Bookkeepers Margate Kent (CT9): In compliance with the Companies Act (2006), if you run an online store, operate a small business or are a sole trader in Margate, you're responsible for keeping "true and fair", accurate financial and accounting records for at least 6 years. You may face disqualification as a Company Director and receive a hefty fine, if you're unable to produce these records. According to the magazine Accounting Today over 40% of small businesses spend over eighty hours annually on their bookkeeping duties, therefore although you can accomplish these financial records on your own, it can be more economical to use a professional bookkeeping company or accountant to do them instead.
The time has come to contactin Margate for guidance and advice, if you're filled with a sense of dread merely thinking about the possiblility of compiling balance sheets, filling out ledgers, creating profit, loss and financial statements or tracking liabilities and assets.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between an accountant and a bookkeeper?" Is a question that's asked by many business owners in Margate. While in the past many accountants considered the bookkeeping process to be beneath their experience, qualifications and skill set, a lot of accountancy companies in the Margate area will now undertake most bookkeeping duties, due to massive software improvements over the past ten years or so. To keep their bookkeeping services commensurate with a typical, it is now quite common for accounting firms to charge a fixed rate for these services. As it generates a wider range of competition within the marketplace, this is great news for small business owners in Margate, making their bookkeeping much more affordable than it was previously.
The standard of qualification and training that's necessary is the main difference between an accountant and a bookkeeper. Anwill typically hold at least an accounting degree with specialist training in the field of taxes and other fiscal and business management. While in Margate will definitely have a good grasp of these fiscal procedures, they might not necessarily have these qualifications or levels of training and experience in this field.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day by day financial transactions of any business in Margate, describes the process of bookkeeping in simple terms. This will likely include, but is in no way limited to;
- The billing of customers for goods or work completed.
- Monthly reconciliations and reports.
- VAT submissions and recording.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Logging of all financial incomings; electronic, cash and card payments included.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Documenting the receipt of invoices and ensuring that payment is completed by the due date.
While it depends on the extent of the service you're looking for, if you're able to carry out the bulk of your own bookkeeping work, a bookkeeper may just be needed to periodically double-check your figures. At the bare minimum this needs to be every month, to facilitate the quick detection and rectifying of any problems or mistakes. This trade-off can often be the most cost-effective compromise if it is possible to stay up-to-date with your day by day trading and financial transactions.
There's a fair chance that if you are considering hiring a bookkeeping company in Margate, you're currently stressed with the financial recording side of your small business. Offering guidance and advice on everything from preparing expense reports, stocktaking and invoicing, a professional bookkeeper will also be able to walk you through the process of linking your accounts with the most up-to-date software to enable the seamless processing of all your business's data.
One of the most crucial elements of good bookkeeping, is being able to correctly reconcile accounts payable with cash flow. This means that your bookkeeper will prioritise the payment of bills to a time when your finances are in good order, rather than paying off a bill right away, or waiting on an overdue notice, which many small businesses in Margate are guilty of doing. This does not just keep your business or enterprise financially sound, but keeps you in good stead with suppliers and the businesses who supply services to you. This is a juggling act that can be hard to perform on your own when you are purely focussed on running your company.
If you are a sole trader, or run a small business, employing a competent bookkeeper in Margate, also gives them an opportunity to cast a critical eye over the running of your business. Business trends and patterns that might have otherwise gone unnoticed could be highlighted by this sort of independent evaluation. A bookkeeper spotting an opportunity or flagging up an area of the business where profits are dropping, is by no means unheard of. It's crucial for powering growth in any business enterprise in Margate, to spot these KPI's (key performance indicators).
It can often be rather embarrassing to chase up a late payment if your company gives out invoices. By having an independent person outside your business bubble visit your client or make that telephone call, some of that embarrassment can be eliminated. A bookkeeper can employ legal procedures to handle a persistent late or non-payer, and without the need for court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are fairly straightforward. A sole trader is expected to keep records of income and expenditure on a monthly basis and save all receipts and invoices. It is still recommended that you hire the services of a bookkeeping company, even if this might sound simple. A specialist sole trader bookkeeper in Margate will be happy to advise you on what you're able to claim back from HMRC as business expenses. This could include consumables, bills and rent if you work from home, items such as computing equipment, advertising and stationery goods. Speak to your local bookkeeper for more detailed advice and learn how they may be able to help your small business grow.
