Bookkeepers Morecambe Lancashire (LA4): You're responsible for maintaining "true and fair", accurate financial and accounting records for a minimum of 6 years, if you are a sole trader, operate an online store or own a small business in Morecambe, as stated by the Companies Act (2006). If you can't produce such records, you may face disqualification as a Company Director and receive thousands of pounds in fines. There is a significant time investment involved with preparing such financial recordings on your own behalf, and it can pay you to use a professional accountant or bookkeeping service, because according to Accounting Today magazine over 40% of small business owners spend over 80 hours each year on their bookkeeping.
If the very thought of compiling balance sheets, filling out ledgers, tracking liabilities and assets or preparing profit, loss and financial statements fills you with a sense of panic, then it is time to contact a bookkeeper in Morecambe for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
The first question that a lot of folks ask is "Precisely what is the difference between an accountant and a bookkeeper?" In the old days it was typically regarded as to be beneath the experience, qualifications and skill-sets of an accountant to do the work of a bookkeper, but due to software developments over the past decade, many bookkeeping duties will now be taken on by accountancy firms in Morecambe. It is fairly common for many accounting firms to have a set fee for bookkeeping services in line with a typical bookkeeper's fee. Since it generates a greater variety of competition within the marketplace, this is excellent news for small business owners in Morecambe, making their bookkeeping costs more manageable than they previously were.
When you are thinking about the differences between an accountant and a bookkeeper, the main one is the level of qualification and training that is necessary for each of these disciplines. An accountant will typically hold at least an accounting degree with further training in the field of taxes and other business and financial management. While probably not having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Morecambe will invariably have a good grasp of all such skills.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day to day fiscal transactions of any enterprise or business in Morecambe, describes the process of bookkeeping in simple terms. This is likely to include, but is by no means limited to;
- Monthly reconciliations and reports.
- VAT recording and submissions.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- Documenting the receipt of invoices and ensuring that payment is completed promptly.
- Logging of all financial incomings; electronic, cash and card payments included.
- The billing of customers for work completed or goods.
- Payroll services.
In accordance with service level you require, a bookkeeper might only be needed to double check your figures on a set schedule, if you are willing to perform the bulk of your own bookkeeping work. This should be done on a monthly basis at the bare minimum, as this allows for any mistakes or problems to be identified and amended speedily. If you are able to stay on top of your everyday financial transactions and trading, this compromise can often be the most economical solution.
Whatever the situation is with your small business, if you are currently considering hiring a bookkeeping service in Morecambe, it's a good bet that you may be having problems with the process of financial records and taxes. A decent bookkeeping company will be able to provide advice and guidance on everything from producing expense reports, stocktaking and invoicing, to linking your business accounts with the latest software application to facilitate the seamless arrangement of financial data.
One of the most vital elements of good bookkeeping practice, is being able to successfully reconcile accounts payable with cash flow. Which means that by arranging the payment of bills to times when your finances are in good order, your bookkeeper will avoid the thing that most small businesses are guilty of doing i.e. paying a bill right away, or waiting on a final notice. This is not just to ensure your business is financially stable all the time, but also to keep you in the good books of those who provide your materials or services. Sadly, this is just one of those juggling acts that can be tough to perform when you are primarily focussed on the smooth running of your everyday business activities.
Having an individual who isn't connected to the business cast an unbiased eye over your financial dealings, is another added advantage of using a professional bookkeeper in Morecambe if you are a sole trader, or for your small business. It's entirely possible that a nonpartisan assessment like this will pinpoint business patterns and trends that have previously been missed. A scenario where an intelligent bookkeeper flags up an area which is dropping off in profits, or spots an opportunity that may prove worthwhile, is by no means an uncommon occurrence. These KPI's (key performance indicators) are vital in driving growth for any enterprise in Morecambe.
Chasing up late payments can be an humiliating situation for you, if you send out invoices in your business operations. Some of that awkwardness can be removed by having somebody outside your normal business situation visit your customer or make that phone call. To help resolve the issue, if you've got problems with a persistent late payer, there are methods that can be used by a professional bookkeeper, so that legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are fairly straightforward and easy to understand. In essence, sole traders should save all receipts and invoices, and keep records of expenditure and income on a monthly basis. It's still recommended that you retain the expertise of a bookkeeper, although this may sound simple. Advising you on what valid business expenses you might be able to claim back, a professional sole trader bookkeeper in Morecambe will deal with HMRC on your behalf. This might include stationery goods, items such as laptops, promotional advertising, printer ink and rent and bills if you work from home. Speak to your bookkeeper for more detailed advice and see how they might help your business grow.
BOOKKEEPING FOR ONLINE TRADERS
There are various niche businesses where a specialist bookkeeping service might be necessary. For instance, if you run an online store, you will be wise to employ a bookkeeper in Morecambe who understands exchange rate transfers, multi-currency processing, cross-border and international taxes and online payments. Because the internet never sleeps, if that same store sells goods that you hold or produce then supervising your stock on a 24/7 basis is a major concern which will have to be addressed.
In combination with your bookkeeping service, a virtual office can also be supplied. This allows a sole trader or online only business to provide a physical link with their customers, via a postal address and phone service. It's worth discussing this possibility if it is required, although not all bookkeepers in Morecambe will supply this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified bookkeeper in Morecambe need not have a university degree and a great many qualifications in this sector are at Certificate or Diploma level. If the preferred route to qualification is through further education colleges and universities, this is still a possibility, although there there are a range of bookkeeping courses available online.
