Bookkeepers Meopham Kent (DA13): You're responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years, if you run an online store, are a sole trader or operate a small business in Meopham, in accordance with the Companies Act (2006). If you are unable to produce this information, you may face disqualification as a Company Director and get thousands of pounds in fines. You could complete these financial recordings yourself, however when you think about the fact that according to Accounting Today magazine over forty percent of small business owners spend 80 plus hours each year doing their bookkeeping, it's often more cost-effective to use a professional accountant or bookkeeping service.
The time has come to get in touch with a bookkeeper in Meopham for advice, if you are filled with terror merely thinking about filling out ledgers, tracking liabilities and assets, preparing profit, loss and financial statements or producing balance sheets.
BOOKKEEPER OR ACCOUNTANT?
"What exactly is the difference between an accountant and a bookkeeper?" Is a question that's asked by many people in Meopham. To be honest, due to software improvements over the past decade or so many accountancy firms in Meopham will consider taking on the task of bookkeeping, which was at one time regarded as beneath their experience, qualifications and skill set. To keep their bookkeeping services in step with a dedicated bookkeeper's fee, it's now common practice for many accounting companies to charge a set fee for such services. Because it offers a broader range of competition within the marketplace, this is good news for business owners in Meopham, making their bookkeeping costs cheaper than they previously were.
When you're considering the differences between a bookkeeper and an accountant, the most notable one is the standard of training and qualification that's necessary for each of these disciplines. Usually holding a degree in accounting, a professional accountant should also have had training in tax essentials and further qualifications in business and fiscal management. While having an understanding of these fiscal skills, a bookkeeper in Meopham may not necessarily have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN MEOPHAM
Put simply, the process of bookkeeping is the recording of the daily transactions (financial) of any business in Meopham. This can include, but isn't limited to;
- Documenting invoices received and making sure payment is completed promptly.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- Logging of all financial incomings; including card, cash and electronic payments.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- The billing of customers for work completed or goods.
- Monthly reconciliations and reporting.
- VAT recording and submissions.
- Payroll services.
Depending on service level you require, e.g. you are able to perform the larger part of your bookkeeping work; a bookkeeper may just be needed to double check your figures every once in a while. To make sure that any mistakes or problems can be detected and rectified quickly, as a bare minimum, this really needs to be done every month. As long as you're confident of remaining on top of your monetary transactions without impacting on your day by day business operations, this option can be the most affordable solution.
Whatever your current situation is, if you're thinking of hiring a bookkeeping service it's a good bet that you might be struggling with the financial recording aspects of your small business in Meopham. A professional bookkeeper will be able to assist you in linking the most up-to-date computer software with your accounts to facilitate the seamless processing of transactional data, and will offer assistance with stuff like producing expense reports, stocktaking and invoicing.
One of the most vital aspects of good bookkeeping practice, is the ability to correctly reconcile accounts payable with cash flow. This means that your bookkeeper will schedule the payment of bills to a time when your accounts are in good shape, rather than paying off a bill right away, or waiting for a final notice, which many small businesses in Meopham are guilty of. This does not just keep your enterprise or business on a sound financial footing, but keeps you in good stead with suppliers and those people who provide you with services. This is a balancing act that can be challenging to accomplish on your own when you're firmly focussed on the smooth running of your business.
Using an experienced bookkeeper in Meopham, for your small business or if you are a sole trader also gives them the opportunity to cast an eagle eye over your business finances. It might be that business patterns and trends that you may have overlooked will therefore be highlighted. It's not at all unheard of for a clever bookkeeper to flag an area of the business which is plummeting in profits, or spot a new opportunity which could be worthwhile. It's crucial for the long-term growth of any business in Meopham, to spot such key performance indicators (KPI's).
If your business sends out invoices it can sometimes be embarrassing having to chase up a late payment. If that visit to your client or phone call is made by somebody outside your normal business situation, it's possible for most of that apprehension to be removed. If you've got a persistent late or non-payer there are legal solutions a bookkeeper can employ to help resolve the issue before the situation winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the bookkeeping requirements, as laid out by law, start off comparatively straightforward. A sole trader is expected to monitor expenditure and income on a monthly basis and retain all invoices and receipts. Now, this doesn't sound that hard does it? However, it is still recommended that you hire the expertise of a bookkeeper to make certain that it's all done properly. A specialist sole trader bookkeeper in Meopham can advise you on what you may be able to claim back from HMRC as legitimate business expenses. This might include bills and rent if you work from home, consumables, advertising, stationery and items such as computers. For more comprehensive advice, chat to a trusted bookkeeper, and discover how they can help your small business to grow moving forward.
