Bookkeepers Rowley Regis West Midlands (B64): According to the 2006 Companies Act, if you are a sole trader, own a small business or run an online store in Rowley Regis, you are responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 years. You could face a fine of thousands of pounds, and possibly disqualification as a Company Director, if you cannot produce these records. There's a significant time investment involved with compiling these financial recordings on your own, and it can pay to employ a professional , particularly when you consider the fact that according to Accounting Today over 40% of small businesses spend at least eighty hours per year on their accounts.
The time has come to contactin Rowley Regis for advice and guidance, if you're filled with terror just thinking about tracking liabilities and assets, producing balance sheets, writing out ledgers or creating profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the distinction between a bookkeeper and an accountant is the first question that springs to mind for a lot of business owners in Rowley Regis. The fact is, due to software developments over the past decade or so many accountants in Rowley Regis will undertake the task of bookkeeping, which was at one time considered to be beneath their qualifications, experience and skill set. For many accountancy companies it is now fairly common to charge a flat rate for bookkeeping services, so that they're comparable to the usual charges of a typical bookkeeper in Rowley Regis. This makes the cost of bookkeeping cheaper than it was previously, and is good news for small businesses in Rowley Regis since it gives a broader range of competition within the marketplace.
The biggest difference of an accountant over a bookkeeper is the standard of training that is necessary. Anwill typically a least hold an accounting degree with additional training in taxation and other financial and business management. While in Rowley Regis will invariably have an understanding of these fiscal skills, they might not have the same levels of experience and training in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN ROWLEY REGIS
Basically, the act of bookkeeping is the recording of the daily transactions (financial) of any business or enterprise in Rowley Regis. This is likely to include, but is by no means limited to;
- Monthly reconciliations and reporting.
- VAT recording and submissions.
- Billing of customers for goods or work completed.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Logging the receipt of invoices and ensuring payment is completed by the due date.
- Payroll services.
- Logging of all financial incomings; including electronic, cash and card payments.
- Making sure that double-entry bookkeeping and accounting practices are observed.
In accordance with the level of service you need, e.g. whether you're happy to do most of bookkeeping work; a professional bookkeeper may just be needed to double check your figures every once in a while. This should really be each month at the bare minimum, since this will allow any mistakes or problems to be found and rectified quickly. Providing you are confident of keeping on top of your monetary transactions without compromising your daily business operations, this trade-off can be the most cost-effective solution.
Whatever the situation is with your company or business, if you are seriously looking at hiring a bookkeeper in Rowley Regis, it's a good bet that you could be getting stressed about the process of recording your financial details. Offering assistance with everything from stocktaking, invoicing and creating expense reports, a good bookkeeping company will also be able to guide you through the process of linking your business accounts with the most up-to-date software program to facilitate the seamless processing of your business's data.
An extremely crucial element of a good bookkeeper is being able to reconcile cash flow with accounts payable. This means that by optimising the payment of bills to times when your accounts are in good order, your bookkeeper will avoid the thing that many small businesses are guilty of i.e. paying off a bill right away, or waiting for a final notice. This not only keeps you in good stead with suppliers and those businesses who supply services to you, but also makes sure that your business enterprise is financially secure. When you are mainly focussed on the smooth running of your company, this is a juggling act that you may find tricky to accomplish as an individual.
Having an individual who's unconnected to the business cast a fresh eye over your financial affairs, is another advantage of employing an experienced bookkeeper in Rowley Regis if you are a sole trader, or for your small business. Business patterns and trends that might have otherwise gone unnoticed might be pinpointed by this kind of independent appraisal. It is by no means unusual for a keen eyed bookkeeper to flag an area where profits are decreasing, or spot an opportunity that could be worth looking into. For powering growth in any enterprise in Rowley Regis, it is important that these KPI's (key performance indicators) are spotted early on.
If invoices are sent out by your business it can sometimes be humiliating to chase up a late payment. Some of that apprehension can be removed by having a person outside your normal business bubble make that phone call or visit to your client. A bookkeeper can make use of legal techniques to deal with a consistent late payer, and without the need for claims court proceedings, help to resolve the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as laid out by law, are really straightforward. This involves keeping all invoices and receipts in relation to the business, and keeping track of income and expenditure on a monthly basis. Now, this does not sound that hard does it? Yet, it is still recommended that you retain the services of a bookkeeper to make certain that it's all done accurately. A professional sole trader bookkeeper in Rowley Regis will be able to give you advice on what you are able to claim back from HMRC as business expenses. This might include stationery goods, advertising, printer ink, items such as computers and bills and rent if you work from home. If you'd like to get more in-depth advice, and see how your small business can grow and develop going forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are various business niches where a specialist bookkeeper might be required. For instance, if you run a store online, you'll need to employ a bookkeeper in Rowley Regis who understands cross-border and international taxes, multi-currency processing, online payment procedures and exchange rate transfers. As the internet does not sleep, if that same store sells goods that you hold or produce then monitoring your stock on a 24/7 basis is a huge concern which will have to be dealt with.
In combination with bookkeeping service, a virtual office can also be provided. This allows an online only business or sole trader to have a telephone service and postal address to offer a physical link with their customers. Although this solution might not be supplied by all bookkeepers in Rowley Regis, it's certainly worth talking about the possibilities if this service is something that's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified Rowley Regis bookkeeper doesn't need to have a degree and a good many qualifications in this field are at Certificate and Diploma level. Although there's an ever-increasing variety of courses available online, bookkeeping qualifications can still be gained via further education universities and colleges, if that is the preferred route.
Representing bookkeepers, there are 2 main certification and training organisations:
The Institute of Certified Bookkeepers (ICB): Keeping their members up-to-speed with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind in the world, providing accreditation to certified bookkeepers, along with training and reference material.
The AAT or Association of Accounting Technicians: Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, enables a fully trained bookkeeper to use the letters AATQB. They then become accredited AAT bookkeepers, backed up by this respected organisation, which guarantees a minimum level of service for their customers. If a bookkeeper who is associated with the AAT is found to have contravened the code of practice or has a complaint filed against them, they could be liable to tribunal and disciplinary processes to preserve the values and integrity of aat membership.
The qualifications of any professional bookkeeper can be checked on the register of ICB or ATT members on their respective websites. Undertaking these checks is usually advised before you actually employ any local bookkeeper in Rowley Regis.
Rowley Regis Bookkeeper Tasks
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