Bookkeepers Poulton Lancashire (FY6): Irrespective of whether you operate a small business, are a sole trader or run an online store in Poulton, you're entirely responsible for keeping accurate, "true and fair" accounting and financial records for at least 6 years to comply with the Companies Act. Failure to produce these records might leave you faced with Company Director disqualification, together with a fine of thousands of pounds. It's often more cost-effective to use a professional accountant or bookkeeper to do this for you, because according to Accounting Today over forty percent of small businesses spend eighty hours plus every year on their bookkeeping activities, which is a considerable investment of time, and could be more effectively spent on your key business activities.
The time has come to get in touch with a bookkeeper in Poulton for advice, if the very thought of writing ledgers, creating profit, loss and financial statements, tracking assets and liabilities or producing balance sheets fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
The first question that many small business owners ask is "What exactly is the difference between a bookkeeper and an accountant?" The truth is that while in past times a lot of accountants considered the task of bookkeeping to be beneath their qualifications, experience and skill-sets, many accountancy companies in Poulton will now take on bookkeeping, because of improvements in software over the past 10 years. For many accounting firms it's now fairly common to charge a fixed rate for bookkeeping services, so that they're in keeping with the normal charges of an independent bookkeeper in Poulton. This makes the cost of bookkeeping cheaper than it was previously, and is fantastic news for business owners in Poulton since it gives a broader range of competition within the marketplace.
When thinking about the biggest difference between a bookkeeper and an accountant in Poulton, it's the level of training and qualification that is necessary for each discipline. At least a degree in accounting with specialist training in the field of taxation and other financial and business management, will normally be held by an accountant. A bookkeeper in Poulton might not hold the qualifications or levels of experience and training, but will still have a really good understanding of these fiscal disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN POULTON
To explain in the simplest of forms, bookkeeping involves the careful recording of daily transactions (financial) of any business enterprise in Poulton. This may include;
- VAT submissions and recording.
- Monthly reports and reconciliation.
- Recording of all financial incomings; including card, electronic and cash payments.
- Recording invoices received and ensuring that payment is completed by the due date.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- The billing of clients for work completed or goods.
- Highlighting any discrepancies in the financial accounts and rectifying them.
Subject to service level you require, a bookkeeper might only be needed to double check your records every so often, if you are willing to do the majority of bookkeeping work yourself. To enable any problems or mistakes to be identified and amended quickly, this should really be done monthly at the bare minimum. If you are confident of remaining up-to-date with your everyday financial transactions and trading activities, this trade-off can often be the most cost effective.
Whatever your current situation is, if you're thinking of hiring a bookkeeping company it's fairly likely that you may be getting stressed about the financial recording aspects of your small business in Poulton. A decent bookkeeping service will be able to assist you in linking the latest software application with your accounts to enable the seamless processing of financial data, and will give advice on procedures like generating expense reports, invoicing and stocktaking.
The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of good bookkeeping. Which means that instead of waiting on a final notice, which many small businesses are guilty of doing, or paying off a bill right away, your bookkeeper will schedule the payment of bills to times when your finances are buoyant and in good order. This doesn't just keep you in good stead with suppliers and those who supply you with services, but also ensures that your business is financially sound. When you are inevitably focussed on the smooth running of your business, this is a balancing act that can be hard to perform as an individual.
Having someone who's unconnected to the business cast an eye over your financial affairs, is another added advantage of using a qualified bookkeeper in Poulton if you are a sole trader, or for your small business. It could be that business trends and patterns that might have gone unnoticed could thus be brought to the fore. It isn't uncommon for a bookkeeper to recognise an opportunity or flag an area of the business where profits are falling. For the success of any small business in Poulton, it is vital that such KPI's (key performance indicators) are spotted as early as possible.
If invoices are sent out by your business it can often be humiliating to pursue a late payment. By having someone outside your business situation visit your client or make that telephone call, some of that awkwardness can be removed. To help with resolving the issue, if you have a consistent late payer, there are legal procedures that can be used by a bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are relatively straightforward and basic. It is stated that a sole trader should track expenditure and income on a monthly basis and save all invoices and receipts. Now, this doesn't seem that hard does it? But, it is still a good idea to retain the services of a competent bookkeeper to make sure that it's all done correctly. A specialist sole trader bookkeeper in Poulton can advise you on what you may be able to claim back from HMRC as business expenses. This might include bills and rent if working from home, advertising expenses, printer ink, items such as computers and stationery goods. If you would like to get more detailed advice, and see how your small business can develop and grow going forward, talk to your bookkeeper.
