Bookkeepers Shaftesbury Dorset (SP7): Irrespective of whether you run an online store, are a sole trader or own a small business in Shaftesbury, you are entirely responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 yrs in accordance with the 2006 Companies Act. Failure to produce these records may leave you facing thousands of pounds in fines and possible disqualification as a Company Director. There is a considerable investment of time involved with compiling these financial recordings yourself, and it can pay to employ a professional accountant or bookkeeper, especially when you consider the fact that according to Accounting Today magazine over 40% of small businesses spend 80 plus hours each year doing their bookkeeping.
If the very thought of writing ledgers, producing balance sheets, tracking liabilities and assets or creating profit, loss and fiscal reports fills you with terror, then it's time to contact a bookkeeper in Shaftesbury for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the difference between a bookkeeper and an accountant?" Is a question which is asked by many people in Shaftesbury. The fact is, because of tremendous improvements in software over the past decade or so many accountancy companies in the Shaftesbury area will take on the task of bookkeeping, which was at one time considered beneath their qualifications, experience and skill-sets. A lot of accountancy companies now have a fixed fee for bookkeeping services, to keep them consistent with what an independent bookkeeper in Shaftesbury would generally charge. This makes the cost of bookkeeping cheaper than it once was, and is good news for business owners in Shaftesbury since it offers a wider variety of competition within the industry.
When you are thinking about the differences between a bookkeeper and an accountant, the most notable one is the level of training that is necessary for each of these disciplines. Usually holding an accounting degree, a professional accountant should also have had further training in tax law and have qualifications in business and fiscal management. Whilst having a fair grasp of these procedures, a bookkeeper in Shaftesbury might not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN SHAFTESBURY
Essentially, the process of bookkeeping is the recording of the day by day transactions of any business or enterprise in Shaftesbury. This may include, but is not limited to;
- Highlighting and rectifying any discrepancies in financial accounts.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Monthly reconciliations and reporting.
- Logging invoices received and making sure payment is completed promptly.
- Recording of all financial incomings; cash, card and electronic payments included.
- VAT submissions and recording.
- The billing of clients for work completed or goods.
- Payroll services.
If you're happy to perform the bulk of bookkeeping work yourself; a professional bookkeeper might only be necessary for double-checking your records on a fixed schedule. To allow for any mistakes or problems to be uncovered and corrected promptly, this should be done on a monthly basis at the bare minimum. This trade-off can often be the most affordable compromise if you are able to stay on top of your everyday financial transactions and trading activities.
There is a fair chance that if you're considering hiring a bookkeeping company, you're currently struggling with the financial recording side of your small business in Shaftesbury. To facilitate the seamless processing of financial data, a decent bookkeeping company will help you to link the most suitable computer software to your accounts, and will offer guidance and advice on things such as preparing expense reports, stocktaking and invoicing.
Being able to reconcile cash flow with accounts payable, is an extremely crucial aspect of good bookkeeping. This means that by optimising the payment of bills to a time when your accounts are buoyant, your bookkeeper will avoid the thing that a lot of small businesses in Shaftesbury are guilty of doing i.e. paying an outstanding bill immediately, or waiting for a final notice. Along with keeping your business financially secure, this also stands you in good stead with suppliers and service providers. When, as an individual, you're mostly focussed on running your everyday business activities, this is a juggling act that can be hard to accomplish.
If you are a sole trader, or operate a small business, employing a qualified bookkeeper in Shaftesbury, also gives them the opportunity to cast a critical eye over the operation of your business. It may be that business trends and patterns that you have overlooked could therefore be brought to the fore. A scenario where a smart bookkeeper flags an area of the business where profits are dropping off, or identifies an opportunity that could prove lucrative, is not at all an unusual occurrence. It's crucial for the economic growth of any business enterprise in Shaftesbury, to spot such key performance indicators (KPI's).
It can sometimes be quite embarrassing to chase up a late payment if your business sends out invoices. If that visit to your clients or phone call is done by an individual from outside your business situation, it's possible for most of that embarrassment to be removed. There are legal techniques a bookkeeper can use, if you've got problems with a consistent late or non-payer, and they can help to resolve the issue before the matter winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as set out in law, start off relatively straightforward. Essentially, sole traders should keep all invoices and receipts, and keep a record of expenditure and income from month to month. Although this may initially sound quite easy, hiring the services of a bookkeeper is still good practice. So that you will be able to claim back bonafide business expenses from HMRC, a specialist sole trader bookkeeper in Shaftesbury will be in a position to advise you on what needs to be done. This may include advertising expenses, consumables, stationery goods, items such as computing equipment and bills and rent if you work from home. If you would like to get more in-depth advice, and discover how your small business can grow and develop moving forward, talk to a trusted bookkeeper.
ONLINE TRADERS
Certain business enterprises that operate in niche markets, might need to use a specialised bookkeeper. If, for instance, you manage an online store, you're going to need a bookkeeper in Shaftesbury who's familiar with online payment procedures, multi-currency processing, international and cross-border taxes and exchange rate transfers. Regulating stock on a 24 hours a day basis is also a huge priority, if that same shop sells goods that you hold or produce, as I'm sure you are aware the internet never sleeps, therefore nor should your bookkeeping services and software.
