Bookkeepers Reigate Surrey (RH2): For any person in Reigate who owns a small business, acts as a sole trader or runs an online store, it's their sole responsibility to keep accurate, "true and fair" accounting and financial records for a minimum of 6 yrs. This is in accordance with the 2006 Companies Act. You could face a hefty fine, and possibly disqualification as a Company Director, if you're unable to produce such records. You could undertake these financial recordings yourself, yet when you consider that according to Accounting Today magazine over forty percent of small business owners spend eighty hours plus annually on their accounts, it can be more economical to use a professional .
If you're overcome with a sense of dread simply thinking about preparing profit, loss and fiscal reports, writing out ledgers, tracking liabilities and assets or producing balance sheets, then the time to contactin Reigate for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between a bookkeeper and an accountant?" Is a question that is asked by many small business owners in Reigate. The fact is, due to significant software improvements over the past 10 yrs many accountancy companies in Reigate will take on bookkeeping, which was previously considered beneath their qualifications, experience and skill-sets. It is now common practice for accounting firms to charge a fixed fee for bookkeeping services in keeping with a dedicated. Business owners are now cashing in on this, because it generates a wider variety of competition within the industry and can mean that the cost of bookkeeping is way more manageable than it would previously have been.
When looking at the biggest difference between an accountant and a bookkeeper, it's the level of qualification and training that is required for each discipline. At least an accounting degree with further training in the field of taxation and other fiscal and business management, will typically be held by an. While having an understanding of these fiscal skills, a bookkeeper in Reigate might not necessarily have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping put in the simplest of terms, is the recording of the day by day monetary transactions of any enterprise or business in Reigate. This will include, but is not limited to;
- VAT submissions and recording.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Billing of clients for work completed or goods.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reports and reconciliation.
- Recording invoices received and ensuring that payment is completed by the due date.
If you're prepared to perform the larger part of your bookkeeping work yourself; a professional bookkeeper might only be needed to double check your accounts on a fixed schedule. To allow for any problems or mistakes to be identified and rectified promptly, this ought to be monthly as a bare minimum. This might be an extremely cost-effective trade-off, providing that you're confident of remaining up-to-date with your monetary transactions without impacting on your day by day business activities.
If you are presently looking to hire a bookkeeper in Reigate, whatever your situation is, it's a good bet that you could be fretting over your tax and financial procedures. A professional bookkeeping company will be able to assist you in linking your accounts with the most up-to-date software program to enable the seamless processing of financial data, and will provide guidance and advice on stuff like invoicing, producing expense reports and stocktaking.
Being able to reconcile accounts payable with cash flow, is an especially crucial element of good bookkeeping. Which means that rather than waiting on an overdue notice, which many small businesses are guilty of, or paying off a bill straight away, your bookkeeper will organise bill payments to times when your finances are in good order. This doesn't just keep your business financially stable, but keeps you in good stead with suppliers and those who provide you with services. When, as an individual, you're mostly focussed on the smooth running of your business, this can be a balancing act that is tough to accomplish.
If you are a sole trader, or operate a small business, employing a competent bookkeeper in Reigate, also gives them the opportunity to cast an unbiased eye over the running of your business. It may be that business patterns and trends that might have otherwise gone unnoticed could thus be highlighted. It is by no means unusual for a smart bookkeeper to flag an area of the business which is falling in profits, or spot an opportunity that could be worth investigating. It's essential for powering growth in any business enterprise in Reigate, to spot such key performance indicators (KPI's).
It can sometimes be rather uncomfortable to chase up a late payment if your business sends out invoices. Having somebody from outside your normal business bubble, can take away the embarrassment of making that telephone call or visit to your clients. If you have problems with a repeating late payer there are legal techniques that a bookkeeper can use to help resolve the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively straightforward sole trader bookkeeping requirements, which are set out in law. This involves keeping all receipts and invoices relating to the business, and keeping track of income and expenditure on a month by month basis. Although this might at first sound easy, retaining the expertise of a bookkeeper is still advisable. A specialised sole trader bookkeeper in Reigate can advise you on what you're able to claim back from HMRC as bonafide business expenses. This might include advertising expenses, bills and rent if you work from home, printer ink, stationery and items such as laptops. If you'd like to get more detailed advice, and see how your small business can grow moving forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialisedare often needed for specific bookkeeping niches. If exchange rate transfers, multi-currency processing, cross-border and international taxes and online payment procedures are involved, for example if you manage a store online, you'll need a bookkeeper in Reigate who's familiar with these practices. If you produce or hold the merchandise that you sell on that store, then it is going to be a huge priority for your bookkeeping software or services to monitor your stock on a 24/7 basis, because of course, the internet does not sleep.