There are 2 main training and certification organisations representing bookkeepers:
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications entitling a fully trained bookkeeper to use the letters AATQB after their name. They're then allowed to become accredited AAT bookkeepers, which promises their clients a standard of service which is backed by the association. If an AAT bookkeeper is found to have breached the code of conduct or has a complaint against them, they could be subject to tribunal and disciplinary procedures to protect the integrity and values of the aat membership.
The Institute of Certified Bookkeepers or ICB: Keeping their members informed about the latest trends and developments, the Institute of Certified Bookkeepers (ICB) is the largest organisation on the planet, providing certification for qualified bookkeepers, along with reference material and training.
You're able to check the accreditations of any bookkeeper on the register of ICB or ATT members on their websites. Performing such checks is usually advisable before actually hiring any local bookkeeper in Morecambe.
Bookkeeping services are available in Morecambe and also in: Overton, Bolton-le-Sands, West End, Heysham, Torrisholme, Sandylands, Scale Hall, Bare, Heaton-With-Oxcliffe, Great Wood, White Lund, Lancaster, Halton, together with these postcodes LA3 3PU, LA3 1AF, LA3 3BT, LA3 1BQ, LA3 1AT, LA3 3NA, LA3 3NB, LA3 3BS, LA3 1BF, LA3 3DG. Local Morecambe bookkeeper services will likely have the postcode LA4 and the telephone dialling code 01524. Checking this should make sure that you are accessing local bookkeepers. Morecambe sole traders and business owners will be able to utilise these and lots of other bookkeeping related services.
Morecambe Bookkeeper Tasks
Most bookkeepers in Morecambe will be able to provide you with the following bookkeeping and accounting services: bookkeeping services for clubs in Morecambe, payment services, bookkeeping services for the self-employed, management accounts in Morecambe, personal tax returns Morecambe, company cash books, bookkeeping for shops, bank reconciliation, cash flow analysis in Morecambe, Xero bookkeeping, bookkeeping for limited companies Morecambe, bookkeeping services in Morecambe, credit control in Morecambe, invoice processing Morecambe, Self-Assessment tax returns, tax preparation, tax returns Morecambe, bookkeeping for home-based businesses, Sage bookkeeping services in Morecambe, bookkeeping for tradesmen, accounting and bookkeeping, cheap bookkeeping services Morecambe, general bookkeeping services, accountancy packages, bookkeeping for charities, Quickbook bookkeeping, management reports Morecambe, Kashflow bookkeeping, and more. Listed are just a few of the activities that are carried out by local bookkeepers. Morecambe companies will inform you of their full range of bookkeeping services. If there happen to be other Morecambe bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We will be in touch with information just as soon as we can.
Morecambe Bookkeeper Questions
Last week I decided to look into the most commonplace questions folks in Morecambe ask in relation to bookkeeping. Several of you have mailed in reasonable queries that I considered to be worthy of a mention. The ones which I chose were, Why is bookkeeping so important? How does bookkeeping differ from accounting? What does bookkeeping consist of? Do bookkeepers use quickbooks? What qualifications does a bookkeeper hold? Can you do bookkeeping without a licence? What are the advantages of a bookkeeper? How much does bookkeeping cost? What are accountant bookkeepers? The vast majority of these enquiries will have hopefully been covered somewhere on this page, and if some are still to be answered a bookkeeping "Q&A" section is something we will be including shortly. Thanks a million to Austin Reid, Jac Ball, Nathanael Jarvis and Avery Johnstone, for posing these great questions. We were also grateful to get pertinent queries from Hadley Connor in Torrisholme, Colin Sadler in Bolton-le-Sands and Isabella Haines in Heysham.
Bookkeepers Near Morecambe
Also here.: Sandylands bookkeepers, Torrisholme bookkeepers, White Lund bookkeepers, Scale Hall bookkeepers, West End bookkeepers, Great Wood bookkeepers, Lancaster bookkeepers, Halton bookkeepers, Overton bookkeepers, Heysham bookkeepers, Bare bookkeepers, Heaton-With-Oxcliffe bookkeepers, Bolton-le-Sands and more. Most of these villages and towns are covered by local bookeepers. Morecambe businesses and traders can get fees for bookkeeping services by clicking
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Bookkeepers Around Morecambe: People who live in these Morecambe roads have just recently requested bookkeeping services - Coach Mews, Burneside Close, Combermere Road, Applegarth Road, The Spinney, Tudor Grove, Altham Walk, Aldingham Walk, Clarence Street, Skipton Street, Alice Street, Back Calton Street, Buseph Drive, Seymour Grove, Birchtree Avenue, Sizergh Road, The Drive, Brooklands Drive, Charlbury Grove, Cavendish Road, Cathedral Drive, Drewton Avenue, Berwyn Avenue, South Road, Beach Street, St Johns Grove, Teasel Walk, Tibicar Drive West, Balmoral Avenue, Scowcroft Drive, as well as the following local Morecambe postcodes: LA3 3PU, LA3 1AF, LA3 3BT, LA3 1BQ, LA3 1AT, LA3 3NA, LA3 3NB, LA3 3BS, LA3 1BF, LA3 3DG.
To obtain local info regarding Morecambe, Lancashire go here
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Bookkeepers in LA4 area, and dialling code 01524.
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