Bookkeepers Oldham Greater Manchester (OL1): You're entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 years, if you run an online store, are a sole trader or own a small business in Oldham, according to the Companies Act (2006). You might be disqualified as a Company Director and face a hefty fine, if you're unable to produce such information. It is often better to use a professional accountant or bookkeeper to do this for you, because according to the trade magazine Accounting Today over 40% of small business owners spend over eighty hours annually on their accounts, which is a substantial time investment, and may be better spent on actually running your business.
If you are filled with dread merely thinking about the possiblility of filling out ledgers, producing balance sheets, preparing profit, loss and fiscal reports or tracking liabilities and assets, then the time to contact a bookkeeper in Oldham for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the difference between a bookkeeper and an accountant?" Is a question which is asked by most small business owners in Oldham. While in past times a lot of accountants considered the task of bookkeeping to be beneath their qualifications, skill-sets and experience, many accountancy companies in the Oldham area will now take on most bookkeeping duties, because of significant software improvements over the past 10 years or so. It's currently quite common for accountancy firms to charge a set rate for bookkeeping services as per an independent bookkeeper's fee. As it offers a wider range of competition within the industry, this is good news for small business owners in Oldham, making their bookkeeping costs more affordable than they previously were.
The big difference of an accountant over a bookkeeper is the level of training required. At least an accounting degree with additional training in the field of taxation and other business and financial management, will usually be held by an accountant. While having a fair grasp of such procedures, a bookkeeper in Oldham might not necessarily have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the bookkeeping process is the recording of the day by day monetary transactions of any enterprise or business in Oldham. This will likely include, but is by no means limited to;
- Monthly reports and reconciliation.
- VAT submissions and recording.
- Logging the receipt of invoices and making certain payment is completed promptly.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are observed.
- The billing of customers for work completed or goods.
- Highlighting any discrepancies in financial accounts and rectifying them.
Based on service level you require, a professional bookkeeper might only be needed to double check your records every so often, if you're in a position to do the bulk of the bookkeeping work yourself. This should really be monthly as a bare minimum, since this allows for any mistakes or problems to be discovered and corrected swiftly. This compromise can sometimes be the most affordable solution if you are confident of staying up-to-date with your daily trading and financial transactions.
If you're seriously considering hiring a bookkeeper in Oldham, whatever your circumstances, it is a good bet that you might be stressed with your financial recording procedures. A decent bookkeeping company will help you out with everything from stocktaking, invoicing and generating expense reports, to linking your accounts with the latest software program to seamlessly of your data.
The effective reconciliation of accounts payable with cash flow is one of the most vital elements of a good bookkeeping service. Which means that rather than paying a bill immediately, or waiting on an overdue notice, which most small businesses are guilty of, your bookkeeper will arrange the payment of bills to times when your accounts are buoyant. This is not only to make sure that your business or enterprise is financially secure all the time, but also to keep you in the good books of those people who supply you with materials or services. When, as an individual, you are primarily focussed on the smooth running of your business, this can be a balancing act that is difficult to perform.
Having somebody who isn't affiliated with the business cast an impartial eye over your financial affairs, is another added benefit of using a professional bookkeeper in Oldham for your small business or if you are a sole trader. It might be that business trends and patterns that might have otherwise gone unnoticed will therefore be brought to the fore. A scenario where an intelligent bookkeeper flags up an area where profits are decreasing, or spots an opportunity that may prove worthwhile, is by no means an uncommon occurrence. Spotting these key performance indicators is vital for driving the growth of any enterprise in Oldham.
If invoices are sent out by your company it can sometimes be embarrassing to chase up late payments. Having an individual from outside your business bubble, can take the awkwardness away from making that phone call or visit to your client. If you've got problems with a repeating late payer there are legal procedures a professional bookkeeper can make use of to help to clear up the situation before the issue winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are comparatively straightforward and basic. This involves saving all invoices and receipts relating to the business, and keeping track of income and expenditure from month to month. While this may sound simple enough it is still advisable to hire the expert services of a competent bookkeeper. So that you'll be able to claim back legitimate business expenses from HMRC, a specialist sole trader bookkeeper in Oldham will be able to give you advice on what must be done. This may include rent and bills if you work from home, stationery, advertising, printer ink and items such as laptops. If you'd like to get more in-depth advice, and learn how your business can grow and develop in the future, talk to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Certain small businesses that operate in niche areas, might need to use a specialist bookkeeper. If you manage an online store for example, you're going to require a bookkeeper in Oldham who's familiar with exchange rate transfers, online payments, international and cross-border taxes and multi-currency processing. If you hold or produce the merchandise that you sell with that shop, then it's going to be a vital concern for your bookkeeping services and software to deal with your stock on a 24 hours a day basis, given that the internet doesn't sleep.
