Bookkeepers Rawtenstall Lancashire (BB4): In accordance with the Companies Act (2006), if you are a sole trader, operate an online store or run a small business in Rawtenstall, you are responsible for keeping "true and fair", accurate accounting and financial records for at least 6 yrs. Failing to produce such detailed records may leave you faced with a fine of thousands of pounds and potential disqualification as a Company Director. It can pay you to use a professional accountant or bookkeeper to do this for you, since according to the trade magazine Accounting Today over forty percent of small business owners spend 80 plus hours each year doing their accounts, which is a significant investment of time, and might be more efficiently spent on your core business activities.
If just the thought of tracking assets and liabilities, filling out ledgers, producing balance sheets or creating profit, loss and fiscal reports fills you with a sense of dread, then it is high time to get in touch with a bookkeeper in Rawtenstall for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most small business owners ask is "Exactly what is the difference between a bookkeeper and an accountant?" To be honest, due to substantial improvements in software over the past decade or so many accountancy firms in Rawtenstall will consider taking on the task of bookkeeping, which at one time was looked at as beneath their skill-sets, qualifications and experience. It's now fairly common for accountancy firms to charge a set fee for bookkeeping services as per a typical bookkeeper's fee. As it generates a broader range of competition within the marketplace, this is great news for small business owners in Rawtenstall, making their bookkeeping costs far more manageable than they previously were.
The standard of training and qualification required is the big difference between an accountant and a bookkeeper. Generally holding an accounting degree, a professional accountant will also have had further training in tax essentials and have qualifications in fiscal and business management. Whilst having an understanding of such skills, a bookkeeper in Rawtenstall may not necessarily have the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily transactions (financial) of any business or enterprise in Rawtenstall, describes the act of bookkeeping in the simplest of terms. This could include, but is not limited to;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- Ensuring double-entry bookkeeping and accounting practices are followed.
- Recording the receipt of invoices and making certain payment is completed by the due date.
- VAT recording and submissions.
- The billing of customers for goods or work completed.
- Logging of all financial incomings; cash, electronic and card payments included.
- Monthly reports and reconciliation.
Based on service level you require, a bookkeeper might only be needed to periodically double-check your figures, if you are able to undertake the vast majority of the bookkeeping work yourself. At the bare minimum this should really be done monthly, to enable the swift identification and rectifying of any mistakes or problems. This trade-off can often be the most cost-effective option if you're able to stay on top of your everyday trading and financial transactions.
It is fairly likely that if you are looking at hiring a bookkeeper in Rawtenstall, you are currently stressed with the financial recording side of your small business. To enable the seamless organisation of transactional data, a good bookkeeping company will help you link the most up-to-date software program to your business accounts, and will offer advice on procedures like producing expense reports, invoicing and stocktaking.
The ability to reconcile cash flow with accounts payable, is an extremely crucial aspect of good bookkeeping. This means that your bookkeeper will optimise the payment of bills to a time when your finances are buoyant, instead of paying a bill immediately, or waiting for an overdue notice, which most small businesses are guilty of doing. This isn't merely to ensure your enterprise or business is on a secure financial footing at all times, but also to keep you in the good books of those people who supply you with services or materials. When, as an individual, you're purely focussed on running your everyday business activities, this can be a balancing act that is challenging to accomplish.
Having someone who is not associated with the business cast an eye over your financial dealings, is another benefit of employing a certified bookkeeper in Rawtenstall if you are a sole trader, or for your small business. It is entirely possible that a dispassionate evaluation such as this will highlight business patterns and trends that have previously been missed. It isn't uncommon for a bookkeeper to spot a new opportunity or flag up an area of the business which is plummeting in profits. Spotting these key performance indicators is important for driving the growth of any enterprise in Rawtenstall.
Pursuing late payments can be a fairly uncomfortable scenario for you, if you give out invoices in your business operations. Some of that awkwardness can be taken away by having somebody outside your business situation visit your customers or make that phone call. A professional bookkeeper can make use of legal techniques to handle a consistent late or non-payer, and without having to resort to claims court proceedings, help to clear up the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are comparatively straightforward and easily understandable. This involves saving all invoices and receipts concerning the business, and keeping a record of income and expenditure on a monthly basis. Even though this may initially sound quite simple, hiring the expert services of a competent bookkeeper is still recommended. So that you'll be able to claim back any valid business expenses from HMRC, a dedicated sole trader bookkeeper in Rawtenstall will be able to give you advice on what needs to be done. This might include advertising expenses, bills and rent if working from home, printer ink, stationery and items such as computers. To see how they can help your business to grow, chat to your bookkeeper for more comprehensive guidance and advice.
There are niches in bookkeeping where the skills of a specialist might be necessary. If cross-border and international taxes, exchange rate transfers, multi-currency processing and online payment procedures are involved, for example if you operate an online store, you will want to hire a bookkeeper in Rawtenstall who's familiar with these practices. Supervising your inventory on a 24 hours a day basis is also a huge priority, if that same store sells goods that you hold or produce, as I'm sure you will appreciate the internet does not sleep, so neither should your bookkeeping software or services.
A virtual office can also be supplied in conjunction with your bookkeeping services. This is useful in enabling an online only business or sole trader to have a phone service and postal address to offer a physical connection to their client base. If this type of service could be helpful, it is definitely worth discussing, although this option will not be provided by all Rawtenstall bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping qualifications are at Certificate or Diploma level, and it is not necessary for a professional Rawtenstall bookkeeper to have an accounting degree. There are a growing number of online courses available, although bookkeeping qualifications can still be obtained via further education universities and colleges.
