Bookkeepers Northwich Cheshire (CW9): Irrespective of whether you run a small business, operate an online store or are a sole trader in Northwich, you're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years as stated by the 2006 Companies Act. Failure to produce these records could leave you faced with a hefty fine and potential disqualification as a Company Director. There is a substantial investment of time involved with preparing these financial records on your own, and it can pay you to employ a professional , especially if you consider that according to the magazine Accounting Today over 40% of small business owners spend at least eighty hours each year on their accounts.
It's time to contactin Northwich for assistance, if just the thought of preparing profit, loss and financial statements, tracking liabilities and assets, filling out ledgers or producing balance sheets fills you with panic.
BOOKKEEPER OR ACCOUNTANT?
The first question that most folks ask is "Just what is the difference between an accountant and a bookkeeper?" While in past times many accountants considered the bookkeeping process to be beneath their skill-sets, experience and qualifications, a lot of accountancy firms in Northwich will now take on bookkeeping, due to improvements in software over the past ten years or so. For many accountancy companies it's now quite common to charge a flat rate for bookkeeping services, to keep them consistent with the normal charges of a dedicated bookkeeper in Northwich. This makes the cost of bookkeeping cheaper than it previously was, and is excellent news for business owners in Northwich as it generates a greater variety of competition within the marketplace.
It is basically the amount of training that is required for each discipline, that indicates the main difference between an accountant and a bookkeeper in Northwich. Generally holding a degree in accounting, a professionalwill also have had further training in tax preparation and have qualifications in business and fiscal management. Whilst having a decent understanding of such procedures, a bookkeeper in Northwich might not necessarily have these qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER IN NORTHWICH
To explain in the simplest of forms, bookkeeping involves the recording of day to day fiscal transactions of any business in Northwich. This will include;
- Logging the receipt of invoices and ensuring that payment is completed on time.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Documenting of all financial incomings; including electronic, cash and card payments.
- Ensuring double-entry bookkeeping and accounting practices are followed.
- Monthly reports and reconciliations.
- Payroll services.
- Billing of clients for work completed or goods.
- VAT submissions and recording.
Dependant upon the level of service you require, a professional bookkeeper may just be needed to double check your records every so often, if you're prepared to carry out the vast majority of your own bookkeeping work. As a bare minimum this needs to be every month, to enable the quick detection and rectifying of any mistakes or problems. This may be the most cost-effective trade-off, providing that you're able to stay up-to-date with your monetary transactions without impacting on your daily business operations.
Whatever the scenario is with your small business, if you're currently thinking of hiring a bookkeeper in Northwich, there is a fair chance that you might be getting stressed about the process of financial recording and tax returns. A decent bookkeeping service will be able to assist you in linking your business accounts with the most suitable computer software to enable the seamless pull-through of financial data, and will offer guidance and advice on things such as invoicing, stocktaking and creating expense reports.
One of the most crucial elements of good bookkeeping practice, is the ability to correctly reconcile accounts payable with cash flow. Which means that your bookkeeper will optimise the payment of bills to times when your accounts are in good shape, instead of paying off a bill right away, or waiting on an overdue notice, which most small businesses are guilty of doing. Together with keeping your business on a sound financial footing, this also keeps you in good stead with your suppliers and service providers. When, as an individual, you are inevitably focussed on the operation of your business, this is a balancing act that can be hard to perform.
Having somebody who is not affiliated with the business cast an eye over your financial affairs, is another benefit of employing a professional bookkeeper in Northwich if you are a sole trader, or for your small business. It is entirely possible that an objective assessment such as this will pinpoint business trends and patterns that you haven't previously noticed. It's by no means uncommon for an intelligent bookkeeper to flag an area where profits are dropping, or spot a new opportunity which could be worthwhile. For driving the growth of any business in Northwich, it is essential that such key performance indicators are spotted as early as possible.
If invoices are sent out by your company it can often be embarrassing to pursue late payments. If that telephone call or visit to your customer is done by a professional from outside your business bubble, it's possible for some of that apprehension to be removed. A bookkeeper can employ legal techniques to handle a consistent late payer, and without having to resort to a claims court proceeding, help to clear up the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are reasonably straightforward and easily understandable. In essence, sole traders must keep all receipts and invoices, and monitor income and expenditure on a month by month basis. Now, this doesn't seem that hard does it? But, it is still recommended that you retain the expert services of a bookkeeping company to ensure that it is all done right. So that you'll be able to claim back any legitimate business expenses from HMRC, a specialised sole trader bookkeeper in Northwich will be happy to advise you on what must be done. This could include advertising, rent and bills if working from home, consumables, stationery and items such as computers. Talk to your bookkeeper for more detailed advice and learn how they can help your business grow.
