Bookkeepers Milton Keynes Buckinghamshire (MK1): For anyone in Milton Keynes who operates an online store, runs a small business or acts as a sole trader, it is their sole responsibility to maintain "true and fair", accurate financial and accounting records for at least 6 years. This is outlined by the Companies Act (2006). If you can't produce such information, you may face disqualification as a Company Director and receive thousands of pounds in fines. The trade magazine Accounting Today states that over forty percent of small business owners spend over eighty hours annually doing their bookkeeping activities, therefore although you can accomplish these financial recordings yourself, it is often better to use a professional bookkeeping company or accountant to do them for you.
If you are filled with a sense of terror just thinking about the possiblility of writing ledgers, producing balance sheets, tracking liabilities and assets or creating profit, loss and fiscal reports, then the time to get in touch with a bookkeeper in Milton Keynes for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Milton Keynes, an obvious question when facing this predicament is "What exactly is the distinction between a bookkeeper and an accountant?" While in past times many accountants considered the task of bookkeeping to be beneath their experience, skill-sets and qualifications, a lot of accountancy firms in the Milton Keynes area will now undertake bookkeeping, because of massive improvements in software over the past decade or so. Most accountancy companies now charge a flat rate for bookkeeping services, to keep them in line with what an independent bookkeeper in Milton Keynes would usually charge. As it generates a broader range of competition within the marketplace, this is excellent news for business owners in Milton Keynes, making their bookkeeping much more affordable than it was previously.
It is essentially the amount of qualification and training that is necessary for each of these disciplines, that indicates the biggest difference between an accountant and a bookkeeper in Milton Keynes. Normally holding a degree in accounting, a professional accountant should also have had training in tax law and additional qualifications in business and fiscal management. A bookkeeper in Milton Keynes will definitely have an understanding of these skills, but may not hold the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms, the bookkeeping process involves the careful recording of daily fiscal transactions of any business in Milton Keynes. This may include;
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Payroll services.
- Documenting the receipt of invoices and making sure that payment is completed on time.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Monthly reporting and reconciliation.
- Highlighting and rectifying any discrepancies in financial accounts.
- The billing of customers for work completed or goods.
- VAT submissions and recording.
If you are happy to do the larger part of your bookkeeping work yourself; a bookkeeper may just be needed to double check your figures every once in a while. To enable any mistakes or problems to be detected and rectified promptly, this needs to be monthly as a bare minimum. So long as it is possible to stay up-to-date with your monetary transactions without impacting on your day by day trading activities, this option can be the most economical solution.
If you are currently looking to hire a bookkeeping company in Milton Keynes, whatever your situation is, it's a good bet that you might be struggling with your financial and tax procedures. A decent bookkeeping company will be able to help you to link your accounts with the most up-to-date computer software to enable the seamless organisation of financial data, and will give assistance with things like generating expense reports, stocktaking and invoicing.
An extremely crucial element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. Which means that instead of paying a bill right away, or waiting on an overdue notice, which most small businesses in Milton Keynes are guilty of at some time or other, your bookkeeper will optimise bill payments to a time when your accounts are in good shape and buoyant. This not only keeps your business enterprise financially stable, but keeps you in favour with suppliers and those businesses who provide you with services. This is a balancing act that you may find challenging to accomplish on your own when you're inevitably focussed on the operation of your business.
Using an experienced bookkeeper in Milton Keynes, if you're a sole trader, or for your small business also gives them an opportunity to cast an eagle eye over your business affairs. Business patterns and trends that might have gone unnoticed could be highlighted by this sort of unprejudiced assessment. It's by no means unheard of for a smart bookkeeper to flag up an area of the business which is falling in profits, or spot an opportunity that may prove lucrative. Spotting these key performance indicators (KPI's) is vital for the long-term growth of any business in Milton Keynes.
If your business sends out invoices it can sometimes be humiliating to pursue a late payment. If that telephone call or visit to your client is done by somebody outside your business bubble, it's possible for some of that awkwardness to be removed. If you've got problems with a repeating late or non-payer there are legal strategies a professional bookkeeper can use to help to clear up the issue before the matter winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty straightforward sole trader bookkeeping requirements, that are set out in law. Sole traders are expected to keep track of expenditure and income on a month by month basis and keep all receipts and invoices. Now, this does not seem too hard does it? However, it is still recommended that you hire the expert services of a bookkeeper to make sure that it is all done accurately. Offering advice on what bonafide business expenses you may be able to claim back, a specialist sole trader bookkeeper in Milton Keynes will deal with HMRC on your behalf. This may include items such as computers, stationery, printer ink, promotional advertising and bills and rent if working from home. If you would like to get more comprehensive advice, and discover how your business can grow and develop in the future, speak to your local bookkeeper.
ONLINE TRADERS IN MILTON KEYNES
Specialistare often necessary for certain bookkeeping niches. You'll require a bookkeeper in Milton Keynes who understands exchange rate transfers, multi-currency processing, online payments and international and cross-border taxes, if you operate an online store for example. If the same shop sells goods that you produce or hold, then overseeing your stock on a 24 hours a day basis is a massive priority, as I'm sure you'll realise the internet does not sleep, therefore nor should your bookkeeping services and software.
A virtual office can also be provided in conjunction with bookkeeping services. This enables an online only business or sole trader to provide a physical link with their clients, via a telephone service and postal address. If this kind of service is needed, it is definitely worth discussing, although this option will not be provided by all Milton Keynes bookkeeping companies.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It's not necessary for a certified Milton Keynes bookkeeper to hold a degree, and a lot of the bookkeeping industry qualifications are held at Certificate or Diploma level. There are a growing array of courses available online, although qualifications can still be obtained through further education colleges and universities.
