Bookkeepers Oldham Greater Manchester (OL1): You are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of 6 yrs, if you own a small business, operate an online store or are a sole trader in Oldham, in compliance with the Companies Act. If you cannot produce this information you may face thousands of pounds in fines and possible Company Director disqualification. It can pay to employ a professional accountant or bookkeeper to conduct this for you, since according to the magazine Accounting Today over 40% of small businesses spend at least eighty hours each year doing their bookkeeping tasks, which is a significant time investment, and may be more efficiently spent on your main business activities.
If you are overcome with a sense of panic merely thinking about the possiblility of writing out ledgers, tracking liabilities and assets, creating profit, loss and financial statements or producing balance sheets, then the time to get in touch with a bookkeeper in Oldham for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
A common question that's asked by many business owners in Oldham is "Precisely what is the difference between an accountant and a bookkeeper?" The reality is that whilst in the past the process of bookkeeping, was considered beneath the skill-sets, experience and qualifications of an accountant, because of huge software improvements over the past 10 yrs, many accountancy firms in Oldham will now undertake bookkeeping. For many accountancy companies it is now quite common to charge a flat rate for bookkeeping services, to keep them commensurate with the usual fees of an independent bookkeeper in Oldham. This makes the cost of bookkeeping more manageable than it once was, and is great news for business owners in Oldham since it offers a broader range of competition within the industry.
When you're considering the differences between an accountant and a bookkeeper, the most notable one is the amount of training that is required for each discipline. Normally holding a degree in accounting, a professional accountant will also have had training in tax matters and further qualifications in financial and business management. A bookkeeper in Oldham may not have the same levels of experience and training, or hold these qualifications, but will still have an understanding of these procedures.
RESPONSIBILITIES OF A BOOKKEEPER IN OLDHAM
Put simply, the act of bookkeeping is to record the daily fiscal transactions of any business enterprise in Oldham. This will include, but isn't limited to;
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Logging of all financial incomings; electronic, card and cash payments included.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- VAT submissions and recording.
- Documenting the receipt of invoices and making certain that payment is completed on time.
- Payroll services.
- Monthly reconciliations and reporting.
- Billing of clients for goods or work completed.
Based upon service level you require, a professional bookkeeper may just be needed to periodically double-check your figures, if you're in a position to carry out the vast majority of the bookkeeping work yourself. At the bare minimum this should be done monthly, to enable the rapid identification and rectification of any mistakes or problems. This trade-off can often be the most cost-effective option if you are confident of keeping on top of your day by day trading and financial transactions.
Whatever your scenario, if you are looking at hiring a bookkeeping company there is a fair chance that you might be fretting over the financial recording side of your small business in Oldham. A decent bookkeeping service will be able to give advice on everything from stocktaking, invoicing and creating expense reports, to linking your accounts with the latest software to enable the seamless processing of data.
One of the most vital aspects of good bookkeeping, is the ability to effectively reconcile accounts payable with cash flow. This means that your bookkeeper will arrange the payment of bills to times when your finances are in good shape, rather than paying a bill immediately, or waiting on a final notice, which most small businesses are guilty of doing. This not only keeps your business enterprise financially sound, but keeps you in favour with suppliers and those businesses who provide you with services. When you're focussed on running your business, this is a balancing act that you may find hard to perform as an individual.
Having someone who's unconnected to the business cast an eye over your financial transactions, is another added benefit of employing a professional bookkeeper in Oldham for your small business or if you're a sole trader. It might be that business patterns and trends that you may have disregarded could thus be brought to the fore. It is not uncommon for a bookkeeper to identify a new opportunity or flag an area which is dropping in profits. Spotting these key performance indicators (KPI's) is vital for the growth and success of any business enterprise in Oldham.
It can often be quite embarrassing to chase up a late payment if your business gives out invoices. Having an independent person outside your business bubble, can take the awkwardness away from visiting your client or making that phone call. A bookkeeper can employ legal options to take care of a persistent late payer, and without having to resort to claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are comparatively straightforward and simple. Essentially, sole traders should retain all invoices and receipts, and keep track of expenditure and income on a month by month basis. It's still recommended that you retain the expertise of a bookkeeper, even if this may sound simple. A professional sole trader bookkeeper in Oldham will be able to advise you on what you may be able to claim back from HMRC as genuine business expenses. This might include consumables, advertising, items such as computing equipment, rent and bills if you work from home and stationery goods. Speak to your local bookkeeper for more detailed advice and learn how they might help your small business grow.
ONLINE TRADERS IN OLDHAM
Some business enterprises that operate in niche areas, may need to employ a specialised bookkeeping service. For example, if you run an online store, you'll be better off employing a bookkeeper in Oldham who is familiar with online payments, multi-currency processing, exchange rate transfers and cross-border and international taxes. If you hold or produce the merchandise that you sell with that store, then it will be a crucial concern for your bookkeeping services and software to control your your stock on a 24/7 basis, given that the internet doesn't sleep.
Together with bookkeeping services, it's also possible to supply a virtual office. Offering a physical connection to their customers, this enables an online only business or sole trader to have a telephone service and postal address. It's worth discussing this possibility if it's required, although not all bookkeepers in Oldham will offer this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Oldham does not need to have a university degree and a good many the industry qualifications are at Diploma or Certificate level. Although there is a variety of online bookkeeping courses available, qualifications can still be gained via further education universities and colleges, if that is the chosen route.
