Bookkeepers Perth Scotland (PH1): If you run an online store, operate a small business or are a sole trader in Perth, you're entirely responsible for keeping accurate, "true and fair" financial and accounting records for at least 6 yrs as stated by the 2006 Companies Act. Failing to produce these detailed records may leave you facing disqualification as a Company Director, along with a hefty fine. According to Accounting Today over 40% of small business owners spend at least 80 hours per year on their accounts, therefore whilst you can do these financial records on your own, it is often better to use a professional to do them for you.
If you're filled with panic merely thinking about tracking liabilities and assets, writing ledgers, compiling balance sheets or creating profit, loss and financial statements, then the time to contactin Perth for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
What is the difference between a bookkeeper and an accountant is the first question that springs to mind for many business owners in Perth. The reality is that although in the past the process of bookkeeping, was considered to be beneath the skill-sets, experience and qualifications of an accountant, because of software improvements over the past ten years or so, many accountancy firms in Perth will now take on bookkeeping tasks. For many accountancy companies it is now quite common to charge a set fee for bookkeeping services, to keep them in line with the normal fees of an independent bookkeeper in Perth. This is great news for business owners in Perth since it gives a broader range of competition within the marketplace and can make the cost of your bookkeeping cheaper than previously thought.
It is basically the amount of training that's necessary for each discipline, that illustrates the main difference between a bookkeeper and an accountant in Perth. At least an accounting degree with additional training in the field of taxes and other financial and business management, will normally be held by an. Whilst not necessarily having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Perth will still have a good grasp of all these procedures.
RESPONSIBILITIES OF A BOOKKEEPER IN PERTH
In the simplest of terms, bookkeeping involves the recording of daily transactions of any enterprise or business in Perth. This can include, but isn't limited to;
- The billing of clients for work completed or goods.
- VAT submissions and recording.
- Payroll services.
- Monthly reconciliations and reporting.
- Logging of all financial incomings; including cash, electronic and card payments.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Documenting invoices received and making sure payment is completed on time.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
If you are prepared to perform most of bookkeeping work yourself; a bookkeeper may just be necessary for double-checking your accounts every once in a while. To ensure that any mistakes or problems can be identified and rectified speedily, at the bare minimum, this needs to be each month. Providing that you're confident of staying up-to-date with your financial transactions without affecting your daily business operations, this solution can be an extremely cost-effective trade-off.
It is a good bet that if you're looking to hire a bookkeeping service in Perth, you are currently getting stressed about the financial recording aspects of your small business. Offering assistance with everything from stocktaking, producing expense reports and invoicing, a professional bookkeeper will also be able to guide you through the process of linking your business accounts with the latest software program to enable the seamless processing of all your business's financial data.
Being able to reconcile accounts payable with cash flow, is an extremely important aspect of a good bookkeeper. This means that by optimising the payment of bills to times when your accounts are in the best possible position, your bookkeeper will avoid the mistake that most small businesses in Perth are guilty of i.e. paying a bill immediately, or waiting on an overdue notice. This does not just keep you in good stead with suppliers and the businesses who supply you with services, but also makes sure that your enterprise or business is financially sound. When you're firmly focussed on the operation of your business, this is a juggling act that can be difficult to perform on your own.
Having an individual who isn't affiliated with the business cast an independent eye over your financial dealings, is another benefit of using a competent bookkeeper in Perth for your small business or if you're a sole trader. It's entirely possible that an independent appraisal like this will highlight business trends and patterns that you haven't previously noticed. A bookkeeper identifying an opportunity or noticing an area which is falling in profits, is by no means uncommon. For the success of any business enterprise in Perth, it is crucial that these KPI's (key performance indicators) are spotted early on.
