Bookkeepers Northfleet Kent (DA11): In compliance with the 2006 Companies Act, if you are a sole trader, run an online store or operate a small business in Northfleet, you're entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of six years. You might be disqualified as a Company Director and receive a hefty fine, if you are unable to produce such records. There is a considerable investment of time involved with preparing such financial recordings on your own, and it's often more cost-effective to use a professional accountant or bookkeeping service, particularly if you consider the fact that according to Accounting Today over 40% of small businesses spend at least 80 hours each year on their accounts.
If the very thought of creating profit, loss and financial statements, writing out ledgers, compiling balance sheets or tracking assets and liabilities brings you feelings of terror, then it is time to contactin Northfleet for help and advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most folks ask is "Just what is the distinction between a bookkeeper and an accountant?" The truth is that whilst at one time the process of bookkeeping, was deemed beneath the qualifications, experience and skill-sets of an accountant, because of massive software improvements over the past ten years or so, many accountancy firms in Northfleet will now take on bookkeeping. Many accounting firms now have a fixed fee for bookkeeping services, to keep them consistent with what a typical bookkeeper in Northfleet would normally charge. Business owners in Northfleet are now cashing in on this, because it gives a greater variety of competition within this sector and can make the cost of bookkeeping much more manageable than it would previously have been.
When you're looking at the differences between a bookkeeper and an accountant in Northfleet, the main one is the amount of qualification and training that's needed for each of these disciplines. Anwill, at a minimum, hold a degree in accounting, and should have also had specialist training in financial and business management, and taxes. While having a really good understanding of these procedures, a bookkeeper in Northfleet may not necessarily have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Essentially, the bookkeeping process is to record the daily monetary transactions of any business in Northfleet. This may include, but is not limited to;
- VAT recording and submissions.
- Billing of clients for goods or work completed.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reconciliations and reporting.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Documenting of all financial incomings; cash, card and electronic payments included.
- Payroll services.
- Logging invoices received and making certain that payment is completed promptly.
Whilst it depends on the type of service you are interested in, if you are able to carry out the larger part of your own bookkeeping work, a bookkeeper might only be needed to double check your accounts periodically. To make sure that any mistakes or problems can be detected and amended promptly, at the bare minimum, this should be done from month to month. This compromise can often be the most affordable solution if you are confident of staying up-to-date with your daily trading and financial transactions.
There's a fair chance that if you're looking to hire a bookkeeping company, you are currently getting stressed about the financial recording side of your business in Northfleet. A professional bookkeeper will be able to assist you in linking the most up-to-date software application with your accounts to enable the seamless organisation of transactional data, and will provide advice and guidance on such things as creating expense reports, invoicing and stocktaking.
An especially important element of effective bookkeeping is being able to reconcile accounts payable with cash flow. Which means that instead of paying an outstanding bill immediately, or waiting for an overdue notice, which most small businesses are guilty of at some time or other, your bookkeeper will organise bill payments to times when your finances are in the best possible position. This not only keeps your business enterprise financially secure, but keeps you in favour with suppliers and those who provide you with services. When, as an individual, you are mainly focussed on the operation of your business, this is a juggling act that can be hard to accomplish.
If you are a sole trader, or operate a small business, employing a certified bookkeeper in Northfleet, also gives them the opportunity to cast a fresh eye over the financial dealings of your business. Business trends and patterns that you may have overlooked might be pinpointed by this sort of dispassionate appraisal. A situation where a smart bookkeeper flags up an area which is plummeting in profits, or spots an opportunity that may prove lucrative, is not at all an unheard of occurrence. It's essential for enabling growth in any business in Northfleet, to spot these key performance indicators (KPI's).
