Bookkeepers Sevenoaks Kent (TN13): For anyone in Sevenoaks who runs a small business, operates an online store or acts as a sole trader, it is their sole responsibility to maintain "true and fair", accurate accounting and financial records for a minimum of 6 years. This is according to the Companies Act (2006). You may face thousands of pounds in fines, and possibly disqualification as a Company Director, if you can't produce these records. There is a substantial investment of time involved with keeping such financial records on your own behalf, and it can pay you to use a professional accountant or bookkeeping company, since according to the magazine Accounting Today over forty percent of small businesses spend over 80 hours per year on their bookkeeping.
If you're overcome with a sense of dread merely thinking about compiling balance sheets, tracking liabilities and assets, creating profit, loss and financial statements or writing ledgers, then the time to get in touch with a bookkeeper in Sevenoaks for guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What exactly is the difference between a bookkeeper and an accountant?" Is a question that is asked by a lot of people in Sevenoaks. In the past it was often deemed to be beneath the experience, skill set and qualifications of an accountant to do bookkeeping, however because of substantial software improvements over the past ten years or so, many bookkeeping duties will now be taken on by accounting firms in Sevenoaks. It's currently fairly common for many accountancy companies to have a fixed rate for bookkeeping services as per an independent bookkeeper's fee. This is good news for business owners since it gives a broader range of competition within the marketplace and can make your bookkeeping costs more affordable than previously imagined.
When you're considering the differences between a bookkeeper and an accountant, the most notable one is the standard of qualification and training that's required for each of these disciplines. Typically holding a degree in accounting, a professional accountant will also have had training in tax essentials and further qualifications in fiscal and business management. A bookkeeper in Sevenoaks will certainly have a decent understanding of these disciplines, but may not necessarily hold the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER IN SEVENOAKS
Essentially, the act of bookkeeping is the recording of the day to day monetary transactions of any business in Sevenoaks. This could include, but is not limited to;
- Ensuring accounting and double-entry bookkeeping practices are followed.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT submissions and recording.
- Documenting of all financial incomings; cash, card and electronic payments included.
- Monthly reconciliation and reports.
- Payroll services.
- Documenting the receipt of invoices and making sure that payment is completed on time.
- The billing of clients for goods or work completed.
Depending on service level you require, a professional bookkeeper might only be needed to periodically double-check your records, if you're in a position to carry out a large majority of your own bookkeeping work. This should be done monthly as a bare minimum, since this allows for any problems or mistakes to be discovered and amended swiftly. This may be the most cost-effective trade-off, as long as it is possible to stay up-to-date with your monetary transactions without impacting on your day to day trading duties.
Whatever the scenario is with your business or company, if you're currently considering hiring a bookkeeping service in Sevenoaks, there is a fair chance that you may be fretting over the process of financial recording and taxes. A decent bookkeeping company will be able to give advice and guidance on everything from invoicing, generating expense reports and stocktaking, to linking the most up-to-date software with your business accounts to allow the seamless sorting of financial data.
The ability to reconcile cash flow with accounts payable, is an especially crucial aspect of effective bookkeeping. Which means that instead of waiting for a final notice, which many small businesses in Sevenoaks are guilty of doing, or paying an outstanding bill immediately, your bookkeeper will schedule bill payments to times when your finances are in good order. Along with keeping your business or enterprise financially secure, this also keeps you in the good books of suppliers and companies who provide your business with services. This is a juggling act that can be hard to perform on your own when you are primarily focussed on the smooth running of your company.
Employing a qualified bookkeeper in Sevenoaks, for your small business or if you are a sole trader also gives them the opportunity to cast an impartial eye over your business. Business trends and patterns that might have otherwise gone unnoticed may be highlighted by this sort of independent appraisal. It's by no means unheard of for a clever bookkeeper to flag up an area of the business which is falling in profits, or spot a brand new opportunity that could prove lucrative. It's essential for the success of any business in Sevenoaks, to spot such KPI's (key performance indicators).
If your business sends out invoices it can sometimes be humiliating having to chase up late payments. If that visit to your customers or telephone call is done by an independent person outside your normal business situation, it's possible for most of that apprehension to be taken away. There are legal techniques that a bookkeeper can use, if you're troubled with a repeating late or non-payer, and they can help to clear up the issue before the situation winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you're a sole trader, are relatively straightforward and basic. Essentially, sole traders should save all receipts and invoices, and keep records of expenditure and income from month to month. Although this may initially sound fairly simple, hiring the expert services of a competent bookkeeper is still a good idea. So that you'll be able to claim back genuine business expenses from HMRC, a dedicated sole trader bookkeeper in Sevenoaks can give you advice on what needs to be done. This could include printer ink, rent and bills if working from home, items such as laptops, promotional advertising and stationery. To see how they can help your business to grow, chat to a trusted bookkeeper for more detailed guidance and advice.