Having to pursue a late payment can be a fairly embarrassing situation for you, if you give out invoices as part of your business operations. If that visit to your clients or phone call is made by a professional from outside your normal business situation, it is possible for most of that apprehension to be removed. If you've got a persistent late or non-payer there are legal procedures that a professional bookkeeper can employ to help to clear up the issue before the matter winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are fairly uncomplicated and easy to understand. Sole traders are required to keep a record of income and expenditure from month to month and save all receipts and invoices. It's still recommended that you hire the expertise of a bookkeeper, although this may sound easy. When working through your income tax returns, a dedicated sole trader bookkeeper in Perth will be able to advise you on what your genuine business expenses are, and claim these back from HMRC each year. This might include consumables, bills and rent if working from home, items such as computing equipment, stationery goods and advertising. If you'd like to get more detailed advice, and learn how your business can grow and develop going forward, talk to a trusted bookkeeper.
ONLINE TRADERS IN PERTH
There are niche areas in bookkeeping where the expertise of a specialist could be essential. If cross-border and international taxes, online payment procedures, exchange rate transfers and multi-currency processing are involved, for example if you run a store online, you will need to hire a bookkeeper in Perth who understands these practices. If you produce or hold the goods that you distribute with that shop, then it will be a vital concern for your bookkeeping software or services to monitor your your inventory and stock on a 24 hours a day basis, because of course, the internet never sleeps.
It's also possible to establish a virtual office, that can be used together with your bookkeeping service. This allows a sole trader or online only business to provide a physical link with their buyers, via a phone service and postal address. Not all bookkeepers in Perth will be willing to provide this option, but it is worth talking about if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a qualified Perth bookkeeper to have a university degree, and many of the bookkeeping industry qualifications are held at Diploma or Certificate level. If the chosen route to qualification is through further education colleges and universities, this is still a possibility, although there there's an ever-increasing number of online bookkeeping courses.
There are two primary certification and training organisations representing bookkeepers:
The AAT (Association of Accounting Technicians): Able to use the letters AATQB, a fully trained member of the AAT (Association of Accounting Technicians) will have been provided with a training schedule and advanced qualifications in bookkeeping practice. They're then entitled to become approved AAT bookkeepers, which guarantees their clients a minimum standard of service which is backed by the organisation. To preserve the trustworthiness of the AAT, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of conduct they could be subject to tribunal and disciplinary processes.
The ICB or Institute of Certified Bookkeepers: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation anywhere in the world, providing certification for bookkeepers, in addition to reference material and training.
By visiting their respective websites, you're able to check out the register of ICB or ATT members, to confirm the accreditations of any bookkeeper. Prior to hiring any bookkeeping service in Perth, it's always a wise idea to undertake such checks.
Outsourced Bookkeeping Perth
All businesses in Perth should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, the total value of their liabilities and assets, their incomings and outgoings, and the like. With the business owner having to contend with the issues and concerns of running a business, the task of undertaking the bookkeeping is normally outsourced to freelance bookkeepers or a bookkeeping company in Perth.
If a company in Perth employs a bookkeeper so as to become an employee, the company will be required to spend a substantial amount of money in training that person for the purpose of working on the bookkeeping work. In addition to that, there's no guarantee that the individual will stay after the training is completed. In those circumstances, the company stands to lose a considerable amount of money for very little return. As well as that, firms will need to look for ways and means to offer incentives and benefits to keep the trained employee in place. These are just some of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Perth.
These specialist bookkeeping companies in Perth should be able to customise their bookkeeping services with that of the client company's current bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
If you're self-employed or have a small business in the United Kingdom, you may have to file a self-assessment tax return. If you are not familiar with the process, this task can be especially challenging. To keep your records organised and prepare your tax return on time and accurately, a qualified bookkeeper can help you.
Using a bookkeeper for your tax returns has numerous benefits. First, they will have the expertise and experience to ensure that your return is completed correctly. This will help you to stay clear of interest charges or penalties from HMRC. Second, bookkeepers can save you a lot of time and effort. They'll look after the paperwork and calculations, so you can focus your attention on the business side of things. Thirdly, valuable advice on tax planning can be provided by bookkeepers in Perth. This can enable you to increase your bottom line and reduce your tax burden. (70193)
Perth Bookkeeper Tasks
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