Bookkeepers Shanklin Isle of Wight (PO37): You're entirely responsible for keeping "true and fair", accurate financial and accounting records for at least 6 years, if you own a small business, are a sole trader or operate an online store in Shanklin, according to the Companies Act (2006). You might face thousands of pounds in fines, and possibly Company Director disqualification, if you can't produce such records. There's a significant investment of time involved with maintaining these financial recordings on your own behalf, and it can be more economical to employ a professional accountant or bookkeeping service, because according to the trade magazine Accounting Today over forty percent of small businesses spend eighty hours plus per year on their bookkeeping tasks.
The time has come to contact a bookkeeper in Shanklin for help and advice, if you're overcome with a sense of terror simply thinking about the possiblility of creating profit, loss and financial statements, filling out ledgers, tracking assets and liabilities or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most people ask is "What exactly is the difference between a bookkeeper and an accountant?" In the old days it was frequently deemed to be beneath the skill set, qualifications and experience of an accountant to do the work of a bookkeper, however because of huge improvements in software over the past decade or so, many bookkeeping duties will now be taken on by accountancy companies in Shanklin. For many accountancy firms it's now fairly common to charge a fixed rate for bookkeeping services, so that they're comparable to the standard fees of an independent bookkeeper in Shanklin. Business owners are now cashing in on this, as it generates a wider range of competition within the marketplace and can mean that the cost of bookkeeping is way more affordable than it would have been in the past.
When considering the main difference between an accountant and a bookkeeper in Shanklin, it's the level of training and qualification that's necessary for each discipline. Normally holding an accounting degree, a professional accountant should also have had training in tax matters and additional qualifications in financial and business management. Whilst not necessarily holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Shanklin will still have a good grasp of all these fiscal skills.
RESPONSIBILITIES OF A BOOKKEEPER IN SHANKLIN
In the simplest of terms, the bookkeeping process involves the recording of daily monetary transactions of any business or enterprise in Shanklin. This is likely to include, but is in no way limited to;
- Recording the receipt of invoices and making sure payment is completed by the due date.
- The billing of clients for goods or work completed.
- Payroll services.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT submissions and recording.
- Monthly reconciliations and reporting.
- Ensuring double-entry bookkeeping and accounting practices are followed.
Whilst it depends on the extent of the service you're interested in, if you're willing to carry out most of your own bookkeeping work, a bookkeeper may just be needed to periodically double-check your figures. As a bare minimum this really needs to be done each month, to enable the quick identification and rectifying of any problems or mistakes. This might be an extremely cost-effective trade-off, so long as you are confident of keeping in control of your financial transactions without affecting your day to day trading duties.
There's a fair chance that if you are thinking of hiring a bookkeeper in Shanklin, you are currently fretting over the financial recording aspects of your small business. Offering assistance with everything from stocktaking, producing expense reports and invoicing, a professional bookkeeping service will also be able to help you link your accounts with the most up-to-date software to enable the seamless processing of all your business's data.
The effective reconciliation of cash flow with accounts payable is one of the most vital elements of a good bookkeeping service. This means that your bookkeeper will optimise bill payments to times when your accounts are buoyant and in good shape, rather than paying a bill right away, or waiting for a final notice, which many small businesses in Shanklin are guilty of doing. Together with keeping your business or enterprise on a good financial footing, this also maintains your reputation with service providers and suppliers. This is a juggling act that can be challenging to accomplish on your own when you are completely focussed on the smooth running of your business.
If you are a sole trader, or own a small business, employing a competent bookkeeper in Shanklin, also gives them an opportunity to cast a critical eye over the financial dealings of your business. Business patterns and trends that might have otherwise gone unnoticed may be highlighted by this kind of independent appraisal. A scenario where a smart bookkeeper flags up an area where profits are decreasing, or spots a new opportunity which may be worthwhile, is by no means an uncommon occurrence. Such KPI's (key performance indicators) are essential in the success of any business enterprise in Shanklin.
If invoices are sent out by your business it can sometimes be humiliating having to pursue late payments. If that visit to your customers or phone call is done by somebody from outside your business bubble, it's possible for some of that awkwardness to be eliminated. There are legal methods that a bookkeeper can employ, if you've got a consistent late payer, and they can help to clear up the issue before the situation ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably basic bookkeeping requirements for sole traders, that are set out in law. In essence, sole traders should save all invoices and receipts, and keep records of expenditure and income on a monthly basis. While this may sound simple enough it is still recommended that you retain the services of a bookkeeping company. A dedicated sole trader bookkeeper in Shanklin will be able to advise you on what you may be able to claim back from HMRC as business expenses. This may include rent and bills if working from home, promotional advertising, printer ink, items such as laptops and stationery goods. To see how to help your business grow, chat to a trusted bookkeeper for more in-depth advice.
ONLINE TRADERS IN SHANKLIN
Specialist bookkeepers are needed now and again for specific bookkeeping niches. You will need a bookkeeper in Shanklin who understands online payment procedures, exchange rate transfers, multi-currency processing and international and cross-border taxes, if you manage a store online for instance. If you hold or produce the merchandise that you sell through that store, then it will be a major concern for your bookkeeping services and software to manage your stock on a 24/7 basis, since the internet doesn't sleep.
It's also possible to establish a remote virtual office, which can be utilised together with your bookkeeping service and package. This enables a sole trader or online only business to offer a physical connection to their clients, via a postal address and telephone service. Not all Shanklin bookkeeping companies will be able to supply this option, however it is worthwhile talking about the possibilities if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Shanklin bookkeeper does not need to hold a university degree and most qualifications in this sector are at Certificate or Diploma level. Although there are an ever-increasing number of courses available online, bookkeeping qualifications can still be gained via further education universities and colleges, if that's the chosen route.