ONLINE TRADERS
There are some niche businesses where a specialist bookkeeper might be essential. If international and cross-border taxes, online payments, multi-currency processing and exchange rate transfers are involved, for instance if you manage a store online, you'll need to hire a bookkeeper in Poulton who understands these operations. Given that the internet does not sleep, if the same outlet sells goods that you hold or produce then supervising stock on a 24 hours a day basis is a vital concern which will have to be addressed.
It is also possible to provide a virtual office, which can be utilised in conjunction with your bookkeeping service. Providing a physical link with their buyers, this enables an online only business or sole trader to have a postal address and phone service. If this kind of service could be useful, it is definitely worth discussing, although this solution will not be offered by all Poulton bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Poulton bookkeeper does not need to hold a degree and a good many qualifications in this field are at Diploma and Certificate level. Qualifications can be gained through further education colleges and universities but there's also an ever-growing array of online courses available.
There are essentially two primary organisations that offer training and certification to bookkeepers:
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation in the world is the the Institute of Certified Bookkeepers (ICB), and it supplies accreditation to certified bookkeepers, together with training and reference material to keep their members current with the latest trends and developments.
The Association of Accounting Technicians or AAT: The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications enabling a fully certified member to use the letters AATQB after their name. They are then allowed to become accredited AAT bookkeepers, which promises their customers a certain standard of service which is backed by the association. To safeguard the integrity and values of the AAT membership, if a bookkeeper who is affiliated with the AAT has a complaint against them or is found to have contravened the code of conduct they may be subject to disciplinary and tribunal processes.
The qualifications of any professional Poulton bookkeeper can be verified on the register of AAT or ICB members on their respective websites. It is wise to carry out this check, before you use any local bookkeeper in Poulton.
Tax Returns
Self-employed people or those with small businesses in the United Kingdom may be required to file a self-assessment tax return. This can be a challenging task, especially if you are not acquainted with the process. A bookkeeper can help you to prepare your tax return accurately and on time, as well as keeping your records in order.
Many benefits can be gained by employing a bookkeeper to complete your tax returns. With their expertise and experience, they will ensure that your return is completed correctly. This will help you to avoid penalties from HMRC, as well as interest charges. Secondly, bookkeepers can save you time and hassle. All of the calculations and paperwork will be taken care of by them, so you can focus on your business. Thirdly, valuable advice on tax planning can be provided by bookkeepers in Poulton. This can help you to maximise your earnings and minimise your tax bill. (70193)
Poulton Bookkeeper Tasks
Most Poulton bookkeepers will be prepared to offer you the following bookkeeping and accounting services: Sage bookkeeping, financial statement preparation, professional bookkeeping services, mobile bookkeeping services in Poulton, bookkeeping for restaurants, bookkeeping for freelancers, bookkeeping for clubs in Poulton, bookkeeping for limited companies, letting agent bookkeeping Poulton, accountancy packages, bookkeeping services, cash books, profit & loss reports, bookkeeping for small businesses, bookkeeping for organisations in Poulton, Kashflow bookkeeping, tax preparation, bookkeeping for retail outlets, payroll bookkeeping, cheap bookkeeping services, maintaining fixed asset registers, Xero bookkeeping services in Poulton, bookkeeping for pubs in Poulton, off-site bookkeeping services, cash flow analysis, management accounts, accounting and bookkeeping, general bookkeeping services in Poulton, bookkeeping services for shops Poulton, charity bookkeeping Poulton, and more. Listed are just a handful of the duties that are undertaken by local bookkeepers. Poulton companies will be happy to inform you of their full range of bookkeeping services. If there are other Poulton bookkeeper requirements that you need but cannot see here, you can mention them on the QUOTE FORM provided. We'll get back to you with specifics as soon as we can.
Bookkeepers Near Poulton
Also find: Elswick bookkeepers, Knott End-on-Sea bookkeepers, Staining bookkeepers, Hambleton bookkeepers, Weeton bookkeepers, Greenhaigh bookkeepers, Singleton bookkeepers, Thornton bookkeepers, Out Rawcliffe bookkeepers and more. Bookkeeping services are provided to all these villages and towns by local professionals. As a result of this accessibility, the financial support essential for effective account management is readily available to both individuals and businesses. Residents and businesses in these localities can get price quotes for bookkeeping tasks by going here.
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