ONLINE TRADERS IN MARGATE
Certain business enterprises that operate in niche markets, may need to employ a specialised bookkeeping service. You are going to require a bookkeeper in Margate who understands online payments, exchange rate transfers, international and cross-border taxes and multi-currency processing, if you manage a store online for instance. If you hold or produce the goods that you distribute with that shop, then it will be a major priority for your bookkeeping software or services to manage your inventory on a 24/7 basis, given that the internet doesn't sleep.
In combination with bookkeeping service, it's also possible to establish a remote virtual office. Offering a physical connection to their customers, this allows an online only business or sole trader to have a phone service and postal address. Not all Margate bookkeeping businesses will be willing to supply this service, but it's worth talking about the possibilities if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate or Diploma level, and a qualified Margate bookkeeper needn't hold a degree. There are an ever-growing number of courses available online, although bookkeeping qualifications can still be obtained via further education colleges and universities.
There are basically two main organisations that provide certification and training for bookkeepers:
The Association of Accounting Technicians or AAT: Providing advanced qualifications and training, the AAT (Association of Accounting Technicians), allows a fully certified member to use the letters AATQB. They then become licensed AAT bookkeepers, backed up by this respected association, which assures a minimum standard of service for their customers. To safeguard the integrity of the AAT, if a bookkeeper who's associated with the AAT has a complaint filed against them or is found to have violated the code of practice they can be liable to tribunal and disciplinary procedures.
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers or ICB is the largest organisation in the world and offers accreditation to qualified bookkeepers, together with training and reference material to keep their associated members current with the latest trends.
By going to their respective websites, you're able to inspect the register of ICB or ATT members, to verify the accreditations of any professional Margate bookkeeper. Undertaking such checks is usually advisable before actually getting involved with any bookkeeper in Margate.
Cash Flow Analysis
Cash flow analysis is an important instrument by which businesses can gauge their financial health. One of the significant duties of a bookkeeper is to carry out a cash flow analysis for a company. This task requires monitoring the cash flow in and out of the business over a specific time frame, generally a month or a quarter. Through this, the bookkeeper can help the businessperson to comprehend their current financial status, identify any cash flow problems, and prepare for the future.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as sales, investments and expenses, to offer a clear picture of the company's financial health. It can also involve forecasting cash flow for the coming months or years to help the company make informed decisions and avoid cash flow problems in the future.
In addition, amay offer suggestions to better the business's cash flow, such as evaluating pricing tactics or changing payment methods. An accurate and thorough is an essential tool for any business looking to manage their finances effectively.
VAT Returns by a Bookkeeper
Small business owners in Margate can consider hiring a bookkeeper to handle their VAT returns, which can help them maintain tax compliance and free up their time for other crucial business tasks. Hiringmeans entrusting them with all facets of your VAT return, from computing your VAT liability or refund to filing your return with HMRC and ensuring that your transaction records are meticulous. On top of that, a bookkeeper can provide you with valuable guidance on how to minimize your VAT liability and ensure that you are taking advantage of all eligible VAT claims. By enlisting the aid of a bookkeeper, you can relax with the knowledge that your VAT returns are being managed with efficiency and precision, enabling you to dedicate more time to expanding your business in Margate. In conclusion, partnering with a bookkeeper in Margate can offer small business owners a dependable, economical, and effective solution for their VAT return needs, which can help them stay tax-compliant, minimize their tax liability, and concentrate on business growth.
What Are the Main Advantages of Using a Bookkeeper in Margate Instead of an Accountant?
The following are just some reasons why you might choose to use a bookkeeper in Margate, instead of an accountant:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Accessibility: Bookkeepers are normally more available to provide support and answer questions on a regular basis than an accountant, who may only be available at certain times of the year.
- Time Management: By choosing to outsource bookkeeping, small business owners can save time and focus on other important aspects of their business such as marketing and sales.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's specific needs, whereas accountants might have a more general approach.
- Cost-Effectiveness: Bookkeeping services are frequently more cost-efficient when compared with accounting services, making them a sensible choice for sole traders, startups and small businesses looking to save on expenses.
It's important to note that whilstoffer some amazing services, they might not have the same level of expertise or qualifications as an in areas such tax preparation or financial planning. In these cases, seeking the services of an accountant may be essential.
Bookkeepers Near Margate
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Margate Bookkeeper Tasks
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