Bookkeepers Portsmouth Hampshire (PO1): You're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for at least 6 yrs, if you operate an online store, own a small business or are a sole trader in Portsmouth, in compliance with the 2006 Companies Act. If you are unable to produce these records, you may be disqualified as a Company Director and face thousands of pounds in fines. It can pay you to employ a professional accountant or bookkeeping service to accomplish this for you, as according to Accounting Today magazine over 40% of small business owners spend eighty hours plus annually doing their bookkeeping duties, which is a considerable investment of time, and may be more efficiently spent on actually running your business.
If you're filled with dread merely thinking about the possiblility of producing balance sheets, preparing profit, loss and fiscal reports, writing ledgers or tracking liabilities and assets, then the time to get in touch with a bookkeeper in Portsmouth for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the difference between an accountant and a bookkeeper?" Is a question that's asked by a lot of business owners in Portsmouth. At one time it was normally deemed to be beneath the experience, skill set and qualifications of an accountant to do bookkeeping, however because of tremendous improvements in software over the past 10 yrs, many bookkeeping procedures will now be carried out by accounting firms in Portsmouth. Many accounting firms now charge a set rate for bookkeeping services, to keep them in step with what an independent bookkeeper in Portsmouth would normally charge. As it generates a wider variety of competition within the industry, this is fantastic news for small business owners in Portsmouth, making the cost of their bookkeeping much more affordable than it previously was.
The level of qualification and training required is the main difference between an accountant and a bookkeeper. An accountant will, at the minimum, hold a degree in accounting, and will have also had further training in business and financial management, and taxes. A bookkeeper in Portsmouth will have a pretty good understanding of these skills, but may not necessarily hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms possible, bookkeeping involves the careful recording of daily transactions of any enterprise or business in Portsmouth. This can include;
- Documenting of all financial incomings; including card, cash and electronic payments.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Monthly reporting and reconciliations.
- Recording the receipt of invoices and ensuring payment is completed on time.
- Payroll services.
- Billing of clients for goods or work completed.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT submissions and recording.
Whilst it is dependent on the extent of the service you are interested in, if you are in a position to carry out most of bookkeeping work yourself, a bookkeeper might just be needed to double check your accounts periodically. To allow for any mistakes or problems to be discovered and corrected quickly, this ought to be each month at the bare minimum. This might be an extremely cost-effective trade-off, so long as you are able to stay on top of your financial transactions without impacting on your day by day trading activities.
If you're currently looking at hiring a bookkeeping service in Portsmouth, whatever your circumstances are, it's a good bet that you may be stressed with your tax and financial procedures. A good bookkeeping service will help you with everything from producing expense reports, invoicing and stocktaking, to linking the latest software with your business accounts to seamlessly of all your financial data.
The ability to reconcile cash flow with accounts payable, is an especially important element of good bookkeeping. This means that by arranging the payment of bills to times when your finances are buoyant and in good order, your bookkeeper will avoid the mistake that many small businesses in Portsmouth are guilty of doing i.e. paying an outstanding bill straight away, or waiting for an overdue notice. Together with keeping your business or enterprise on a secure financial footing, this also keeps you in good stead with your service providers and suppliers. This is one of those juggling acts that can be difficult to perform when you are focussed on the streamlined running of your day to day business operation.
If you are a sole trader, or run a small business, employing a competent bookkeeper in Portsmouth, also gives them the chance to cast an unrelated eye over the financial dealings of your business. It is quite possible that an independent appraisal such as this will highlight business patterns and trends that have been missed previously. A bookkeeper identifying a new opportunity or flagging up an area where profits are decreasing, is not at all unheard of. Spotting these key performance indicators is important for the future growth of any enterprise in Portsmouth.
It can sometimes be quite uncomfortable to chase up a late payment if your company gives out invoices. Some of that embarrassment can be removed by having an individual outside your normal business bubble make that phone call or visit to your client. To help take care of the matter, if you're troubled with a persistent late payer, there are legal techniques that can be employed by a professional bookkeeper, so court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are fairly uncomplicated and easily understandable. A sole trader is expected to monitor expenditure and income from month to month and retain all receipts and invoices. It's still recommended that you retain the services of a bookkeeper, even if this might sound simple enough. A specialised sole trader bookkeeper in Portsmouth will be able to advise you on what you may be able to claim back from HMRC as business expenses. This could include advertising expenses, items such as computers, stationery, bills and rent if working from home and consumables. If you'd like to get more comprehensive advice, and see how your small business can grow and develop in the future, talk to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialistare needed now and again for specific niches in bookkeeping. If online payment procedures, exchange rate transfers, multi-currency processing and cross-border and international taxes are involved, for instance if you manage a store online, you will need to hire a bookkeeper in Portsmouth who's familiar with these operations. If you hold or produce the merchandise that you sell on that shop, then it's going to be a vital concern for your bookkeeping services and software to manage your your stock on a 24 hours a day basis, because the internet never sleeps.