In combination with bookkeeping service, it's also possible to establish a remote virtual office. Offering a physical connection to their clients, this allows a sole trader or online only business to have a postal address and telephone service. Although this option may not be provided by all Oldham bookkeepers, it is certainly worth a discussion if this is something that's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a certified Oldham bookkeeper to hold a university degree, and a lot of the bookkeeping qualifications are held at Diploma and Certificate level. Although there are a choice of courses available online, bookkeeping qualifications can still be obtained through further education universities and colleges, if that is the chosen route.
Certification and training for bookkeepers is mostly provided by two organisations:
The ICB or Institute of Certified Bookkeepers: Offering certification for qualified bookkeepers, along with reference material and training to ensure their members are up-to-date with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation anywhere in the world.
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a fully trained member of the AAT (Association of Accounting Technicians) will have completed a training schedule and advanced qualifications in bookkeeping. They can then become accredited AAT bookkeepers, approved by this respected association, which guarantees a high level of service for their clients. To preserve the values and integrity of the AAT, if a bookkeeper who is affiliated with the AAT has a complaint against them or is found to have broken the code of practice they will be liable to tribunal and disciplinary procedures.
The accreditations of any professional Oldham bookkeeper can be verified on the register of ICB or ATT members on their websites. Before you employ any professional bookkeeper in Oldham it's recommended that you implement this check.
Bookkeeping services are available for people living in in Oldham and also in: Mossley, Hathershaw, Greenacres, Busk, Holden Fold, Long Sight, Royton, Dukinfield, Featherstall, Oldham Edge, Lees, New Moston, Chadderton, Middleton, Delph, Stalybridge, Heyside, and in these postcodes OL1 1UL, OL1 2EJ, OL1 1XJ, OL1 1EW, OL1 1AN, OL1 1ER, OL1 1DB, OL1 1BE, OL1 2EN, OL1 1AP. Local Oldham bookkeeper services will probably have the postcode OL1 and the phone code 0161. Verifying this can ensure that you access locally based bookkeepers. Oldham sole traders and business owners can benefit from these and various other bookkeeping related services.
Outsourced Bookkeeping Oldham
All businesses in Oldham should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, the money left in their bank account, their outgoings and incomings, and the like. With the owner of the business having to deal with a lot of concerns and issues while running a business, the task of carrying out the bookkeeping is often 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 need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay for long in the company. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Oldham.
These professional bookkeeping companies in Oldham should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
Oldham Bookkeeper Tasks
Most bookkeepers in Oldham will be ready to offer you the following bookkeeping and accounting services: general bookkeeping services Oldham, cash flow analysis Oldham, bookkeeping services for sole traders, management reports in Oldham, mobile bookkeeping services, bookkeeping services for organisations, Self-Assessment tax returns in Oldham, bookkeeping for restaurants Oldham, bookkeeping and accounting in Oldham, profit & loss reports Oldham, maintaining fixed asset registers, bookkeeping services for the self-employed, bookkeeping services for startups Oldham, company cash books, VAT returns, bookkeeping services for pubs, bookkeeping estimates, bookkeeping for clubs, franchise bookkeeping Oldham, corporation tax returns Oldham, bookkeeping services for tradesmen in Oldham, double-entry bookkeeping, independent bookkeeping services, management accounts, QUOTE FORM provided. We will be in touch with information as soon as we can.Oldham, bookkeeping for freelancers, invoice processing Oldham, landlord bookkeeping Oldham, payment services in Oldham, charity bookkeeping Oldham, and more. These are just a selection of the duties that are conducted by local bookkeepers. Oldham companies will keep you informed about their entire range of services. If there happen to be different Oldham bookkeeper requirements that you want but can't see here, you can easily mention them on the
Oldham Bookkeeper Questions
Just the other week I was sifting through the typical questions that folks ask on the topic of bookkeepers in Oldham. Several of our web visitors have tendered reasonable queries that I thought might be relevant to this discussion. The best ones appeared to be, What are the advantages of a bookkeeper? Why is bookkeeping important to any business operation in Oldham? Can a bookkeeper be held liable? How much is a bookkeeper per hour? Does a bookkeeper need a degree? What is the difference between an accountant and a bookkeeper? What makes a great bookkeeper? What do bookkeeping services offer? Does a bookkeeper do payroll? The vast majority of these questions hopefully have been tackled in this blog post, if not a bookkeeping "Q&A" feature is a feature we will be introducing before long. Thanks to Beau Thompson, Aadam Perry, Eisa Kirk and Gabrielle Birch from Oldham, for raising these great questions. Contributions were also put forward by Paige Vincent in Busk, Kaden Myers in Oldham Edge and Kennedy Cannon in Royton.
