Bookkeepers Royton Greater Manchester (OL2): For any person in Royton who acts as a sole trader, operates an online store or owns a small business, it is their sole responsibility to keep accurate, "true and fair" financial and accounting records for a minimum of 6 years. This is according to the 2006 Companies Act. Failing to produce these records might leave you faced with disqualification as a Company Director, together with a fine of thousands of pounds. There is a large time investment involved with maintaining these financial recordings on your own, and it's often more cost-effective to use a professional bookkeeping company or accountant, particularly when you consider the fact that according to Accounting Today magazine over forty percent of small businesses spend over 80 hours each year doing their bookkeeping.
The time has come to get in touch within Royton for advice and guidance, if you're filled with a sense of panic merely thinking about writing ledgers, tracking liabilities and assets, compiling balance sheets or creating profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the difference between an accountant and a bookkeeper is the first question that most people in Royton ask. At one time it was generally considered to be to be beneath the skill-sets, experience and qualifications of an accountant to do bookkeeping, however because of software developments over the past 10 years, many bookkeeping tasks will now be undertaken by accounting companies in the Royton area. To make sure their bookkeeping services are in line with a typical, it's now common practice for many accounting firms to have a fixed rate for such services. Business owners are now benefiting from this, because it gives a wider range of competition within the marketplace and can mean that the cost of bookkeeping is way more manageable than it would previously have been.
The big difference between an accountant and a bookkeeper is the amount of training and qualification that is needed. Anwill normally hold at least an accounting degree with further training in taxation and other business and financial management. A bookkeeper in Royton may not necessarily have the same levels of training and experience, or hold these qualifications, but should still have a really good understanding of these fiscal disciplines.
A BOOKKEEPER'S RESPONSIBILITIES
Put simply, the bookkeeping process is to record the day to day transactions of any enterprise or business in Royton. This can include, but isn't limited to;
- Recording invoices received and making certain that payment is completed punctually.
- Logging of all financial incomings; including card, electronic and cash payments.
- VAT recording and submissions.
- Billing of customers for goods or work completed.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Payroll services.
- Monthly reports and reconciliations.
If you're happy to carry out a large majority of bookkeeping work yourself; a bookkeeper might just be needed to double check your accounts every once in a while. This ought to be done on a monthly basis as a bare minimum, as this allows for any problems or mistakes to be uncovered and corrected quickly. This trade-off can sometimes be the most cost-effective option if you are confident of remaining on top of your day to day financial transactions and business activities.
Whatever your scenario, if you are looking to hire a bookkeeper in Royton, there is a fair chance that you may be stressed with the financial recording aspects of your small business. Offering assistance with everything from invoicing, stocktaking and preparing expense reports, a decent bookkeeping company will also be able to guide you through the process of linking your accounts with the most up-to-date software application to enable the seamless processing of your business's data.
One of the most vital aspects of good bookkeeping practice, is being able to correctly reconcile accounts payable with cash flow. This means that by optimising the payment of bills to times when your finances are buoyant, your bookkeeper will avoid the thing that a lot of small businesses in Royton are guilty of i.e. paying off a bill immediately, or waiting for an overdue notice. This isn't just to make sure that your business or enterprise is on a good financial footing all the time, but also to keep you in favour with the businesses who provide your materials or services. This is just one of those juggling acts that can be hard to accomplish when you are inevitably focussed on the streamlined running of your everyday business operation.
Using an experienced bookkeeper in Royton, if you are a sole trader, or for your small business also gives them the opportunity to cast an eagle eye over your financies. It may be that business trends and patterns that you have overlooked could therefore be brought to the fore. It's not uncommon for a bookkeeper to recognise an opportunity or flag up an area of the business where profits are falling. Spotting such key performance indicators is essential for the economic growth of any enterprise in Royton.
It can often be rather humiliating to chase up late payments if your business gives out invoices. By having an independent person outside your normal business situation visit your client or make that phone call, some of that embarrassment can be removed. There are legal techniques a professional bookkeeper can make use of, if you are troubled with a repeating late payer, and these can help to clear up the situation before the matter winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, are comparatively straightforward. In essence, sole traders must keep all receipts and invoices, and keep records of expenditure and income from month to month. Now, this does not seem too tough does it? But, it's still recommended that you hire the expertise of a bookkeeper to make sure that it is all done correctly. When preparing your tax returns, a professional sole trader bookkeeper in Royton will be in a position to advise you on what your valid business expenses are, and claim these back from HMRC. This may include rent and bills if you work from home, printer ink, advertising expenses, stationery goods and items such as computing equipment. For more comprehensive advice, speak to a trusted bookkeeper, and learn how they may be able to help your business to thrive and grow in the future.
ONLINE TRADERS IN ROYTON
There are certain niche areas in bookkeeping where a specialist could be required. As an example, if you run an online store, you'll be better off employing a bookkeeper in Royton who understands online payment procedures, multi-currency processing, international and cross-border taxes and exchange rate transfers. As the internet never sleeps, if the same outlet sells goods that you produce or hold then controlling inventory on a 24/7 basis is a huge priority which will have to be dealt with.
In combination with your bookkeeping service, a remote virtual office can also be provided. Offering a physical connection to their clients, this enables a sole trader or online only business to have a postal address and phone service. Although this solution may not be provided by all bookkeeping companies in Royton, it's definitely worth talking about the possibilities if this service is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Royton does not need to hold a university degree and a good many qualifications for the industry are at Certificate and Diploma level. Although there is an ever-growing choice of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that's the preferred route.
There are two primary training and certification organisations representing bookkeepers:
The Institute of Certified Bookkeepers or ICB: The largest organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it provides certification for qualified bookkeepers, along with reference material and training to keep their associated members informed about the latest trends.
The AAT or Association of Accounting Technicians: Providing advanced qualifications and a training schedule, the AAT (Association of Accounting Technicians), allows fully trained members to use the letters AATQB after their name. They can then become accredited AAT bookkeepers, backed up by this well-respected organisation, which guarantees a minimum standard of service for their clients. If an AAT bookkeeper has a complaint filed against them or is found to have breached the code of practice they could be liable to disciplinary and tribunal procedures to safeguard the values and integrity of AAT membership.
The accreditations of any bookkeeper can be verified on the register of AAT or ICB members on their websites. Carrying out this check is widely recommended before hiring any professional bookkeeper in Royton.
Royton Bookkeeper Tasks
Most bookkeepers in Royton will be able to offer you the following accounting and bookkeeping services: Xero bookkeeping, financial statement preparation, bookkeeping rates, bookkeeping for shops, bookkeeping for home-based businesses, payment services, off-site bookkeeping, charity bookkeeping Royton, bookkeeping for startups, tax return preparation, QUOTE FORM provided. We will get back to you with details just as soon as we are able., small business bookkeeping, bookkeeping for small businesses, partnership returns Royton, bookkeeping for organisations, landlord bookkeeping, bookkeeping and accounting, professional bookkeeping services in Royton, bookkeeping for freelancers, in Royton, independent bookkeeping services in Royton, bookkeeping for societies, profit & loss reports, Sage bookkeeping, mobile bookkeeping services, Royton, bookkeeping for clubs Royton, bookkeeping for restaurants Royton, bookkeeping for retail outlets, Quickbook bookkeeping services, and more. These are just a selection of the duties that are performed by local bookkeepers. Royton professionals will be delighted to keep you abreast of their entire range of services. If there are additional Royton bookkeeper requirements that you want but can't see here, you should mention them on the
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Bookkeepers Near Royton
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