There are 2 principal training and certification organisations representing bookkeepers:
The Association of Accounting Technicians or AAT: The Association of Accounting Technicians or AAT provides a training schedule with advanced qualifications entitling fully trained bookkeepers to use the letters AATQB. This guarantees a decent standard of service to their clients which is backed by the organisation, and allows them to become a approved AAT bookkeeper. To protect the trustworthiness of AAT membership, an AAT bookkeeper can be liable to tribunal and disciplinary processes if they have a complaint against them or are found to have broken the code of conduct.
The Institute of Certified Bookkeepers (ICB): Providing accreditation to certified bookkeepers, in addition to reference material and training to ensure their members are up-to-date with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world.
By visiting their websites, you are able to examine the register of AAT or ICB members, to find the qualifications of any bookkeeper. It is a good idea to perform this check, before retaining the services of any bookkeeper in Milton Keynes.
Bookkeeping services are available in Milton Keynes and also in nearby places like: Tongham, Newton Longville, Wavendon, Bow Brickhill, Cosgrove, Great Horwood, Wolverton, Old Farm Park, Old Stratford, Beachampton, Stoney Stratford, Stoke Hammond, Willen, Caldecotte, Blakelands, and in these postcodes MK6 2AX, MK9 1SH, MK10 1SG, MK9 1BL, MK9 1ND, MK9 1DS, MK9 1DP, MK9 2DF, MK6 1BD, MK10 1SW. Locally based Milton Keynes bookkeeper services will probably have the telephone code 01908 and the postcode MK1. Verifying this should confirm that you are accessing local bookkeepers. Milton Keynes sole traders and business owners will be able to benefit from these and many other bookkeeping related services.
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Milton Keynes Bookkeeper Tasks
Most Milton Keynes bookkeepers will be ready to offer you the following bookkeeping and accounting services: bookkeeping services for freelancers, tax returns, PAYE & wages, letting agent bookkeeping Milton Keynes, Quickbook bookkeeping, bookkeeping services for startups, professional bookkeeping services Milton Keynes, payment services Milton Keynes, franchise bookkeeping Milton Keynes, charity bookkeeping Milton Keynes, bookkeeping for small business, corporation tax returns, cash flow analysis, management reports, off-site bookkeeping services in Milton Keynes, tax return preparation in Milton Keynes, QUOTE FORM provided. We'll get back to you with information as soon as we can.Milton Keynes, Sage bookkeeping, bank reconciliation, profit & loss reports, bookkeeping for organisations, VAT returns Milton Keynes, bookkeeping for clubs, maintaining fixed asset registers, invoice processing, , bookkeeping price quotes Milton Keynes, general bookkeeping services, and more. These are just a small portion of the duties that are accomplished by local bookkeepers. Milton Keynes companies will keep you informed about their full range of bookkeeping services. If there happen to be some other Milton Keynes bookkeeper requirements that you want but cannot see here, you should list them on the
Bookkeepers Near Milton Keynes
Also here.: Stoney Stratford bookkeepers, Wavendon bookkeepers, Cosgrove bookkeepers, Blakelands bookkeepers, Beachampton bookkeepers, Stoke Hammond bookkeepers, Newton Longville bookkeepers, Bow Brickhill bookkeepers, Willen bookkeepers, Caldecotte bookkeepers, Wolverton bookkeepers, Old Farm Park bookkeepers, Tongham bookkeepers, Old Stratford bookkeepers, Great Horwood and more. All of these towns and villages are serviced by local bookeepers. Milton Keynes traders and businesses can get quotes for bookkeeping services by clicking
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Bookkeepers Around Milton Keynes: People who live in these local Milton Keynes roads have just recently enquired about bookkeeping services - Simpson Road, St Pauls Road, Ampleforth, Schumann Close, Dorking Place, St James Street, The Lane, Blackham Court, San Remo Road, Brendon Court, Ackroyd Place, Seagrave Court, Skipton Close, St Ives Crescent, Southbridge Grove, Dene Close, Dunster Court, Atkins Close, Stanton Avenue, Cloutsham Close, Diddington Close, Bettys Close, Dormans Close, Stable Yard, Colley Hill, Dorset Close, Silverweed Court, St Giles Street, Timberscombe, Dyersdale, as well as these Milton Keynes area postcodes: MK6 2AX, MK9 1SH, MK10 1SG, MK9 1BL, MK9 1ND, MK9 1DS, MK9 1DP, MK9 2DF, MK6 1BD, MK10 1SW.
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Milton Keynes Buckinghamshire UK: The huge town of Milton Keynes can be found in the county of Buckinghamshire in the South Eastern region of England. Milton Keynes is around 22 miles from Aylesbury and 13 miles from Buckingham, nearby villages and towns include Cosgrove, Willen, Caldecotte, Stoke Hammond, Bow Brickhill, Old Farm Park, Newton Longville and Tongham. Milton Keynes has a population of about 230,000, has the postcode MK1 - MK15 and has the telephone dial code 01908. Milton Keynes became a formerly designated new town in 1967. (Tags: Milton Keynes England, Milton Keynes Bucks, Milton Keynes UK, Milton Keynes Buckinghamshire)
Bookkeepers in MK1 area, (dialling code 01908).
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