Bookkeepers Motherwell Scotland (ML1): To comply with the Companies Act, if you run an online store, are a sole trader or own a small business in Motherwell, you are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 years. If you cannot produce such information you may face a hefty fine and possible Company Director disqualification. It can be more cost-effective to use a professional accountant or bookkeeper to conduct this for you, given that according to Accounting Today over 40% of small businesses spend at least 80 hours each year on their bookkeeping tasks, which is a significant investment of time, and could be more effectively spent on your key business activities.
The time has come to get in touch with a bookkeeper in Motherwell for guidance and advice, if you are filled with a sense of dread simply thinking about producing balance sheets, filling out ledgers, creating profit, loss and financial statements or tracking assets and liabilities.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the distinction between a bookkeeper and an accountant is the first question that many people in Motherwell ask. The reality is that whilst at one time the bookkeeping process, was regarded as beneath the skill set, experience and qualifications of an accountant, due to improvements in software over the past decade or so, a lot of accountancy firms in the Motherwell area will now undertake bookkeeping tasks. To keep their bookkeeping services in step with a typical bookkeeper's fee, it is now common practice for accounting firms to have a flat rate for these services. Business owners in Motherwell are now cashing in on this, as it offers a greater variety of competition within the marketplace and can mean that the cost of bookkeeping is way more manageable than it would have been previously.
The amount of training and qualification that is required is the biggest difference between a bookkeeper and an accountant. An accountant will, at the minimum, hold an accounting degree, and should have also had specialist training in business and fiscal management, and taxes. While not necessarily holding the same financial qualifications, or having this level of training and experience, a bookkeeper in Motherwell will still have a pretty good understanding of all these fiscal procedures.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms, the bookkeeping process involves the careful recording of day to day transactions of any business or enterprise in Motherwell. This may include;
- Payroll services.
- Recording invoices received and making certain payment is completed on time.
- Logging of all financial incomings; card, cash and electronic payments included.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Making sure that double-entry bookkeeping and accounting practices are followed.
- Monthly reporting and reconciliations.
- VAT submissions and recording.
- The billing of clients for goods or work completed.
Whilst it depends on the type of service you're looking for, if you are able to perform most of the bookkeeping work yourself, a bookkeeper might just be needed to periodically double-check your accounts. So that any problems or mistakes can be uncovered and rectified quickly, at the bare minimum, this should be done on a monthly basis. So long as it's possible to stay on top of your financial transactions without impacting on your day to day trading tasks, this solution can be an extremely economical trade-off.
Whatever the scenario is with your business, if you're currently thinking of hiring a bookkeeper in Motherwell, it's a good bet that you could be stressed with the process of financial records and taxes. A professional bookkeeper will help you out with everything from invoicing, stocktaking and producing expense reports, to linking your business accounts with the latest software application to seamlessly process all of your data.
One of the most crucial aspects of good bookkeeping, is being able to successfully reconcile accounts payable with cash flow. This means that rather than paying off a bill immediately, or waiting on an overdue notice, which many small businesses are guilty of, your bookkeeper will prioritise bill payments to times when your accounts are in the best possible position. This is not only to ensure that your business enterprise is financially stable at all times, but also to keep you in the good books of those businesses who supply your services or materials. When, as an individual, you're mostly focussed on the operation of your day to day business activities, this can be a balancing act that is difficult to perform.
If you are a sole trader, or operate a small business, employing a certified bookkeeper in Motherwell, also gives them the opportunity to cast an independent eye over the running of your business. Business patterns and trends that you may have disregarded could be pinpointed by this kind of unbiased assessment. It is by no means unheard of for a clever bookkeeper to flag up an area which is dropping off in profits, or spot a new opportunity which may be lucrative. Spotting such key performance indicators is essential for the success of any business enterprise in Motherwell.
If you give out invoices in your business operations, having to pursue a late payment can be fairly embarrassing. By having a person outside your business situation visit your customers or make that telephone call, some of that apprehension can be eliminated. There are legal techniques a bookkeeper can use, if you have problems with a repeating late or non-payer, and these can help to clear up the situation before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty basic bookkeeping requirements for sole traders, which are laid out by law. In essence, sole traders should keep all invoices and receipts, and keep records of expenditure and income from month to month. Now, this doesn't sound too difficult does it? However, it is still recommended that you hire the expert services of a bookkeeping company to make sure that it is all done correctly. Advising you on what bonafide business expenses you might be able to claim back, a specialist sole trader bookkeeper in Motherwell will look after your dealings with HMRC. This could include consumables, rent and bills if you work from home, items such as laptops, promotional advertising and stationery. For more detailed advice, speak to your bookkeeper, and discover how they might help your small business to thrive and grow in the future.
