Bookkeepers Rugeley Staffordshire (WS15): As stated by the Companies Act, if you operate an online store, run a small business or are a sole trader in Rugeley, you're responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of six years. You could face a hefty fine, and possibly Company Director disqualification, if you're unable to produce these records. According to Accounting Today magazine over 40% of small businesses spend eighty hours plus each year on their bookkeeping, therefore although you can undertake these financial recordings on your own, it can pay you to use a professional bookkeeping service or accountant to do them for you.
The time has come to contact a bookkeeper in Rugeley for guidance, if you're filled with terror merely thinking about the possiblility of writing out ledgers, creating profit, loss and financial statements, producing balance sheets or tracking assets and liabilities.
BOOKKEEPER OR ACCOUNTANT?
The very first question that a lot of folks ask is "Precisely what is the distinction between an accountant and a bookkeeper?" In the old days it was generally deemed to be beneath the experience, qualifications and skill set of an accountant to do bookkeeping, however due to software improvements over the past ten years or so, many bookkeeping tasks will now be carried out by accountancy companies in the Rugeley area. It's now quite common for many accounting firms to charge a set fee for bookkeeping services based on a dedicated bookkeeper's fee. Business owners are now benefiting from this, since it offers a greater variety of competition within the industry and can mean that the cost of bookkeeping is far more affordable than it would have been in the past.
The standard of training required is the main difference between a bookkeeper and an accountant. An accountant will normally hold at least an accounting degree with specialist training in the field of taxes and other fiscal and business management. Whilst likely not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Rugeley will still have a fair grasp of all such procedures.
RESPONSIBILITIES OF A BOOKKEEPER
The process of bookkeeping put in the simplest of terms, is to record the daily transactions (financial) of any business enterprise in Rugeley. This will likely include, but is by no means limited to;
- The billing of customers for work completed or goods.
- VAT submissions and recording.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Logging invoices received and ensuring that payment is completed by the due date.
- Documenting of all financial incomings; including cash, card and electronic payments.
- Monthly reports and reconciliation.
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
While it is dependent on the kind of service you're interested in, if you're in a position to do the bulk of the bookkeeping work yourself, a professional bookkeeper might only be needed to periodically double-check your figures. To allow for any mistakes or problems to be identified and amended speedily, this should really be done every month as a bare minimum. As long as it's possible to stay up-to-date with your monetary transactions without affecting your day by day trading duties, this option can be an extremely cost-effective trade-off.
Whatever your current situation is, if you're thinking of hiring a bookkeeping company it is a good bet that you might be stressed with the financial recording side of your small business in Rugeley. To enable the seamless pull-through of financial data, a professional bookkeeping service will help you to link the most suitable computer software to your accounts, and will give advice and guidance on things such as invoicing, stocktaking and producing expense reports.
An extremely crucial aspect of good bookkeeping is the ability to reconcile accounts payable with cash flow. This means that your bookkeeper will prioritise the payment of bills to times when your finances are buoyant and in good shape, rather than paying an outstanding bill straight away, or waiting on a final notice, which a lot of small businesses in Rugeley are guilty of at some time or other. This not only keeps your business enterprise financially secure, but keeps you in favour with suppliers and those businesses who supply you with services. This is one of those balancing acts that can be difficult to perform when you're firmly focussed on the streamlined running of your day to day business operations.
Employing a professional bookkeeper in Rugeley, if you're a sole trader, or for your small business also gives them the opportunity to cast a critical eye over your business. This objective appraisal can enable them to see business trends and patterns that you may have disregarded. A scenario where an astute bookkeeper flags an area of the business which is plummeting in profits, or identifies an opportunity that could prove worthwhile, is by no means an unheard of occurrence. Spotting such key performance indicators is vital for the long-term growth of any business in Rugeley.
It can sometimes be embarrassing to pursue late payments if your company sends out invoices. Some of that embarrassment can be taken away by having a professional outside your normal business situation make that telephone call or visit to your customers. A professional bookkeeper can use legal strategies to handle a repeating late payer, and without the need for court proceedings, help to clear up the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are reasonably uncomplicated and easily understandable. Sole traders are required to keep records of income and expenditure on a month by month 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 services of a bookkeeper to ensure that it's all done correctly. So that you'll be able to claim back genuine business expenses from HMRC, a specialist sole trader bookkeeper in Rugeley will be able to give you advice on what you should do. This could include rent and bills if you work from home, items such as computers, printer ink, advertising expenses and stationery goods. If you'd like to get more in-depth advice, and see how your business can grow and develop in the future, speak to your bookkeeper.
ONLINE TRADERS
There are several niche businesses where a specialist bookkeeping service may be essential. You'll require a bookkeeper in Rugeley who's familiar with online payments, multi-currency processing, international and cross-border taxes and exchange rate transfers, if you run a store online for example. Given that the internet doesn't sleep, if the same shop sells goods you produce or hold then overseeing your inventory on a 24/7 basis is a huge priority which will have to be addressed.