A remote virtual office can also be provided in combination with bookkeeping services. This can be handy in allowing an online only business or sole trader to have a postal address and telephone service to offer a physical link with their customer base. If this sort of service could be useful, it's certainly worth discussing, although this solution will not be provided by all Portsmouth bookkeeping businesses.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Portsmouth bookkeeper need not hold a degree and many this sector's qualifications are at Diploma and Certificate level. Bookkeeping qualifications can be obtained through further education universities and colleges but there is also an ever-increasing selection of courses offered online.
Certification and training for bookkeepers is mostly provided by two organisations:
The Institute of Certified Bookkeepers or ICB: The largest bookkeeping organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, in addition to reference material and training to ensure their members are current with the latest trends.
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a fully trained member of the Association of Accounting Technicians (AAT) will have completed advanced qualifications and training in bookkeeping. They're then permitted to become certified AAT bookkeepers, which promises their clients a decent level of service which is backed up by the organisation. To safeguard the values and integrity of AAT membership, a bookkeeper who is associated with the AAT can be liable to tribunal and disciplinary procedures if it is found that they have breached the code of conduct or had a complaint made against them.
By going to their websites, you can inspect the register of AAT or ICB members, to find the accreditations of any professional Portsmouth bookkeeper. It is generally a good idea to perform this check, before hiring any local bookkeeper in Portsmouth.
Bookkeeping services are available for people living in in Portsmouth and also in nearby places like: Purbrook, Havant, Alverstoke, Southsea, Drayton, Fratton, Eastney, Porchester, Copnor, Widley, Hilsea, Hayling Island, Cosham, Milton, Emsworth, Fareham, Gosport, Lee on the Solent, as well as in these postcodes PO1 2DJ, PO1 2BZ, PO1 1NT, PO1 1QG, PO1 1SD, PO1 1QJ, PO1 1BE, PO1 2DH, PO1 1EX, PO1 1PR. Local Portsmouth bookkeeper services will most likely have the phone code 023 and the postcode PO1. Verifying this should confirm that you are accessing locally based bookkeepers. Portsmouth sole traders and business owners will be able to benefit from these and many other related services.
Bookkeeping Portsmouth - Outsourcing Options
All businesses in Portsmouth should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, their payables/receivables, the money left in their bank account, and so on. 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 a bookkeeping company or freelance bookkeepers in Portsmouth.
If a company in Portsmouth hires a bookkeeper in order to become an employee, 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 after the training is completed. 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 professional bookkeepers and bookkeeping companies in Portsmouth.
The business owner in Portsmouth can look for the following options with the bookkeeping company that offer outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very much important to get quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Portsmouth should have a well protected system that can be relied on and trusted.
Portsmouth Bookkeeper Tasks
Most Portsmouth bookkeepers will be able to provide you with the following services: tax returns, professional bookkeeping services, corporation tax returns Portsmouth, independent bookkeeping services in Portsmouth, bookkeeping services for clubs, bookkeeping and accounting, Sage bookkeeping in Portsmouth, bookkeeping for organisations, cash flow analysis Portsmouth, off-site bookkeeping, Quickbook bookkeeping, management reports, bank reconciliations, payment services Portsmouth, small business bookkeeping, bookkeeping for charities in Portsmouth, bookkeeping services for freelancers, letting agent bookkeeping Portsmouth, bookkeeping services, bookkeeping services for pubs, profit & loss reports, Kashflow bookkeeping services, Xero bookkeeping services, mobile bookkeeping services Portsmouth, Self-Assessment tax returns, VAT returns, double-entry bookkeeping, bookkeeping and accounting services in Portsmouth, bookkeeping for payroll, invoice processing Portsmouth, and more. Listed are just some of the tasks that are conducted by local bookkeepers. Portsmouth providers will be happy to tell you about their entire range of services. If there happen to be some other Portsmouth bookkeeper requirements that you need but don't see here, you can mention them on the QUOTE FORM provided. We will get back to you with details just as soon as we can.