BOOKKEEPING FOR ONLINE TRADERS IN MOTHERWELL
There are certain niche areas in bookkeeping where the skills of a specialist could be essential. You're going to need a bookkeeper in Motherwell who's familiar with cross-border and international taxes, online payment procedures, exchange rate transfers and multi-currency processing, if you manage a store online for instance. Since the internet never sleeps, if that same store sells goods that you produce or hold then overseeing your stock on a 24/7 basis is a vital priority which will have to be addressed.
In conjunction with your bookkeeping services, a remote virtual office can also be provided. Offering a physical link with their customers, this allows a sole trader or online only business to have a phone service and postal address. Not all Motherwell bookkeeping businesses will supply this option, however it is worth discussing if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping sector qualifications are at Diploma and Certificate level, and it's not mandatory for a professional Motherwell bookkeeper to have an accounting degree. Although there's an ever-increasing array of online courses available, bookkeeping qualifications can still be obtained through further education colleges and universities, if that is the chosen route.
Certification and training for bookkeepers is mostly provided by 2 organisations:
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers (ICB) is the largest on the planet and offers accreditation to qualified bookkeepers, in addition to reference material and training to keep their associated members informed about the latest trends and innovations.
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB, a certified member of the AAT (Association of Accounting Technicians) will have completed advanced qualifications and training in bookkeeping practice. This guarantees a decent standard of service to their customers which is backed up by the organisation, and entitles them to become a licensed AAT bookkeeper. To preserve the integrity of the AAT, a bookkeeper who's associated with the AAT can be subject to tribunal and disciplinary procedures if it's found that they've breached the code of conduct or have had a complaint made against them.
By going to their respective websites, you are able to inspect the accreditations of any bookkeeper on the register of AAT or ICB members. It is generally a good idea to perform this check, before hiring any professional bookkeeper in Motherwell.
Outsourced Bookkeeping Motherwell
All businesses in Motherwell should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the money left in the bank account, the total value of their liabilities and assets, and more. With the business owner having to handle the issues and concerns of running a business, the task of undertaking the bookkeeping is frequently outsourced to freelance bookkeepers or a bookkeeping company in Motherwell.
If a company in Motherwell employs a bookkeeper in order to join their ranks, the company will need to commit a considerable amount of money in training that person for the purpose of performing the bookkeeping work. Moreover, there's no guarantee that the person will stay for long in the company. In those circumstances, the company will have squandered a substantial amount of money. Besides that, businesses will need to seek out solutions to provide benefits and incentives to keep the fully trained employee in house. These are just a handful of the reasons why businesses quite often enlist the services of professional bookkeepers and bookkeeping companies in Motherwell.
These professional bookkeeping companies in Motherwell should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary support and backup.
Motherwell Bookkeeper Tasks
Most bookkeepers in Motherwell will be able to offer you the following bookkeeping services: bookkeeping for pubs, bookkeeping for societies Motherwell, cash flow analysis, business bookkeeping, independent bookkeeping services, wages & PAYE, bookkeeping for restaurants in Motherwell, partnership returns Motherwell, bookkeeping services, bookkeeping services for shops, company cash books, Self-Assessment tax returns, bookkeeping services for self-employed, landlord bookkeeping, assistance with registering for self-employment in Motherwell, Kashflow bookkeeping services, bookkeeping for startups, profit & loss reports, personal tax returns in Motherwell, bookkeeping price quotes, double-entry bookkeeping, letting agent bookkeeping, Sage bookkeeping services, professional bookkeeping services Motherwell, bookkeeping services for small businesses, Quickbook bookkeeping services, credit control, tax returns, bookkeeping and accounting, bookkeeping services for clubs, and more. Listed are just an example of the duties that are performed by local bookkeepers. Motherwell companies will inform you of their entire range of bookkeeping services. If there are other Motherwell bookkeeper requirements that you want but don't see here, you can easily list them on the QUOTE FORM provided. We'll be in touch with information as soon as we are able.
Bookkeepers Near Motherwell
Also find: Birkenshaw bookkeepers, Ferniegair bookkeepers, Carfin bookkeepers, Allanton bookkeepers, Quarter bookkeepers, Overtown bookkeepers, Holytown bookkeepers, Newmains bookkeepers, Bothwell bookkeepers, Cleland bookkeepers and more. All of these towns and villages has access to local bookkeepers. Businesses and individuals are ensured easy access to the financial support necessary for successful account management through this accessibility. By clicking here, residents in the area can obtain estimates for bookkeeping.
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