It's also possible to establish a virtual office, which can be utilised in combination with your bookkeeping package. This enables a sole trader or online only business to have a postal address and telephone service to provide a physical link with their clients. It is certainly worth discussing this possibility if it is needed, although not all bookkeeping businesses in Shaftesbury will provide this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Certificate or Diploma level, and a qualified Shaftesbury bookkeeper does not need to have a degree. There are an ever-increasing choice of courses available online, although qualifications can still be gained via further education colleges and universities.
There are basically two main organisations that provide certification and training for bookkeepers:
The Association of Accounting Technicians (AAT): Entitled to use the letters AATQB, a fully trained member of the AAT (Association of Accounting Technicians) will have completed advanced qualifications and a training schedule in bookkeeping practice. This then allows them to become a certified AAT bookkeeper and guarantees a high level of service which is backed by the organisation. If a bookkeeper who is a member of the AAT has a complaint against them or is found to have broken the code of conduct they could be liable to disciplinary and tribunal procedures to preserve the trustworthiness of the AAT.
The ICB or Institute of Certified Bookkeepers: Keeping their members up-to-speed with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
It is possible to check the qualifications of any bookkeeper on the register of ICB or ATT members on their respective websites. Performing this check is strongly recommended before using the services of any professional bookkeeper in Shaftesbury.
Bookkeeping services are available in Shaftesbury and also in nearby places like: Gillingham, Cann, Stour, Semley, Donhead St Andrew, Stour Provost, Melbury Abbas, Stour Row, Sedgehill, Motcombe, East Stour, West Melbury, Cherry Orchard, Ivy Cross, East Melbury, as well as in these postcodes SP7 0AG, SP7 8BA, SP7 8AY, SP7 8BB, SP7 8LR, SP7 0RR, SP7 7AZ, SP7 8FY, SP7 8FZ, SP7 8AU. Locally based Shaftesbury bookkeeper services will likely have the postcode SP7 and the telephone code 01747. Checking this can confirm you're accessing locally based bookkeepers. Shaftesbury sole traders and business owners are able to utilise these and various other related services.
Bookkeeping Shaftesbury - Outsourcing Options
All businesses in Shaftesbury should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the money left in their bank, the total value of their assets and liabilities, and more. With the owner of the business having to deal with the concerns and issues of running a business, the task of carrying out the bookkeeping is often outsourced to freelance bookkeepers or a bookkeeping company in Shaftesbury.
If a company in Shaftesbury 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 bookkeeping companies and professional bookkeepers in Shaftesbury.
These professional bookkeeping companies in Shaftesbury 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.
Shaftesbury Bookkeeper Tasks
Most Shaftesbury bookkeepers will be willing to provide you with the following services: bookkeeping services for sole traders, bookkeeping services for retail outlets, bookkeeping for shops, bookkeeping services for freelancers in Shaftesbury, accountancy packages Shaftesbury, general bookkeeping services in Shaftesbury, cheap bookkeeping services, bookkeeping for pubs, bookkeeping for clubs, bookkeeping for societies, cash books Shaftesbury, mobile bookkeeping services, landlord bookkeeping Shaftesbury, management reports Shaftesbury, independent bookkeeping services, bank reconciliation, bookkeeping for limited companies, cash flow analysis, double-entry bookkeeping in Shaftesbury, bookkeeping estimates Shaftesbury, Quickbook bookkeeping services, Sage bookkeeping services, corporation tax returns, off-site bookkeeping services, bookkeeping services for self-employed people, personal tax returns Shaftesbury, VAT returns, partnership tax returns, assistance with registering for self-employment in Shaftesbury, Xero bookkeeping services, and more. These are just a selection of the duties that are conducted by local bookkeepers. Shaftesbury providers will be happy to inform you of their whole range of bookkeeping services. If there happen to be other Shaftesbury bookkeeper requirements that you want but don't see here, you can mention them on the QUOTE FORM provided. We'll be in touch with specifics just as soon as we can.
Bookkeepers Near Shaftesbury
Also find: Donhead St Andrew bookkeepers, Cherry Orchard bookkeepers, Stour bookkeepers, East Stour bookkeepers, Melbury Abbas bookkeepers, East Melbury bookkeepers, Sedgehill bookkeepers, Cann bookkeepers, Motcombe bookkeepers, Stour Provost bookkeepers, Semley bookkeepers, West Melbury bookkeepers, Ivy Cross bookkeepers, Stour Row bookkeepers and more. In almost all of these villages and towns, companies that offer bookkeeping services are available. As a result of this accessibility, the financial support essential for effective account management is readily available to both individuals and businesses. By clicking here, residents in the area can obtain price quotes for bookkeeping.
Bookkeeping Services Shaftesbury
- Shaftesbury Tax Returns
- Shaftesbury Credit Control
- Shaftesbury Cheap Bookkeeping
- Shaftesbury Bank Reconciliations
- Shaftesbury Double-Entry Bookkeeping
- Shaftesbury VAT Returns
- Shaftesbury Bookkeeping Estimates
- Shaftesbury Tax Preparation
- Shaftesbury Sole Trader Bookkeeping
- Shaftesbury Payroll Services
- Shaftesbury Bookkeeping Services
- Shaftesbury Small Business Bookkeeping
- Shaftesbury Self-Assessment Bookkeeping
- Shaftesbury Cash Flow Analysis
Bookkeeper Shaftesbury
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Bookkeeping ShaftesburyTo find local Shaftesbury info go here
Bookkeepers in SP7 area, and dialling code 01747.
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