Bookkeepers Sandwich Kent (CT13): You are responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of 6 years, if you run a small business, are a sole trader or operate an online store in Sandwich, in accordance with the Companies Act (2006). You could face disqualification as a Company Director and receive thousands of pounds in fines, if you're unable to produce this information. It can pay you to employ a professional bookkeeper or accountant to undertake this for you, as according to Accounting Today over forty percent of small business owners spend over eighty hours annually doing their accounts, which is a large time investment, and may be better spent on your key business activities.
If you are filled with terror simply thinking about the possiblility of filling out ledgers, tracking assets and liabilities, creating profit, loss and financial statements or compiling balance sheets, then the time to get in touch with a bookkeeper in Sandwich for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between an accountant and a bookkeeper?" Is a question that is asked by most business owners in Sandwich. The truth is that while in past times many accountants considered the bookkeeping process to be beneath their experience, skill set and qualifications, many accountancy companies in the Sandwich area will now take on most bookkeeping duties, due to huge improvements in software over the past 10 years or so. Many accountancy firms now have a flat rate for bookkeeping services, to keep them commensurate with what an independent bookkeeper in Sandwich would routinely charge. This is excellent news for business owners in Sandwich as it generates a wider range of competition within the industry and can make the cost of your bookkeeping cheaper than previously imagined.
When thinking about the big difference between an accountant and a bookkeeper, it's the standard of training that is needed for each of these disciplines. At least a degree in accounting with further training in taxation and other financial and business management, will typically be held by an accountant. Whilst having a good understanding of such procedures, a bookkeeper in Sandwich may not necessarily have the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, the bookkeeping process involves the careful recording of day to day transactions of any business in Sandwich. This will likely include, but is in no way limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Recording of all financial incomings; card, electronic and cash payments included.
- VAT submissions and recording.
- The billing of clients for goods or work completed.
- Payroll services.
- Monthly reconciliations and reporting.
- Documenting invoices received and making sure that payment is completed on time.
If you are able to undertake the vast majority of bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your figures on a set schedule. This really needs to be done every month as a bare minimum, since this allows for any problems or mistakes to be uncovered and rectified speedily. This trade-off can often be the most cost-effective compromise if you are confident of remaining up-to-date with your day by day financial transactions and trading.
Whatever the situation is with your small business, if you're seriously looking at hiring a bookkeeper in Sandwich, there's a fair chance that you may be struggling with the process of recording your financial transactions. A professional bookkeeping service will help you with everything from invoicing, stocktaking and generating expense reports, to linking your accounts with the latest software to enable the seamless processing of all your financial data.
An especially crucial aspect of a good bookkeeper is the ability to reconcile accounts payable with cash flow. This means that rather than waiting on an overdue notice, which many small businesses in Sandwich are guilty of at some time or other, or paying a bill straight away, your bookkeeper will schedule bill payments to times when your finances are buoyant. This not only keeps your enterprise or business financially sound, but keeps you in favour with suppliers and those people who supply you with services. This is one of those juggling acts that can be challenging to perform when you are primarily focussed on the streamlined running of your everyday business operations.
If you're a sole trader, or operate a small business, using a qualified bookkeeper in Sandwich, also gives them an opportunity to cast an independent eye over the operation of your business. It is quite possible that an unprejudiced appraisal like this will highlight business trends and patterns that you haven't previously noticed. It is not at all uncommon for a keen eyed bookkeeper to flag up an area where profits are dropping, or spot a brand new opportunity which could prove worthwhile. These key performance indicators are crucial in ensuring the growth of any business enterprise in Sandwich.
Chasing up late payments can be a fairly humiliating situation for you, if you give out invoices as part of your business operations. If that visit to your client or telephone call is done by an independent person from outside your business situation, it's possible for most of that apprehension to be removed. There are legal techniques that a bookkeeper can make use of, if you have problems with a consistent late payer, and they can help to resolve the situation before the issue winds up in a small claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are relatively straightforward and basic. It is stipulated that a sole trader should keep a record of income and expenditure from month to month and retain all invoices and receipts. Whilst this may sound simple it is still a wise move to retain the services of a competent bookkeeper. So that you'll be able to claim back bonafide business expenses from HMRC, a dedicated sole trader bookkeeper in Sandwich will be in a position to advise you on what you should do. This could include items such as laptops, advertising, rent and bills if you work from home, stationery and consumables. If you would like to get more detailed advice, and learn how your business can develop and grow going forward, chat to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Specialist bookkeepers are required from time to time for certain niches in bookkeeping. If online payment procedures, exchange rate transfers, multi-currency processing and cross-border and international taxes are involved, for example if you operate an online store, you'll need to hire a bookkeeper in Sandwich who's familiar with these practices. If the same outlet sells goods you produce or hold, then regulating inventory on a 24/7 basis is a vital concern, after all the internet doesn't sleep, so nor should your bookkeeping software or services.
It's also possible to establish a remote virtual office, which can be utilised in combination with your bookkeeping service and package. This allows a sole trader or online only business to have a telephone service and postal address to offer a physical connection to their customers. If this sort of service could be useful, it is certainly worth discussing the possibilities, although this solution won't be provided by all Sandwich bookkeeping companies.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Certificate or Diploma level, and a certified bookkeeper in Sandwich does not need to hold a degree. If the chosen route to qualification is via further education universities and colleges, this alternative is still available, although there there is an ever-increasing selection of online bookkeeping courses.