There are two main training and certification organisations representing bookkeepers:
The AAT or Association of Accounting Technicians: Providing advanced qualifications and a training schedule, the AAT or Association of Accounting Technicians, enables fully trained bookkeepers to use the letters AATQB. They then become certified AAT bookkeepers, approved by this reputable association, which assures a certain standard of service for their clients. To safeguard the values and integrity of AAT membership, if a bookkeeper who is a member of the AAT is found to have violated the code of conduct or has a complaint against them, they may be liable to disciplinary and tribunal procedures.
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it provides accreditation to qualified bookkeepers, along with training and reference material to keep their associated members current with the latest trends and innovations.
You can check the accreditations of any professional Rawtenstall bookkeeper on the register of AAT or ICB members on their websites. Performing such checks is usually advisable before you actually employ any professional bookkeeper in Rawtenstall.
Bookkeeping services are available for people living in in Rawtenstall and also nearby in: Cowpe, Waterfoot, Newchurch, Townsend Fold, New Hall Hey, Haslingden, Rossendale, Baxenden, Lumb, Reedsholme, Lane Side, Cloughfold, Crawshawbooth, Edenfield, Bent Gate, Bacup, Flax Moss, as well as in these postcodes BB4 6ND, BB4 6RR, BB4 8SH, BB4 6JH, BB4 6RT, BB4 6RG, BB4 6RZ, BB4 8SU, BB4 8SG, BB4 6QG. Local Rawtenstall bookkeeper services will most likely have the postcode BB4 and the dialling code 01706. Verifying this will make sure that you access locally based bookkeepers. Rawtenstall sole traders and business owners will be able to utilise these and various other bookkeeping related services.
Rawtenstall Bookkeeper Tasks
Most bookkeepers in Rawtenstall will be ready to provide you with the following bookkeeping services: Xero bookkeeping services, mobile bookkeeping services Rawtenstall, bookkeeping services for societies, bookkeeping estimates, profit & loss reports, bank reconciliation, VAT returns in Rawtenstall, bookkeeping services for limited companies, independent bookkeeping services, management reports, bookkeeping services for sole traders Rawtenstall, bookkeeping services for charities, bookkeeping for home-based businesses, bookkeeping for tradesmen Rawtenstall, bookkeeping services for shops, bookkeeping services for clubs, bookkeeping for startups Rawtenstall, bookkeeping for organisations, bookkeeping for restaurants, landlord bookkeeping Rawtenstall, Self-Assessment tax returns in Rawtenstall, cash flow analysis, tax preparation, double-entry bookkeeping Rawtenstall, accounting and bookkeeping Rawtenstall, payment services, Sage bookkeeping services, tax returns Rawtenstall, and more. These are just a few of the duties that are conducted by local bookkeepers. Rawtenstall companies will be delighted to keep you abreast of their whole range of services. If there are some other Rawtenstall bookkeeper requirements that you want but don't see here, you can easily list them on the QUOTE FORM provided. We'll be in touch with details as soon as we are able.
Lancashire Bookkeeping Enquiries
Recently posted Lancashire bookkeeping enquiries: Ines Maloney in Whitworth was searching for a bookkeeper to do her Self-Assessment tax returns. Eliot Cairns from Trawden, Lancashire was hunting for bookkeeping for his online business. Lennie Connolly from Kelbrook was asking about bookkeeping services for his sports clothing shop. Yusuf Calvert in Fence, Lancashire was enquiring about bookkeeping services for his reading club. Antonio Whitfield in Inskip was searching for bookkeeping for his pub. Katy Hadfield from Eccleston was searching for bookkeeping services for her wedding planning business. Honey Fitzpatrick was looking for a bookkeeper for her letting agency located in Burscough, Lancashire. Rylee Cameron from Silverdale was asking about a bookkeeper for his football club. All of these people did a search for "Bookkeepers Lancashire" and found this website on Google, Yahoo or Bing.
Bookkeepers Near Rawtenstall
Also here.: Baxenden bookkeepers, Bacup bookkeepers, Crawshawbooth bookkeepers, Lane Side bookkeepers, Lumb bookkeepers, Edenfield bookkeepers, Cloughfold bookkeepers, Reedsholme bookkeepers, Waterfoot bookkeepers, Newchurch bookkeepers, New Hall Hey bookkeepers, Haslingden bookkeepers, Rossendale bookkeepers, Townsend Fold bookkeepers, Bent Gate bookkeepers, Flax Moss bookkeepers, Cowpe and more. Most of these areas are served by local bookeepers. Rawtenstall residents can get prices for bookkeeping services by going
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Bookkeepers Around Rawtenstall: People who live in these nearby Rawtenstall areas and streets have recently inquired about bookkeeping services - East Street, Bacup Road, Greengate Close, Goodshaw Fold Close, Greenfield Street, Elm Street, College Lane, Union Street, Whittle Street, Cedar Avenue, Crabtree Buildings, Lord Street, Heys Street, Prospect View, Hollin Way, Bank Street, Bocholt Way, Hollinview Close, Nuttall Street, Ash Grove, Prospect Hill, Tor View, Osborne Terrace, Hollinwood Drive, as well as the following Rawtenstall area postcodes: BB4 6ND, BB4 6RR, BB4 8SH, BB4 6JH, BB4 6RT, BB4 6RG, BB4 6RZ, BB4 8SU, BB4 8SG, BB4 6QG.
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More Lancashire Bookkeepers: More Chorley, Lytham St Annes, Bacup, Accrington, Preston, Colne, Fulwood, Morecambe, Haslingden, Lancaster, Fleetwood, Penwortham, Skelmersdale, Nelson, Ormskirk, Burnley, Heysham, Blackpool, Blackburn, Darwen, Leyland, Rawtenstall, Clitheroe and Poulton.:
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Bookkeepers in BB4 area, 01706.
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