ONLINE TRADERS IN SEVENOAKS
Some business enterprises that work in niche areas, may need to employ a specialist bookkeeping service. You're going to need a bookkeeper in Sevenoaks who understands online payment procedures, exchange rate transfers, multi-currency processing and international and cross-border taxes, if you operate a store online for example. If you produce or hold the merchandise that you sell on that shop, then it will be a massive priority for your bookkeeping software or services to control your your stock on a 24 hours a day basis, because of course, the internet does not sleep.
A virtual office can also be provided together with bookkeeping services. This can be beneficial in enabling a sole trader or online only business to have a telephone service and postal address to provide a physical link with their client base. Although this solution might not be offered by all Sevenoaks bookkeepers, it's certainly worth talking about the possibilities if this is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping sector qualifications are at Certificate or Diploma level, and it's not necessary for a certified Sevenoaks bookkeeper to have an accounting degree. There's a variety of online bookkeeping courses, although qualifications can still be gained via further education universities and colleges.
Bookkeepers are represented by 2 principal training and certification organisations:
The Institute of Certified Bookkeepers or ICB: The largest bookkeeping organisation on the planet is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, in addition to training and reference material to keep their members up-to-date with the latest trends.
The Association of Accounting Technicians or AAT: Entitled to use the letters AATQB after their name, a fully trained member of the AAT or Association of Accounting Technicians will have been provided with advanced qualifications and training in bookkeeping. They can then become registered AAT bookkeepers, approved by this respected association, which guarantees a decent level of service for their clients. To preserve the values and integrity of AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have breached the code of conduct they can be subject to disciplinary and tribunal processes.
You can check the accreditations of any bookkeeper on the register of AAT or ICB members on their websites. Implementing this check is strongly recommended before you retain the services of any local bookkeeper in Sevenoaks.
Bookkeeping services are available in Sevenoaks and also in nearby places like: Brasted, Cudham, Dunton Green, Shipbourne, Knockholt, Halstead, Ightham, Godden Green, Shoreham, Sundridge, Kemsing, Westerham, Oldbury, Otford, Twitton, Stone Street, Chipstead, Ide Hill, together with these postcodes TN13 1NL, TN13 1HE, TN13 1RU, TN13 1HG, TN13 1SP, TN13 1SG, TN13 1QQ, TN13 1PQ, TN13 1JY, TN13 1RQ. Locally based Sevenoaks Bookkeepers will likely have the telephone dialling code 01732 and the postcode TN13. Verifying this will make sure that you access locally based bookkeepers. Sevenoaks sole traders and business owners will be able to utilise these and numerous other comparable services.
Outsourced Bookkeeping Sevenoaks
All businesses in Sevenoaks should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the sum total of their liabilities and assets, the money left in their bank, and the like. With the business owner having to deal with the concerns and issues of operating a business, the task of carrying out the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Sevenoaks.
If a company in Sevenoaks hires a bookkeeper in order to become an employee, the company will need to spend a substantial amount of money in training the person for the purpose of doing the bookkeeping tasks. In addition to that, there is no guarantee that he or she will stay after the training is completed. In that case, the company stands to lose a considerable amount of money. Apart from that, businesses will have to look for ways and means to provide benefits and incentives to keep the employee there. These are a few of the reasons behind business organisations enlisting the services of professional bookkeepers and bookkeeping companies in Sevenoaks.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find a lot many companies offering financial bookkeeping services catering to all kinds of clients and industries in Sevenoaks. A majority of these companies promise and deliver quality service. It assumes importance for a business to look into the track record of these Sevenoaks bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
These professional bookkeeping companies in Sevenoaks should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
Sevenoaks Bookkeeper Questions
Only yesterday I thought it might be a great idea to look at the types of questions folks in Sevenoaks ask regarding bookkeeping. A couple of our visitors have mailed in some obvious questions that I thought might be worth mentioning. Those which I singled out are, Does a bookkeeper need a license? What does bookkeeping entail? Why do you need a bookkeeper? Can a bookkeeper be held liable? Why does a bookkeeper prepare a trial balance? What makes a good bookkeeper? Is bookkeeper and accountant the same? What are the benefits of a bookkeeper? How much do bookkeeping services cost? Most of these questions have hopefully been covered on this page, and if that is not the case we'll soon be putting in a bookkeeping "Questions and Answers" feature. Thanks a lot to Rupert Campbell, Aadam Harper, Elis Rowe and Alana Stanley from Sevenoaks, for sending in these great questions. We also got contributions from Kaitlyn Dyer in Oldbury, Dylan Myers in Westerham and Elise Mcgowan in Stone Street.