There are 2 main training and certification organisations representing bookkeepers:
The AAT or Association of Accounting Technicians: The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications allowing fully trained bookkeepers to use the letters AATQB. They are then able to become certified AAT bookkeepers, which assures their clients a standard of service which is backed up by the association. To safeguard the integrity of the AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have violated the code of practice they could be subject to tribunal and disciplinary processes.
The Institute of Certified Bookkeepers (ICB): Providing certification for bookkeepers, together with training and reference material to keep their associated members current with the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation on the planet.
It is possible to check the qualifications of any bookkeeper in Sandwich on the register of AAT or ICB members on their websites. Prior to employing the services of any bookkeeping company in Sandwich, it's clearly wise to perform these necessary checks.
Outsourced Bookkeeping Sandwich
All businesses in Sandwich should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, the money left in their bank account, their incomings and outgoings, and more. With the owner of the business having to deal with the concerns and issues of operating a business, the task of performing the bookkeeping is usually outsourced to freelance bookkeepers or a bookkeeping company in Sandwich.
If a company in Sandwich employs a bookkeeper so as to become an employee, the company will be required to commit a considerable amount of money in training the individual for the purpose of working on the bookkeeping work. Moreover, there's no guarantee that the individual will stay for long in the company. In circumstances like that, the company will have wasted a significant sum of money for very little return. Besides that, firms will have to seek out solutions to offer incentives and benefits to keep the employee in place. These are a few of the reasons behind businesses enlisting the services of bookkeeping companies and professional bookkeepers in Sandwich.
Business owners in Sandwich can look for the following options with the bookkeeping company that provides outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses relating to hiring and training the in-house staff is an enormous concern, it would be prudent on the part of business owner in Sandwich to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very important to get top quality accounting services and greater security for your financial data. By quality, one means precise, reliable, and real-time bookkeeping data delivered within the set timeframe. In short, the company that offers bookkeeping services in Sandwich should have a well protected system that can be trusted and relied on.
What Are the Main Advantages of Using a Bookkeeper in Sandwich Instead of an Accountant?
There are several benefits to using a bookkeeper as opposed to an accountant, including:
- Specialisation: Bookkeepers have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Affordability: Bookkeeping services are often more budget-friendly in comparison to accounting services, making them a cheaper option for small businesses, sole traders and startups.
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who might have a more standard approach.
- Time Management: By outsourcing bookkeeping, small business owners can save a bit of time and focus on other vital aspects of their business for example marketing and sales.
- 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 specific times.
That being said, it's important to note that whilst bookkeepers can provide invaluable support, they might not have the same level of expertise or qualifications as an accountant in certain aspects such as tax preparation or financial planning. In these cases, it might be necessary to check with an accountant when more specialist services are needed.
Financial statement preparation - article 211.
Bookkeepers Near Sandwich
Also find: Monkton bookkeepers, Shatterling bookkeepers, Cliffs End bookkeepers, Goodnestone bookkeepers, Great Mongeham bookkeepers, Tilmanstone bookkeepers, Worth bookkeepers, Upstreet bookkeepers, Betteshanger bookkeepers, Wingham bookkeepers, Minster bookkeepers, Eastry bookkeepers, Sarre bookkeeper and more. All these villages and towns are catered for by local bookeepers. Sandwich businesses and traders can get fees for bookkeeping services by going here.
Sandwich Bookkeeper Tasks
Most Sandwich bookkeepers will be prepared to provide you with the following accounting and bookkeeping services: off-site bookkeeping, maintaining fixed asset registers, letting agent bookkeeping, bookkeeping for restaurants, VAT returns Sandwich, bookkeeping for startups, small business tax returns Sandwich, invoice processing, bookkeeping services for shops, PAYE & wages, credit control, financial statement preparation, bookkeeping services, profit & loss reports Sandwich, bookkeeping services for sole traders Sandwich, Xero bookkeeping services, partnership returns in Sandwich, landlord bookkeeping, Kashflow bookkeeping services, bookkeeping and accounting services, double-entry bookkeeping, franchise bookkeeping, cash flow analysis, Sage bookkeeping, bookkeeping for limited companies, independent bookkeeping services, bookkeeping for pubs, bookkeeping quotes, Quickbook bookkeeping services, bank reconciliations, and more. Listed are just a few of the tasks that are undertaken by local bookkeepers. Sandwich companies will keep you informed about their full range of services. If there are some other Sandwich bookkeeper requirements that you need but don't see here, you should list them on the QUOTE FORM provided. We'll get back to you with specifics as soon as we are able.
Double-Entry Bookkeeping Sandwich - Small Business Bookkeepers Sandwich - Cheap Bookkeeping Sandwich - Xero Bookkeeping Sandwich - Bookkeeping Sandwich - Self-Assessment Tax Returns Sandwich - Bookkeeping Quotes Sandwich - Sole Trader Bookkeepers Sandwich - VAT Returns Sandwich