Bookkeepers Nottingham Nottinghamshire (NG1): Whether you are a sole trader, run a small business or operate an online store in Nottingham, you're entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years to comply with the Companies Act (2006). You might face a fine of thousands of pounds, and perhaps Company Director disqualification, if you cannot produce these records. You could do these financial records yourself, however when you consider that according to Accounting Today magazine over forty percent of small businesses spend at least 80 hours every year on their bookkeeping tasks, it can pay you to employ a professional .
If you're overcome with a sense of terror just thinking about the possiblility of tracking assets and liabilities, writing out ledgers, creating profit, loss and fiscal reports or compiling balance sheets, then the time to get in touch within Nottingham for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between an accountant and a bookkeeper is the first question that most folks in Nottingham ask. To be honest, because of improvements in software over the past 10 yrs many accountancy companies in Nottingham will consider taking on the task of bookkeeping, which was previously deemed beneath their experience, skill set and qualifications. To keep their bookkeeping services in line with a dedicated, it is now quite common for many accountancy firms to charge a flat rate for such services. Business owners are now benefiting from this, since it offers a greater variety of competition within the industry and can mean that the cost of bookkeeping is much more manageable than it would have been in the past.
When considering the big difference between a bookkeeper and an accountant in Nottingham, it is the standard of qualification and training that's required for each discipline. Anwill generally a least hold a degree in accounting with further training in the field of taxes and other fiscal and business management. Although in Nottingham will definitely have a really good understanding of such skills, they might not necessarily have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN NOTTINGHAM
To explain in the simplest of forms possible, bookkeeping involves the logging of daily financial transactions of any business or enterprise in Nottingham. This is likely to include, but is by no means limited to;
- VAT recording and submissions.
- Ensuring accounting and double-entry bookkeeping practices are followed.
- Documenting of all financial incomings; including card, cash and electronic payments.
- Payroll services.
- Highlighting and rectifying any discrepancies in financial accounts.
- Recording invoices received and making sure payment is completed by the due date.
- Billing of customers for work completed or goods.
- Monthly reporting and reconciliation.
Subject to service level you are looking for, e.g. you're willing to undertake the bulk of bookkeeping work; a bookkeeper may just be necessary for double-checking your accounts on a fixed schedule. At the bare minimum this should really be done every month, to enable the quick detection and rectifying of any mistakes or problems. This can be the most cost-effective trade-off, as long as you are confident of keeping on top of your financial transactions without impacting on your day to day business activities.
Whatever your scenario, if you are looking at hiring a bookkeeper in Nottingham, it is fairly likely that you may be struggling with the financial recording aspects of your small business. A good bookkeeping company will be able to help you to link the most up-to-date software application with your business accounts to facilitate the seamless organisation of financial data, and will provide guidance and advice on stuff like stocktaking, invoicing and creating expense reports.
One of the most crucial aspects of good bookkeeping, is the ability to effectively reconcile accounts payable with cash flow. This means that your bookkeeper will schedule bill payments to times when your accounts are in good order, instead of paying a bill right away, or waiting for a final notice, which many small businesses in Nottingham are guilty of. Together with keeping your enterprise or business financially secure, this also maintains your good standing with suppliers and service providers. Regrettably, this is just one of those balancing acts that can be tricky to accomplish when you're primarily focussed on the streamlined running of your everyday business activities.
Having a person who is unconnected to the business cast an eye over your financial dealings, is another good thing about using a certified bookkeeper in Nottingham for your small business or if you are a sole trader. This independent assessment can enable them to notice business trends and patterns that you might have overlooked. A situation where an intelligent bookkeeper flags an area where profits are plummeting, or identifies a new opportunity which could be worthwhile, is not at all an unusual occurrence. For enabling growth in any business enterprise in Nottingham, it is essential that such key performance indicators are spotted early on.
It can often be quite humiliating to chase up a late payment if your business gives out invoices. By having a person outside your normal business bubble make that phone call or visit to your customers, some of that apprehension can be eliminated. There are legal techniques that a bookkeeper can use, if you've got a persistent late payer, and they can help to clear up the issue before the situation winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as laid out by law, start off fairly straightforward. It's required that sole traders should keep records of expenditure and income on a monthly basis and retain all invoices and receipts. It is still recommended that you hire the expertise of a competent bookkeeper, even though this might at first sound simple. Offering advice on what valid business expenses you're able to claim back, a specialist sole trader bookkeeper in Nottingham will deal with HMRC on your behalf. This may include consumables, items such as laptops, bills and rent if you work from home, stationery goods and advertising. For more in-depth advice, chat to your bookkeeper, and discover how they can help your business to thrive and grow going forward.
ONLINE TRADERS IN NOTTINGHAM
Certain business enterprises that work in niche markets, may need to hire a specialised bookkeeping service. If online payment procedures, exchange rate transfers, cross-border and international taxes and multi-currency processing are involved, for instance if you run a store online, you'll want to hire a bookkeeper in Nottingham who understands these practices. If you produce or hold the merchandise that you distribute through that store, then it will be a huge concern for your bookkeeping software or services to maintain your stock on a 24 hours a day basis, because of course, the internet doesn't sleep.