There are basically 2 principal organisations that offer training and certification to bookkeepers:
The Institute of Certified Bookkeepers (ICB): The largest bookkeeping organisation in the world is the the Institute of Certified Bookkeepers or ICB, and it supplies accreditation to certified bookkeepers, along with training and reference material to keep their associated members up-to-date with the latest trends and innovations.
The Association of Accounting Technicians or AAT: With fully certified bookkeepers entitled to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides advanced qualifications and training. This then entitles them to become a accredited AAT bookkeeper and assures a standard of service which is backed by the association. To protect the credibility of the AAT, if an AAT bookkeeper is found to have breached the code of conduct or has a complaint filed against them, they could be subject to tribunal and disciplinary procedures.
By going to their respective websites, it is possible to confirm the qualifications of any bookkeeper on the register of ICB or AAT members. It is wise to carry out this check, before retaining the services of any local bookkeeper in Shanklin.
Bookkeeping Shanklin - Outsourcing Options
All businesses in Shanklin should understand the significance of bookkeeping. It helps business people monitor the sum total of their liabilities and assets, their incomings and outgoings, the money left in their bank account, and so forth. With the owner of the business having to contend with the issues and concerns of running a business, the task of doing the bookkeeping is sometimes outsourced to freelance bookkeepers or a bookkeeping company in Shanklin.
If a company in Shanklin hires a bookkeeper in order to join their ranks, the company will need to fork out a substantial amount of money in training the person for the purpose of performing the bookkeeping duties. On top of that, there's no guarantee that the individual will stay for long in the company. In that situation, the company will lose a substantial sum of money for very little return. As well as that, companies will have to seek out solutions to offer benefits and incentives to keep the trained employee in place. These are just a handful of the reasons why businesses often choose to enlist the services of bookkeeping companies and professional bookkeepers in Shanklin.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who might continue with outdated accounting practices. Again, they're 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 of companies offering financial bookkeeping services catering to all kinds of clients and industries in Shanklin. The majority of these companies promise and deliver top quality service. It is important for a business to look into the background of these Shanklin bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
These professional bookkeeping companies in Shanklin 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 necessary back-up and support.
What Are the Main Advantages of Using a Bookkeeper in Shanklin Instead of an Accountant?
There are a few advantages to using a bookkeeper instead of an accountant, including:
- Expertise: Bookkeepers frequently have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more efficient and effective in such tasks.
- Time: By outsourcing bookkeeping, businesses can save a bit of time and focus on other crucial areas of their business such as sales and marketing.
- Accessibility: Bookkeepers are normally more available to provide support and answer questions on a regular basis than an accountant, who may only be available at specific times.
- Customisation: Bookkeepers can provide services that are tailored to a business's particular needs, unlike accountants who might have a more standard approach.
- Affordability: Bookkeeping services are usually more budget-friendly compared to accounting services, making them an inexpensive option for startups, sole traders and small businesses.
It's vital to note that even though bookkeepers offer some amazing services, they might not have the same level of qualifications or expertise as an accountant in areas such financial planning or tax preparation. In cases like this, seeking the specialised services of an accountant might be necessary.
Using a Bookkeeper for Tax Returns
In the United Kingdom, self-employed people or those with small businesses may be required to file a self-assessment tax return. The process can make this task daunting, especially if you're not familiar with it. Accurately and on time, a good bookkeeper can help you prepare your tax return, as well as keeping your records organised.
To do your tax returns, employing a bookkeeper can be beneficial in several ways. They will make certain that your return is completed correctly, with their expertise and experience. This should help you avoid any problems with HMRC, such as interest charges or penalties. Secondly, bookkeepers can save you time and effort. All of the paperwork and calculations will be taken care of by them, so you can focus your attention on the running of your business. Third, invaluable advice on tax planning can be provided by a bookkeeper in Shanklin. This enables you to minimise your tax liability and maximise your profits. (70193)
Shanklin Bookkeeper Tasks
Most bookkeepers in Shanklin will be able to offer you the following bookkeeping and accounting services: accountancy packages, corporation tax returns, bookkeeping services for societies, payment services, franchise bookkeeping, tax preparation, profit & loss reports in Shanklin, management accounts in Shanklin, personal tax returns Shanklin, general bookkeeping services, Quickbook bookkeeping services, independent bookkeeping services, partnership tax returns, bookkeeping for limited companies in Shanklin, bookkeeping services for sole traders in Shanklin, Xero bookkeeping services, cash flow analysis, bookkeeping for retail outlets Shanklin, mobile bookkeeping services, cash books, accounting and bookkeeping, maintaining fixed asset registers Shanklin, small business tax returns in Shanklin, bookkeeping for pubs in Shanklin, double-entry bookkeeping, professional bookkeeping services in Shanklin, bookkeeping for tradesmen, off-site bookkeeping services Shanklin, Self-Assessment tax returns in Shanklin, bookkeeping for small businesses in Shanklin, and more. Listed are just a handful of the activities that are performed by local bookkeepers. Shanklin companies will be happy to inform you of their entire range of bookkeeping services. If there are additional Shanklin bookkeeper requirements that you need but don't see here, you can easily mention them on the QUOTE FORM provided. We'll get back to you with details just as soon as we are able.
Bookkeepers Near Shanklin
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