There are certain niche businesses where a specialist bookkeeper may be needed. By way of example, if you run an online store, you'll need to employ a bookkeeper in Northwich who is familiar with exchange rate transfers, cross-border and international taxes, online payments and multi-currency processing. As the internet does not sleep, if that same outlet sells goods you produce or hold then overseeing inventory on a 24 hours a day basis is a major priority which will have to be addressed.
In combination with your bookkeeping services, a remote virtual office can also be supplied. This enables a sole trader or online only business to provide a physical connection to their clients, via a postal address and phone service. If this type of service could be useful, it is definitely worth discussing, although this solution will not be provided by all Northwich bookkeeping businesses.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping sector are at Certificate or Diploma level, and a qualified Northwich bookkeeper does not need to hold a degree. Bookkeeping qualifications can be gained via further education universities and colleges but there is also a growing variety of courses available online.
Representing bookkeepers, there are two main certification and training organisations:
The Association of Accounting Technicians (AAT): The AAT or Association of Accounting Technicians provides advanced qualifications and a training schedule allowing fully certified bookkeepers to use the letters AATQB after their name. This then entitles them to become a authorised AAT bookkeeper and guarantees a standard of service which is backed by the organisation. If a bookkeeper who's associated with the AAT is found to have contravened the code of conduct or has a complaint filed against them, they could be subject to tribunal and disciplinary procedures to protect the credibility of the aat membership.
The ICB or Institute of Certified Bookkeepers: The largest organisation of its kind on the planet is the the Institute of Certified Bookkeepers (ICB), and it offers certification for qualified bookkeepers, along with training and reference material to ensure their members are up-to-speed with the latest trends and innovations.
By going to their respective websites, it's possible to examine the qualifications of any bookkeeper in Northwich on the register of ICB or AAT members. Carrying out this check is strongly recommended before hiring the services of any local bookkeeper in Northwich.
Cash Flow Analysis
To comprehend its financial wellbeing, any business must employ cash flow analysis. Bookkeepers play a critical role in performing cash flow analysis for businesses. The process involves monitoring the cash movement of the company within a specific period, usually a month or a quarter. Conducting a cash flow analysis enables the bookkeeper to help the businessperson understand their current financial situation, detect any cash flow problems, and plan for the future.
The bookkeeper categorizes and reconciles all cash transactions, such as investments, expenses and sales, to provide a clear image of the company's financial condition. Additionally, cash flow analysis can also entail forecasting cash flow for the upcoming months or years to assist the company in making educated decisions and avoiding cash flow difficulties.
Thecan also advise on methods to improve cash flow, such as introducing more efficient payment systems or reviewing pricing strategies. Any company that desires to manage their finances effectively must have a complete and accurate cash flow analysis as a crucial tool.
In Northwich, self-employed people or those with small businesses may be required to file a self-assessment tax return. This task can be challenging, as the process can be complex if you are not acquainted with it. Your records can be kept in order and your tax return can be prepared on time and accurately with the help of a decent bookkeeper.
Many benefits can be gained by employing a bookkeeper for your tax returns. They will have the expertise and experience to make sure that your return is completed correctly. This should help you to avoid any interest charges or penalties from HMRC. Secondly, bookkeepers can save you time and hassle. They will take care of all of the paperwork and calculations, so you can focus your attention on the running of your business. Thirdly, Northwich bookkeepers can provide you with invaluable advice on tax planning and other financial concerns. This enables you to minimise your tax liability and maximise your profits. (70193)
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Northwich Bookkeeper Tasks
Most bookkeepers in Northwich will be prepared to offer you the following accounting and bookkeeping services: bookkeeping for sole traders, VAT returns Northwich, payment services in Northwich, Sage bookkeeping services, bookkeeping for tradesmen, bookkeeping for clubs, bookkeeping services for limited companies, PAYE & wages Northwich, Self-Assessment tax returns, profit & loss reports in Northwich, charity bookkeeping Northwich, bookkeeping services for restaurants, corporation tax returns, QUOTE FORM provided. We'll be in touch with information just as soon as we can., bookkeeping services for the self-employed, general bookkeeping services, in Northwich, bookkeeping services for shops, bank reconciliation, bookkeeping services for societies in Northwich, off-site bookkeeping, tax return preparation in Northwich, in Northwich, bookkeeping for home-based businesses, accounting and bookkeeping services, Northwich, bookkeeping for charities, financial statement preparation, bookkeeping services for organisations, bookkeeping for payroll, and more. These are just a small portion of the tasks that are handled by local bookkeepers. Northwich providers will tell you about their whole range of services. If there happen to be different Northwich bookkeeper requirements that you need but don't see here, you should mention them on the
Bookkeepers Near Northwich
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