In conjunction with bookkeeping services, it is also possible to establish a virtual office. This enables a sole trader or online only business to have a telephone service and postal address to provide a physical link with their buyers. Not all Nottingham bookkeepers will be able to provide this service, however it is worth talking about the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified bookkeeper in Nottingham need not have a degree and a great many qualifications for the industry are at Diploma or Certificate level. Qualifications can be obtained via further education colleges and universities but there's also an ever-increasing choice of online courses available.
There are two main training and certification organisations representing bookkeepers:
The AAT (Association of Accounting Technicians): Providing a training schedule with advanced qualifications, the AAT (Association of Accounting Technicians), allows a fully certified bookkeeper to use the letters AATQB. This then enables them to become a certified AAT bookkeeper and guarantees a minimum level of service which is backed up by the organisation. To protect the credibility of the AAT membership, if an AAT bookkeeper has a complaint against them or is found to have broken the code of conduct they could be subject to tribunal and disciplinary procedures.
The Institute of Certified Bookkeepers or ICB: Providing accreditation to certified bookkeepers, along with training and reference material to ensure their members are informed about the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation in the world.
You're able to check the qualifications of any bookkeeper in Nottingham on the register of ICB or ATT members on their websites. Before retaining the services of any local bookkeeper in Nottingham it's recommended that you carry out this check.
Bookkeeping services are available for those living in in Nottingham and also nearby in: Beechdale, Wilford, Bramcote, Forest Fields, Tollerton, Radford, Mapperley, New Basford, Edwalton, Sneinton, Gamston, St Annes, Woodborough, Lenton, Gotham, as well as in these postcodes NG1 1LJ, NG1 2DZ, NG1 1AU, NG1 1FH, NG1 1AW, NG1 2GP, NG1 1NB, NG1 1EX, NG1 1NU, NG1 1EN. Local Nottingham bookkeeper services will probably have the postcode NG1 and the dialling code 0115. Checking this will ensure that you're accessing local bookkeepers. Nottingham sole traders and business owners can benefit from these and many other related services.
Nottingham Bookkeeper Tasks
Most Nottingham bookkeepers will be willing to provide you with the following bookkeeping and accounting services: charity bookkeeping Nottingham, bookkeeping for the self-employed, PAYE & wages, bookkeeping for tradesmen, professional bookkeeping services in Nottingham, corporation tax returns, accountancy packages, QUOTE FORM provided. We'll get back to you with information just as soon as we are able.Nottingham, financial statement preparation, in Nottingham, VAT returns, bookkeeping services in Nottingham, bookkeeping services for restaurants, bookkeeping for sole traders Nottingham, letting agent bookkeeping, in Nottingham, bookkeeping for pubs, , tax returns, bookkeeping for home-based businesses, accounting and bookkeeping services, Xero bookkeeping, landlord bookkeeping, maintaining fixed asset registers Nottingham, management reports, payment services Nottingham, invoice processing, Self-Assessment tax returns, mobile bookkeeping services, bookkeeping for societies, and more. Listed are just a selection of the tasks that are performed by local bookkeepers. Nottingham providers will be happy to tell you about their full range of bookkeeping services. If there happen to be different Nottingham bookkeeper requirements that you want but can't see here, you can list them on the
Bookkeepers Near Nottingham
Also: Forest Fields bookkeepers, New Basford bookkeepers, St Annes bookkeepers, Woodborough bookkeepers, Lenton bookkeepers, Bramcote bookkeepers, Wilford bookkeepers, Edwalton bookkeepers, Beechdale bookkeepers, Sneinton bookkeepers, Mapperley bookkeepers, Tollerton bookkeepers, Gotham bookkeepers, Gamston bookkeepers, Radford bookkeepers and more.
- Credit Control
- Small Business Bookkeeping
- PAYE and Wages
- Profit and Loss Reporting
- VAT Returns
- Sole Trader Bookkeeping
- Bookkeeping Services
- Self-Assessment Bookkeeping
- Cash Flow Management
- Payroll Services
- Bookkeeping Estimates
- Tax Preparation
- Self-Assessment Returns
- Double-Entry Bookkeeping
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Nottingham Nottinghamshire UK: Nottingham is a city and unitary authority area that is located in the East Midlands region of England in the county of Nottinghamshire (Notts). Settlements surrounding Nottingham include Beechdale, Tollerton, Wilford, Forest Fields, Edwalton, Mapperley, Radford and New Basford, and Nottingham is about 30 miles from Leicester, 15.8 miles from Mansfield and 16 miles from Derby. Nottingham has a resident population of about 321,500, has the telephone dial code 0115 and has the postcode NG. Nottingham is the county town of Nottinghamshire, and was granted its city charter in 1897, it has links to the Robin Hood legend and is well-known for its tobacco, bicycle and lace-making industries. To find out local information about Nottingham, Nottinghamshire look here. (Tags: Nottingham Notts, Nottingham UK, Nottingham England, Nottingham Nottinghamshire)
Bookkeepers in NG1 area, phone code 0115.
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