Representing bookkeepers, there are 2 main certification and training organisations:
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians (AAT) will have completed advanced qualifications and a training schedule in bookkeeping. This then allows them to become a registered AAT bookkeeper and promises a decent level of service which is backed up by the association. To safeguard the integrity of the AAT, if a bookkeeper who's associated with the AAT is found to have contravened the code of practice or has a complaint filed against them, they can be liable to disciplinary and tribunal procedures.
The Institute of Certified Bookkeepers (ICB): Keeping their members up-to-speed with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world, providing accreditation to qualified bookkeepers, together with training and reference material.
By visiting the register of AAT or ICB members on their websites, you are able to check the accreditations of any bookkeeper in Oldham. Carrying out these checks is usually advisable before you actually employ any bookkeeper in Oldham.
Bookkeeping Oldham - Outsourcing Options
All businesses in Oldham should understand the significance of bookkeeping. It helps business people monitor the money left in the bank account, the sum total of their liabilities and assets, their payables/receivables, and so on. With the business owner having to handle the concerns and issues of operating a business, the task of doing the bookkeeping is usually outsourced to freelance bookkeepers or a bookkeeping company in Oldham.
If a company in Oldham hires a bookkeeper in order to join their ranks, the company will be required to fork out a considerable amount of money in training that person for the purpose of working on the bookkeeping tasks. In addition, there is no guarantee that the person will stay after the training is completed. In circumstances like that, the company will lose a substantial amount of money. Apart from that, companies will have to look for solutions to offer incentives and benefits to keep the trained employee in place. These are a few of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Oldham.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is growing more common in the financial domain. One will find many companies offering financial bookkeeping services catering to all kinds of industries and clients in Oldham. A majority of these companies promise and deliver top quality service. It assumes importance for a business to look into the background of these Oldham bookkeeping companies when it comes to employing a 3rd party company for bookkeeping purposes.
VAT Returns
A bookkeeper in Oldham can provide small business owners with a convenient and efficient solution for their VAT return needs, allowing them to focus on other essential areas of their business. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by a bookkeeper. In addition, a bookkeeper can supply you with valuable insights on how to decrease your VAT responsibility and guarantee that you are claiming all the admissible VAT that you are entitled to. With a bookkeeper on your team, you can be at ease knowing that your VAT returns are being managed with efficiency and accuracy, freeing up more of your time to focus on the growth of your business in Oldham.
What Are the Main Advantages of Using a Bookkeeper in Oldham Over an Accountant?
The following are a few reasons why you might want to use a bookkeeper in Oldham, as opposed to an accountant:
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who might have a more standard approach.
- Time: By choosing to outsource bookkeeping, business owners can save time and concentrate on other vital aspects of their business for example marketing and sales.
- Affordability: Bookkeeping services are usually more budget-friendly in comparison to accounting services, meaning they are an inexpensive option for small businesses, sole traders and startups.
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in these tasks.
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who might only be available at specific times.
It's vital to note that even though bookkeepers offer valuable support, they might not have quite the same level of qualifications or expertise as an accountant in aspects such financial planning or tax preparation. In these cases, seeking the specialised services of an accountant may be essential.
Using a Bookkeeper for Tax Returns
The UK requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. Especially if you aren't familiar with the process, this task can be challenging. Keeping your records in order and preparing your tax return accurately and on time are both things that a bookkeeper can help you with.
Employing a bookkeeper to complete your tax returns has numerous benefits. Experience and expertise will make certain that they complete your return correctly. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, bookkeepers can save you a lot of time and effort. They'll handle all of the calculations and paperwork, freeing you up to focus on your business. Third, bookkeepers in Oldham can provide you with essential advice on tax planning. This can help you to reduce your tax burden and increase your bottom line. (70193)
Bookkeepers Near Oldham
Also find: Greenacres bookkeepers, Delph bookkeepers, Busk bookkeepers, New Moston bookkeepers, Featherstall bookkeepers, Heyside bookkeepers, Hathershaw bookkeepers, Holden Fold bookkeepers, Oldham Edge bookkeepers, Long Sight bookkeepers and more. Bookkeeping services are provided to pretty much all of these towns and villages by local professionals. This accessibility ensures that individuals and businesses alike can easily find the financial support they need to manage their accounts effectively. Bookkeeping quotes are available to area residents with a click here.
Oldham Bookkeeper Tasks
Most bookkeepers in Oldham will be able to offer you the following services: bookkeeping for home-based businesses, bookkeeping services for limited companies, management reports, mobile bookkeeping services, general bookkeeping services, tax returns Oldham, bookkeeping services for tradesmen, corporation tax returns, professional bookkeeping services, cheap bookkeeping services Oldham, cash flow analysis Oldham, bookkeeping quotes Oldham, bookkeeping for self-employed in Oldham, double-entry bookkeeping in Oldham, bookkeeping for payroll, bookkeeping services for charities, bookkeeping services for sole traders, bookkeeping services for shops, assistance with registering for self-employment in Oldham, profit & loss reports, bookkeeping for clubs in Oldham, independent bookkeeping services in Oldham, credit control, management accounts, tax return preparation, Sage bookkeeping Oldham, bookkeeping services for restaurants, bookkeeping services for small business, payment services, bookkeeping services for retail outlets Oldham, and more. These are just a few of the activities that are handled by local bookkeepers. Oldham professionals will let you know their whole range of bookkeeping services. If there happen to be different Oldham bookkeeper requirements that you need but can't see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with details as soon as we are able.
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