In conjunction with bookkeeping service, it is also possible to provide a remote virtual office. This allows an online only business or sole trader to have a telephone service and postal address to provide a physical connection to their clients. It is definitely worth talking about this possibility if it is needed, although not all Reigate bookkeepers will supply this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Certificate and Diploma level, and a certified Reigate bookkeeper does not need to hold a degree. Although there is an ever-growing selection of online bookkeeping courses available, qualifications can still be obtained via further education colleges and universities, if that is the preferred route.
There are 2 primary certification and training organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation on the planet is the the Institute of Certified Bookkeepers (ICB), and it provides accreditation to certified bookkeepers, together with reference material and training to keep their associated members current with the latest trends.
The AAT or 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 advanced qualifications and training in bookkeeping. They can then become certified AAT bookkeepers, backed up by this well-respected organisation, which promises a certain standard of service for their clients. AAT bookkeepers can can be subject to disciplinary and tribunal processes if a complaint is made against them or they are found to have contravened the code of conduct. This helps to preserve the credibility of the AAT membership.
The accreditations of any professional Reigate bookkeeper can be checked on the register of AAT or ICB members on their respective websites. Prior to using the services of any bookkeeping company in Reigate, it is clearly a good idea to carry out these checks.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial wellbeing is cash flow analysis. The responsibility of undertaking cash flow analysis for businesses lies with bookkeepers. To do this, it is necessary to track the inflow and outflow of cash for the business over a set time frame, generally monthly or quarterly. Through this, a bookkeeper can aid the business proprietor in grasping their present financial state, spotting anyconcerns, and preparing for the future.
The creation of a clear picture of a company's financial health involves categorizing and reconciling all cash transactions, such as investments, sales and expenses, by the bookkeeper in the analysis. Part of the analysis also involves predicting the business's cash flow for the upcoming months or years, allowing the business to make informed decisions and avoid potential cash flow problems.
Moreover, a thorough cash flow analysis can aid businesses in securing financing by providing lenders with insight into the company's financial health and repayment capabilities. For businesses that want to manage their finances effectively, an accurate and thoroughis essential.
What Are the Main Advantages of Using a Bookkeeper in Reigate Rather Than an Accountant?
There are several benefits to using a bookkeeper as opposed to an accountant, including:
- Time Savings: By choosing to outsource their bookkeeping tasks, businesses can save a bit of time and focus on other aspects of their business, such as marketing and sales.
- Cost: Bookkeeping services are generally less expensive than accounting services. This makes them a cost-effective choice for startups and small businesses.
- Availability: Bookkeepers are normally more accessible and ready to answer questions and provide support in comparison to an accountant, who might only be reachable during certain times of the year.
- Expertise: Bookkeepers sometimes have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more effective and efficient in such tasks.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereas accountants whose approach may be more general.
It's vital to note that althoughoffer valuable support, they may not have the same level of qualifications or expertise as an in areas such tax preparation or financial planning. In cases like this, seeking the services of an accountant might be necessary.
Bookkeepers Near Reigate
Also: Salfords bookkeepers, Beare Green bookkeepers, South Park bookkeepers, Mickleham bookkeepers, The Acres bookkeepers, Hooley bookkeepers, Sidlow bookkeepers, South Nutfield bookkeepers, Buckland bookkeepers, Irons Bottom bookkeepers, Betchworth bookkeepers, Wrays bookkeepers and more.
Reigate Bookkeeper Tasks
Most Reigate bookkeepers will be able to provide you with the following services: QUOTE FORM provided. We'll be in touch with information as soon as we are able., maintaining fixed asset registers in Reigate, letting agent bookkeeping, management reports, bookkeeping services for societies in Reigate, off-site bookkeeping Reigate, bookkeeping services for pubs, bookkeeping for retail outlets, , Sage bookkeeping services, mobile bookkeeping services, bookkeeping services for tradesmen, bookkeeping services for limited companies, , wages & PAYE, , profit & loss reports in Reigate, VAT returns, in Reigate, payment services, , bookkeeping services for small businesses in Reigate, bookkeeping for charities, Kashflow bookkeeping, bookkeeping for freelancers, bookkeeping services for startups, bookkeeping services for self-employed Reigate, Xero bookkeeping, business bookkeeping, bookkeeping services for clubs, and more. Listed are just a few of the duties that are conducted by local bookkeepers. Reigate professionals will be delighted to keep you abreast of their entire range of bookkeeping services. If there are additional Reigate bookkeeper requirements that you need but can't see here, you can list them on the
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