Bookkeepers Near Oldham
Also here.: Chadderton bookkeepers, Busk bookkeepers, Stalybridge bookkeepers, Mossley bookkeepers, Middleton bookkeepers, Delph bookkeepers, Heyside bookkeepers, Royton bookkeepers, Featherstall bookkeepers, Lees bookkeepers, Oldham Edge bookkeepers, Dukinfield bookkeepers, New Moston bookkeepers, Hathershaw bookkeepers, Greenacres bookkeepers, Holden Fold bookkeepers, Long Sight and more. All of these places are catered for by local bookeepers. Oldham traders and businesses can get rates for bookkeeping services by going
- Oldham Profit and Loss Reporting
- Oldham Credit Control
- Oldham Tax Returns
- Oldham VAT Returns
- Oldham Payroll Services
- Oldham Wages PAYE and CIS
- Oldham Cash Flow Analysis
- Oldham Tax Preparation
- Oldham Sole Trader Bookkeeping
- Oldham Small Business Bookkeeping
- Oldham Self-Assessment Bookkeeping
- Oldham Bookkeeping Quotes
- Oldham Double-Entry Bookkeeping
- Oldham Invoice Processing
Bookkeepers Around Oldham: People living in these streets have recently inquired about bookkeeping services - Central Avenue, The Grove, Bowness Walk, Clydesdale Rise, Shepley Street, Southway, Bickerton Court, Agnes Close, Denmark Street, Ainsbrook Terrace, Abercorn Street, Thackeray Road, Brandwood, Clarence Street, Belmont Way, Tees Walk, Carnation Road, Ash Grove, Birch Hall Close, Avon Road, Dacres Drive, Bank Top Park, Dobcross New Road, Shanley Court, Deva Square, Annisfield Avenue, Brindle Way, Dam Fields, Church Walk, Saint Cuthberts Fold, as well as these local Oldham postcodes: OL1 1UL, OL1 2EJ, OL1 1XJ, OL1 1EW, OL1 1AN, OL1 1ER, OL1 1DB, OL1 1BE, OL1 2EN, OL1 1AP.
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Oldham Gtr Manchester - A substantial town in Greater Manchester, England, Oldham stands between the rivers Medlock and Irk amid the Pennines, it is approximately 4 miles north of Ashton-under-Lyne, 7 miles north-east of Manchester, 5.3 miles south-east of Rochdale and 15.7 miles west of Holmfirth. Oldham town has a population of about 96,000, has the telephone code 0161, has the postcodes OL1, OL2, OL3, OL4, OL8 & OL9 and has the Ordnance Survey grid reference SD922053. Places to visit in and close to Oldham include: Bishop Park Monument, Oldham War Memorial, Crompton Moor and Werneth Park. Towns and villages around Oldham include: Mossley, Hathershaw, Greenacres, Busk, Holden Fold, Long Sight, Royton, Dukinfield, Featherstall, Oldham Edge, Lees, New Moston, Chadderton, Middleton, Delph, Stalybridge, Heyside. Oldham grew significantly in the Industrial Revolution as a global centre for textile manufacture. For the latest local information about Oldham, Greater Manchester click here
Bookkeepers in OL1 area, (dialling code 0161).
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