Sevenoaks Bookkeeper Tasks
Most Sevenoaks bookkeepers will be prepared to provide you with the following accounting and bookkeeping services: bookkeeping and accounting, management reports, bookkeeping for self-employed people in Sevenoaks, bookkeeping services, charity bookkeeping Sevenoaks, Xero bookkeeping services, bookkeeping and accounting services, personal tax returns Sevenoaks, QUOTE FORM provided. We'll be in touch with information as soon as we are able., PAYE & wages, credit control in Sevenoaks, independent bookkeeping services Sevenoaks, VAT returns, Sage bookkeeping, Kashflow bookkeeping, corporation tax returns, bookkeeping services for restaurants, bookkeeping services for organisations in Sevenoaks, maintaining fixed asset registers, bookkeeping for societies in Sevenoaks, Self-Assessment tax returns, cash books, off-site bookkeeping services, general bookkeeping services, payment services in Sevenoaks, management accounts, bookkeeping for sole traders in Sevenoaks, landlord bookkeeping Sevenoaks, bookkeeping services for shops, small business bookkeeping, and more. Listed are just a handful of the tasks that are handled by local bookkeepers. Sevenoaks companies will tell you about their full range of bookkeeping services. If there happen to be other Sevenoaks bookkeeper requirements that you want but don't see here, you should list them on the
Kent Bookkeeping Enquiries
The latest Kent bookkeeping enquiries: Myah Toland from Iwade was searching for bookkeeping for her tennis club. Katherine Winn from Saltwood, Kent was searching for bookkeeping for her garment company. Abraham Stokes in Broadstairs, Kent was trying to find bookkeeping for his online business. Sana Johns from Riverhead, Kent was trying to find a bookkeeper to do her tax returns. Nathan Marriott from South Darenth, Kent was looking for bookkeeping services for his soccer club. Aishah Floyd from Culverstone Green was asking about bookkeeping for her guitar lesson business. Edwin Marriott in Loose was trying to find bookkeeping services for his construction firm. Ricky Speight wanted a bookkeeper for his franchise business close to East Farleigh, Kent. These local clients did a search for "Bookkeepers Kent" and discovered this website on Yahoo, Bing or Google.
Bookkeepers Near Sevenoaks
Also here.: Cudham bookkeepers, Godden Green bookkeepers, Kemsing bookkeepers, Oldbury bookkeepers, Dunton Green bookkeepers, Stone Street bookkeepers, Otford bookkeepers, Shoreham bookkeepers, Chipstead bookkeepers, Knockholt bookkeepers, Halstead bookkeepers, Ightham bookkeepers, Brasted bookkeepers, Shipbourne bookkeepers, Ide Hill bookkeepers, Sundridge bookkeepers, Twitton bookkeepers, Westerham and more. Most of these areas are served by local bookeepers. Sevenoaks businesses and traders can get fees for bookkeeping services by clicking
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Bookkeepers Around Sevenoaks: People living in these roads have just recently enquired about bookkeeping services - St Ediths Road, The Paddocks, Church Hill, Bradbourne Park Road, St Botolphs Road, Chipstead Park Close, Shenden Close, Bessels Meadow, Spinney Way, Station Road, Church Lane, Tinkerpot Lane, Sackville Close, Springshaw Close, The Crescent, Barretts Road, Beacon Rise, Swaffield Road, The Old Garden, Bayleys Hill, Bank Street, Bancroft Road, Sundridge Hill, Shacklands Road, Courtwood Drive, Chart View, Blacksole Road, Stacklands Close, Crowhurst Road, as well as the following local Sevenoaks postcodes: TN13 1NL, TN13 1HE, TN13 1RU, TN13 1HG, TN13 1SP, TN13 1SG, TN13 1QQ, TN13 1PQ, TN13 1JY, TN13 1RQ.
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Bookkeepers in TN13 area, (dialling code 01732).
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