In combination with bookkeeping service, a remote virtual office can also be supplied. This allows an online only business or sole trader to offer a physical connection to their customers, via a telephone service and postal address. Not all Rugeley bookkeeping companies will supply this solution, however it's worthwhile talking about the possibilities if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Certificate or Diploma level, and it is not mandatory for a certified bookkeeper in Rugeley to have an accounting degree. Although there's an ever-increasing range of bookkeeping courses available online, qualifications can still be gained via further education universities and colleges, if that's the chosen route.
There are essentially two principal organisations that provide training and certification for bookkeepers:
The Institute of Certified Bookkeepers (ICB): Keeping their associated members up-to-speed with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation on the planet, providing accreditation to qualified bookkeepers, together with reference material and training.
The Association of Accounting Technicians or AAT: With fully certified bookkeepers entitled to use the letters AATQB after their name, the Association of Accounting Technicians or AAT provides advanced qualifications and training. This then permits them to become a authorised AAT bookkeeper and promises a certain standard of service which is backed by the association. To safeguard the trustworthiness of the AAT, an AAT bookkeeper can be liable to tribunal and disciplinary processes if they have a complaint filed against them or are found to have breached the code of conduct.
By visiting the register of ICB or ATT members on their respective websites, it is possible to verify the qualifications of any Rugeley bookkeeper. Before you hire any local bookkeeper in Rugeley it is recommended that you carry out this check.
Bookkeeping services are available in Rugeley and also in nearby places like: Brereton, Rake End, Colton, Slitting Mill, Woseley Bridge, Little Haywood, Etchinghill, Colwich, Great Haywood, Longdon, Blithbury, Upper Longdon, Breretonhill, Milford, and in these postcodes WS15 1LN, WS15 1NS, WS15 1EY, WS15 1JS, WS15 1NX, WS15 1NL, WS15 1NY, WS15 1HE, WS15 1PH, and WS15 1BW. Local Rugeley bookkeepers will likely have the postcode WS15 and the dialling code 01889. Checking this out can guarantee you access locally based bookkeepers. Rugeley sole traders and business owners will be able to benefit from these and lots of other similar services.
Using a Bookkeeper for Tax Returns
Those with small businesses or self-employed people in the United Kingdom may be required to file a self-assessment tax return. Especially if you aren't acquainted with the process, this task can be daunting. A bookkeeper can help you to keep your records organised and prepare your tax return accurately and on time.
Many benefits can be gained by employing a bookkeeper for your tax returns. They'll have experience and expertise to ensure the correct completion of your return. This should help you to avoid penalties from HMRC, as well as interest charges. Secondly, a lot of time and effort can be saved by a bookkeeper. They'll look after all of the calculations and paperwork, so you can focus on running your business. Thirdly, invaluable advice on tax planning can be provided by bookkeepers in Rugeley. This can help you to increase your profits and reduce your tax liability. (83543 - Tax Returns Rugeley)
Rugeley Bookkeeping Tasks
Most Rugeley bookkeepers will be prepared to provide you with the following bookkeeping services: franchise bookkeeping services, business bookkeeping in Rugeley, cheap bookkeeping services, independent bookkeeping services, tax returns in Rugeley, profit & loss reports, bank reconciliation, bookkeeping price quotes in Rugeley, credit control in Rugeley, mobile bookkeeping services, bookkeeping services for freelancers, Sage bookkeeping services, management reports, double-entry bookkeeping, small business tax returns, company cash books, bookkeeping services in Rugeley, Self-Assessment tax returns in Rugeley, bookkeeping services for sole traders, corporation tax returns in Rugeley, VAT returns in Rugeley, bookkeeping services for restaurants in Rugeley, letting agent bookkeeping, partnership tax returns, maintaining fixed asset registers, cash flow analysis, accountancy packages, personal tax returns in Rugeley, assistance with registering for self-employment in Rugeley, wages & PAYE in Rugeley, and more. These are just an example of the activities that are carried out by local bookkeepers. Rugeley professionals will be happy to inform you of their full range of bookkeeping services. If there are some other Rugeley bookkeeper requirements that you need but can't see here, you can easily mention them on the QUOTE FORM provided. We will be in touch with details as soon as we are able.
Bookkeepers Near Rugeley
Also find: Longdon bookkeepers, Breretonhill bookkeepers, Brereton bookkeepers, Colton bookkeepers, Slitting Mill bookkeepers, Rake End bookkeepers, Colwich bookkeepers, Woseley Bridge bookkeepers, Blithbury bookkeepers, Etchinghill bookkeepers, Milford bookkeepers, Great Haywood bookkeepers, Little Haywood bookkeepers, Upper Longdon bookkeepers and more. Most of these villages and towns has access to companies providing bookkeeping services. This accessibility ensures that individuals and businesses alike can easily find the financial support they need to effectively manage their accounts. For bookkeeping price quotes, residents in the area simply need to click here
Bookkeeping Services Rugeley
- Bookkeeping Estimates
- Payroll Services
- Self-Assessment Bookkeeping
- Profit and Loss Analysis
- Cheap Bookkeeping
- Sole Trader Bookkeeping
- PAYE and Wages
- Accountancy Packages
- Bookkeeping Services
- Double-Entry Bookkeeping
- Tax Preparation
- Cash Flow Analysis
- Credit Control
- Small Business Bookkeeping
For local Rugeley information look here
Bookkeepers in WS15 area, (dialling code 01889).
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