ONLINE TRADERS IN MEOPHAM
Certain business enterprises that operate in niche markets, may need to use a specialised bookkeeper. If multi-currency processing, online payments, exchange rate transfers and international and cross-border taxes are involved, for instance if you run an online store, you'll be wise to hire a bookkeeper in Meopham who understands these practices. Monitoring your stock on a 24 hours a day basis is also an important concern, if that same shop distributes goods that you hold or produce, after all the internet doesn't sleep, so nor should your bookkeeping services and software.
A virtual office can also be supplied together with bookkeeping services. This allows an online only business or sole trader to have a phone service and postal address to offer a physical connection to their customers. If this sort of service is needed, it is certainly worth discussing, although this option will not be offered by all bookkeeping businesses in Meopham.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Meopham bookkeeper needn't have a degree and most this sector's qualifications are at Certificate and Diploma level. There are an ever-growing array of online bookkeeping courses, although qualifications can still be gained through further education universities and colleges.
Representing bookkeepers, there are two main certification and training organisations:
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the AAT or Association of Accounting Technicians, entitles fully certified bookkeepers to use the letters AATQB after their name. They then become registered AAT bookkeepers, approved by this respected association, which assures a certain standard of service for their clients. If an AAT bookkeeper has a complaint against them or is found to have contravened the code of practice they may be subject to tribunal and disciplinary processes to safeguard the integrity of the AAT.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest organisation in the world and offers certification for bookkeepers, in addition to training and reference material to keep their members informed about the latest trends.
You are able to check the accreditations of any Meopham bookkeeper on the register of AAT or ICB members on their respective websites. It is wise to perform this check, before you use the services of any local bookkeeper in Meopham.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial health is cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. It requires monitoring the cash movements of the company during a specific period, commonly a quarter or a month. The bookkeeper's task is to assist the business owner in comprehending their current financial condition, detecting any cash flow problems, and planning for the future.
The analysis involves categorizing and reconciling all cash transactions, such as investments, sales and expenses, to create a clear picture of the company's financial health. Part of the analysis also involves predicting the company's cash flow for the forthcoming months or years, allowing the business to make informed decisions and avoid potential cash flow problems.
A comprehensive and accurate cash flow analysis is an indispensable tool for any company that wishes to manage their finances effectively.
Financial statement preparation - article 211.
Meopham Bookkeeper Tasks
Most Meopham bookkeepers will be ready to provide you with the following bookkeeping and accounting services: mobile bookkeeping services, Xero bookkeeping, bookkeeping for small businesses, cheap bookkeeping services Meopham, bookkeeping for home-based businesses, bookkeeping services, corporation tax returns, tax return preparation, bookkeeping for organisations Meopham, bookkeeping services for charities, credit control, accountancy packages, bookkeeping for sole traders, bookkeeping for payroll, small business tax returns in Meopham, small business bookkeeping, maintaining fixed asset registers Meopham, bookkeeping services for self-employed people, off-site bookkeeping services, tax returns, bookkeeping services for shops, bookkeeping and accounting services, assistance with registering for self-employment in Meopham, bookkeeping services for limited companies, payment services Meopham, bookkeeping and accounting, landlord bookkeeping, bookkeeping services for startups, bookkeeping services for pubs, bookkeeping services for clubs Meopham, and more. These are just a small portion of the duties that are performed by local bookkeepers. Meopham providers will be happy to tell you about their entire range of bookkeeping services. If there are different Meopham bookkeeper requirements that you need but don't see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with specifics as soon as we can.
Bookkeepers Near Meopham
Also find: Cuxton bookkeepers, Stanstead bookkeepers, Upper Halling bookkeepers, Trottiscliffe bookkeepers, Istead Rise bookkeepers, Horton Kirby bookkeepers, Luddesdown bookkeepers, Higham bookkeepers, Vigo bookkeepers, Longfield bookkeepers, Shorne bookkeeper and more. All these locations are catered for by local bookeepers. Meopham traders and businesses can get prices for bookkeeping services by clicking here.
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