Hampshire Bookkeeping Enquiries
Current Hampshire bookkeeping enquiries: Kendrick Steward in Stoke, Hampshire was looking for a bookkeeper for his woodworking business. Yasir Sharkey from Selborne was asking about bookkeeping for his bar. Aleksander Phillips in Headley Down was interested in bookkeeping services for his soccer club. Jannat Milligan from Sherfield on Loddon, Hampshire was asking about a bookkeeper for her garment company. Buster Caddy was in need of a bookkeeper for his franchise business close to Fair Oak. Zak Kelsey from Shedfield, Hampshire was trying to find bookkeeping for his online business. Issac Bowen from Whitehill was asking about bookkeeping services for his book club. Zachariah Wale from Ashford Hill, Hampshire was searching for bookkeeping for his building company. These local clients did a search for "Bookkeepers Hampshire" and located this page on either Bing, Google or Yahoo.
Portsmouth Bookkeeper Questions
In recent weeks I've been examining the most commonplace questions folks in Portsmouth ask in regard to bookkeepers. A number of our web visitors emailed some important questions that may be worthy of a mention here. Those which I chose were, Can you do bookkeeping on excel? Does a bookkeeper need to be registered? How much do bookkeepers charge? Why choose a bookkeeper in Portsmouth? What are the benefits of a bookkeeping services? What are a bookkeeper's duties? What is the difference between a bookkeeper and an accountant? Where can a bookkeeper work? What qualifactions are needed to be a bookkeeper? Hopefully the majority of these enquiries have been addressed in the preceding paragraphs, and if that is not the case a bookkeeping "Questions and Answers" feature is at present being introduced. Our thanks go out to the following people for taking the trouble to raise these questions; Rhys Turner, Danny Armstrong, Kasper Burke and Brooklynn Howe. Queries were also sent in by Sophie Hogg in Fareham, Nicolas Sadler in Gosport and Lily Foley in Milton.
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Bookkeepers Near Portsmouth
Also here.: Hayling Island bookkeepers, Alverstoke bookkeepers, Drayton bookkeepers, Havant bookkeepers, Emsworth bookkeepers, Hilsea bookkeepers, Fareham bookkeepers, Fratton bookkeepers, Milton bookkeepers, Lee on the Solent bookkeepers, Gosport bookkeepers, Eastney bookkeepers, Purbrook bookkeepers, Cosham bookkeepers, Southsea bookkeepers, Copnor bookkeepers, Widley bookkeepers, Porchester and more. All of these areas are served by local bookeepers. Portsmouth businesses can get rates for bookkeeping services by going
- Portsmouth Cash Flow Analysis
- Portsmouth Bookkeeping Services
- Portsmouth Small Business Bookkeeping
- Portsmouth Invoice Processing
- Portsmouth Bookkeeping Quotes
- Portsmouth Credit Control
- Portsmouth Wages and PAYE
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- Portsmouth Tax Preparation
- Portsmouth Tax Returns
- Portsmouth VAT Returns
- Portsmouth Payroll Services
- Portsmouth Profit and Loss Analysis
- Portsmouth Self-Assessment Bookkeeping
Bookkeepers Around Portsmouth: People who live in the following Portsmouth streets and areas have just recently enquired about bookkeeping services - Stubbington Avenue, Court Mead, Derby Road, Credenhill Road, Augustine Road, Beck Street, Buckby Lane, Court Lane, Dean Street, Shelley Avenue, Breech Close, Blossom Square, St James's Street, Dundas Lane, Dovercourt Road, Canal Walk, Armory Lane, Southampton Road, Anglesea Road, Coltsmead, Algiers Road, Cobden Avenue, Clarkes Road, Somerville Place, St Andrews Road, Burnaby Road, Stroudley Avenue, Cygnet Road, Albert Road, as well as these Portsmouth area postcodes: PO1 2DJ, PO1 2BZ, PO1 1NT, PO1 1QG, PO1 1SD, PO1 1QJ, PO1 1BE, PO1 2DH, PO1 1EX, PO1 1PR.
For local Portsmouth info look here
More Hampshire Bookkeepers: More Hedge End, Aldershot, Totton, Fareham, Fleet, Horndean, Southsea, Emsworth, Eastleigh, Hythe, Basingstoke, Alton, Yateley, Stubbington, Waterlooville, Gosport, Andover, Winchester, Havant, Portsmouth, Southampton, Farnborough and New Milton.:
Portsmouth Bookkeeping Jobs: Browse bookkeeping jobs near Portsmouth here: Portsmouth Bookkeeping Jobs
Bookkeepers in PO1 area, telephone code 023.
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