margate professionals will be delighted to keep you abreast of their full range of services. If there are additional Margate bookkeeper requirements that you need but cannot see here, you can list them on the
Kent Bookkeeping Enquiries
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Bookkeepers Near Margate
Also here.: Cliftonville bookkeepers, Kingsgate bookkeepers, Northdown bookkeepers, St Peters bookkeepers, Birchington bookkeepers, Reading Street bookkeepers, Woodchurch bookkeepers, Westwood bookkeepers, St Lawrence bookkeepers, Monkton bookkeepers, Garlinge bookkeepers, Haine bookkeepers, Manston and more. All of these areas are covered by local bookeepers. Margate residents can get fees for bookkeeping services by clicking
- Margate Payroll Services
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- Margate Credit Control
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Bookkeepers Around Margate: People who live in these local Margate roads and streets have recently enquired about bookkeeping services - Dane Mount, Bowes Avenue, Arlington Square, Church Road, Cliftonville Avenue, The Avenue, Copperhurst Walk, Tyson Avenue, Churchfield Place, Dane Hill Grove, Dene Walk, Addington Street, Dane Valley Road, Avondale Place, The Paddocks, Cecil Street, Dent-de-lion Road, Bath Place, Buckingham Road, The Ridings, Arnold Road, Amherst Close, Sussex Avenue, Church Street, Danesmead Terrace, Turnden Gardens, as well as the following Margate area postcodes: CT8 8AE, CT9 1JR, CT9 1HA, CT9 1BD, CT8 8TJ, CT9 1LS, CT9 1EY, CT9 1ER, CT8 8AL, CT8 8BB.
Margate: For facts about Margate, Kent click here
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Bookkeepers in CT9 area, 01843.
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