If you give out invoices in your business operations, having to chase up late payments can be quite awkward. If that telephone call or visit to your customers is made by a professional from outside your normal business bubble, it is possible for some of that embarrassment to be eliminated. If you've got a consistent late or non-payer there are legal solutions a bookkeeper can employ to help to clear up the issue before the matter ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are fairly straightforward and simple. It is stated that a sole trader should track expenditure and income on a month by month basis and retain all receipts and invoices. It is still a wise move to hire the expert services of a bookkeeper, even if this may at first sound simple. So that you can claim back any bonafide business expenses from HMRC, a dedicated sole trader bookkeeper in Northfleet will be happy to advise you on what you must do. This may include stationery, promotional advertising, consumables, items such as computers and bills and rent if working from home. If you would like to get more in-depth advice, and discover how your small business can develop and grow in the future, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the expertise of a specialist could be required. If you run an online store for example, you're going to require a bookkeeper in Northfleet who understands multi-currency processing, online payments, cross-border and international taxes and exchange rate transfers. If you produce or hold the goods that you sell on that outlet, then it is going to be a huge priority for your bookkeeping software or services to control your your inventory and stock on a 24 hours a day basis, because the internet does not sleep.
Together with bookkeeping services, a virtual office can also be supplied. This enables an online only business or sole trader to offer a physical connection to their clients, via a postal address and phone service. If this sort of service could be helpful, it is certainly worth talking about the possibilities, although this option won't be supplied by all Northfleet bookkeeping businesses.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Certificate and Diploma level, and a qualified bookkeeper in Northfleet does not need to have a degree. If the chosen route to qualification is through further education universities and colleges, this is still a possibility, whereas there there is a variety of online bookkeeping courses.
To provide training and certification for bookkeepers, there are basically 2 key organisations of interest:
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-speed with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation in the world, providing certification for bookkeepers, along with reference material and training.
The AAT (Association of Accounting Technicians): The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications entitling a fully trained member to use the letters AATQB. This guarantees a decent level of service to their clients which is backed by the association, and enables them to become a authorised AAT bookkeeper. If an AAT bookkeeper has a complaint filed against them or is found to have violated the code of practice they may be liable to disciplinary and tribunal processes to protect the integrity of the AAT.
The accreditations of any professional Northfleet bookkeeper can be checked on the register of ICB or ATT members on their respective websites. Performing this check is highly recommended before you hire any local bookkeeper in Northfleet.
If you are self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. This can be a challenging task, especially if you are not acquainted with the process. A good bookkeeper can help you to keep your records in order and prepare your tax return on time and accurately.
Many benefits can be gained by employing a bookkeeper for your tax returns. To make sure that your return is completed correctly, they will have experience and expertise. This will help you to avoid any penalties or interest charges from HMRC. Secondly, a lot of time and effort can be saved by a bookkeeper. They'll look after all of the calculations and paperwork, so you can focus your attention on running your business. Thirdly, Northfleet bookkeepers can provide you with invaluable advice on tax planning and other financial strategies. This can help to maximise your earnings and minimise your tax bill. (70193)
Northfleet Bookkeeper Tasks
Most Northfleet bookkeepers will be prepared to offer you the following accounting and bookkeeping services: company cash books, invoice processing, bookkeeping services for tradesmen in Northfleet, tax return preparation in Northfleet, bookkeeping quotes, bookkeeping for retail outlets, QUOTE FORM provided. We'll be in touch with specifics as soon as we are able., independent bookkeeping services Northfleet, , financial statement preparation, maintaining fixed asset registers, bookkeeping for clubs Northfleet, , Sage bookkeeping in Northfleet, VAT returns, accountancy packages, small business bookkeeping Northfleet, bookkeeping services for pubs, bookkeeping for sole traders, bookkeeping services, payment services, Quickbook bookkeeping, tax returns Northfleet, Northfleet, mobile bookkeeping services, bookkeeping for limited companies, bookkeeping for organisations, Xero bookkeeping, bookkeeping for the self-employed Northfleet, management reports Northfleet, and more. Listed are just a handful of the tasks that are conducted by local bookkeepers. Northfleet providers will let you know their entire range of services. If there are different Northfleet bookkeeper requirements that you need but don't see here, you should mention them on the
Bookkeepers Near Northfleet
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