Bookkeepers Richmond upon Thames Greater London (KT2): You're entirely responsible for keeping "true and fair", accurate accounting and financial records for at least six years, if you are a sole trader, own a small business or operate an online store in Richmond upon Thames, in accordance with the Companies Act (2006). If you are unable to produce this information, you may face disqualification as a Company Director and receive a fine of thousands of pounds. According to Accounting Today over forty percent of small businesses spend 80 plus hours every year on their bookkeeping, so while you can undertake these financial recordings yourself, it can pay to use a professional accountant or bookkeeping company to do them instead.
The time has come to get in touch within Richmond upon Thames for guidance and advice, if you're filled with panic simply thinking about filling out ledgers, compiling balance sheets, preparing profit, loss and fiscal reports or tracking liabilities and assets.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between a bookkeeper and an accountant?" Is a question that is asked by a lot of business owners in Richmond upon Thames. The reality is that while at one time the bookkeeping process, was regarded as beneath the skill set, qualifications and experience of an accountant, because of huge software improvements over the past decade or so, a lot of accountancy companies in the Richmond upon Thames area will now take on bookkeeping. To keep their bookkeeping services consistent with a typical, it's now common practice for accounting companies to charge a flat rate for these services. This means that the cost of bookkeeping is much more affordable than it was previously, and is great news for small business owners in Richmond upon Thames since it offers a broader range of competition within this sector.
The standard of qualification and training required is the big difference between a bookkeeper and an accountant. At least a degree in accounting with additional training in the field of taxes and other fiscal and business management, will typically be held by an. While having a fair grasp of these fiscal disciplines, a bookkeeper in Richmond upon Thames may not necessarily have the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the recording of day to day transactions of any business or enterprise in Richmond upon Thames. This can include, but is not limited to;
- Billing of customers for work completed or goods.
- Logging the receipt of invoices and ensuring payment is completed promptly.
- VAT submissions and recording.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- Logging of all financial incomings; card, electronic and cash payments included.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reporting and reconciliations.
If you are happy to carry out the larger part of your bookkeeping work yourself; a bookkeeper may only be needed to double check your records every once in a while. This really needs to be done every month as a bare minimum, since this allows for any mistakes or problems to be discovered and rectified swiftly. If you're confident of remaining up-to-date with your day to day financial transactions and trading activities, this compromise can sometimes be the most economical solution.
Whatever the scenario is with your small business, if you are currently thinking of hiring a bookkeeper in Richmond upon Thames, it's a good bet that you might be fretting over the process of recording your financial data. A good bookkeeping company will be able to assist you in linking your accounts with the most up-to-date computer software to facilitate the seamless sorting of transactional data, and will provide assistance with things like invoicing, stocktaking and producing expense reports.
The efficient reconciliation of accounts payable with cash flow is one of the most vital elements of a good bookkeeping service. Which means that by optimising bill payments to times when your finances are in good shape, your bookkeeper will avoid the thing that most small businesses are guilty of i.e. paying an outstanding bill straight away, or waiting for an overdue notice. This is not merely to make certain that your business or enterprise is financially stable at all times, but also to keep you in the good books of those people who provide your materials or services. Regrettably, this is one of those juggling acts that can be hard to accomplish when you are mostly focussed on the smooth running of your daily business activities.
If you are a sole trader, or own a small business, using a professional bookkeeper in Richmond upon Thames, also gives them an opportunity to cast an expert eye over the operation of your business. Business trends and patterns that you might have overlooked could be highlighted by this type of independent appraisal. A bookkeeper identifying a brand new opportunity or flagging an area where profits are decreasing, is not at all unheard of. These key performance indicators (KPI's) are vital in driving growth for any business enterprise in Richmond upon Thames.
If you send out invoices in your business operations, needing to chase up late payments can be quite humiliating. If that telephone call or visit to your customers is made by a person from outside your normal business situation, it is possible for most of that awkwardness to be eliminated. There are legal techniques a bookkeeper can make use of, if you have problems with a persistent late or non-payer, and these can help to clear up the issue before the situation winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are comparatively straightforward and basic. It's stipulated that sole traders must track income and expenditure on a monthly basis and save all invoices and receipts. Now, this doesn't seem too hard does it? Yet, it's still good practice to retain the expertise of a bookkeeping company to make sure that it's all done correctly. A professional sole trader bookkeeper in Richmond upon Thames will be in a position to advise you on what you can claim back from HMRC as business expenses. This may include stationery goods, consumables, items such as computing equipment, advertising and bills and rent if you work from home. For more in-depth advice, chat to your bookkeeper, and learn how they may be able to help your small business to flourish and grow in the future.
BOOKKEEPING FOR ONLINE TRADERS IN RICHMOND UPON THAMES
Specialisedare occasionally required for specific niches in bookkeeping. You're going to require a bookkeeper in Richmond upon Thames who is familiar with international and cross-border taxes, online payment procedures, exchange rate transfers and multi-currency processing, if you operate an online store for example. Since the internet never sleeps, if the same store sells goods you hold or produce then supervising your inventory on a 24 hours a day basis is a huge priority which will have to be addressed.
In combination with bookkeeping services, a remote virtual office can also be provided. Providing a physical link with their customers, this enables an online only business or sole trader to have a phone service and postal address. If this sort of service is needed, it is certainly worth discussing, although this option will not be offered by all bookkeeping companies in Richmond upon Thames.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a professional Richmond upon Thames bookkeeper to hold a university degree, and a good number of the bookkeeping sector qualifications are held at Diploma and Certificate level. There are a growing choice of online bookkeeping courses, although qualifications can still be obtained via further education colleges and universities.
Representing bookkeepers, there are two key certification and training organisations:
The Institute of Certified Bookkeepers (ICB): The ICB or Institute of Certified Bookkeepers is the largest in the world and offers accreditation to certified bookkeepers, together with training and reference material to keep their associated members up-to-speed with the latest trends.
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the AAT (Association of Accounting Technicians), allows a fully trained member to use the letters AATQB. They then become registered AAT bookkeepers, approved by this association, which assures a minimum standard of service for their clients. If an AAT bookkeeper is found to have broken the code of practice or has a complaint filed against them, they will be liable to disciplinary and tribunal procedures to preserve the integrity of the aat.
By visiting the register of AAT or ICB members on their respective websites, it's possible to inspect the qualifications of any Richmond upon Thames bookkeeper. Before employing any professional bookkeeper in Richmond upon Thames it is advised to implement this check.
Cash Flow Analysis
Cash flow analysis is an important tool for any business to understand its financial wellbeing. A cash flow analysis is an essential task that bookkeepers need to perform for businesses. This task requires monitoring the cash flow in and out of the business over a set time frame, normally a month or a quarter. Through this, the bookkeeper can help the businessperson to comprehend their current financial status, identify any cash flow problems, and prepare for the future.
The bookkeeper categorizes and reconciles all cash transactions, such as expenses, investments and sales, to provide a clear image of the company's financial condition. Anticipating cash flow for upcoming months or years is also part of the process, as it helps companies to avoid financial challenges in the future by making well-informed decisions.
Thecan also advise on methods to improve cash flow, such as introducing more efficient payment systems or reviewing pricing strategies. Any business that desires to manage their finances effectively must have an accurate and complete cash flow analysis as a crucial tool.
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Richmond upon Thames Bookkeeper Tasks
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Bookkeepers Near Richmond upon Thames
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