Bookkeepers Shrewsbury Shropshire (SY1): For any person in Shrewsbury who operates an online store, owns a small business or acts as a sole trader, it is their sole responsibility to maintain accurate, "true and fair" financial and accounting records for a minimum of six years. This is outlined by the Companies Act (2006). If you can't produce this information, you may face disqualification as a Company Director and receive a hefty fine. You could undertake these financial records on your own, although when you think about the fact that according to the magazine Accounting Today over forty percent of small business owners spend at least 80 hours per year doing their bookkeeping duties, it can be more economical to employ a professional accountant or bookkeeping service.
If you are filled with dread simply thinking about the possiblility of creating profit, loss and fiscal reports, writing ledgers, tracking liabilities and assets or compiling balance sheets, then the time to contactin Shrewsbury for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
Precisely what is the distinction between an accountant and a bookkeeper is the first question many people in Shrewsbury ask. While in past times a lot of accountants considered the task of bookkeeping to be beneath their skill set, qualifications and experience, a lot of accountancy companies in the Shrewsbury area will now undertake most bookkeeping duties, because of tremendous software improvements over the past 10 yrs or so. To keep their bookkeeping services in step with an independent, it's now fairly common for many accounting companies to have a fixed rate for such services. As it provides a wider range of competition within this sector, this is fantastic news for small businesses in Shrewsbury, making their bookkeeping much more affordable than it previously was.
When you're thinking about the differences between a bookkeeper and an accountant in Shrewsbury, the most notable one is the amount of qualification and training that is needed for each of these disciplines. Normally holding a degree in accounting, a professionalshould also have had additional training in tax essentials and have qualifications in fiscal and business management. Although likely not holding the same financial qualifications, or having this level of training and experience, a bookkeeper in Shrewsbury will undoubtedly have a fair grasp of all such skills.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, the bookkeeping process involves the careful recording of day to day fiscal transactions of any business or enterprise in Shrewsbury. This can include, but isn't limited to;
- Recording of all financial incomings; electronic, cash and card payments included.
- Monthly reports and reconciliations.
- Logging invoices received and ensuring payment is completed punctually.
- Payroll services.
- Making sure that double-entry bookkeeping and accounting practices are followed.
- Billing of clients for work completed or goods.
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT submissions and recording.
Contingent upon the level of service you require, a bookkeeper may only be needed to periodically double-check your records, if you're willing to do the larger part of the bookkeeping work yourself. To allow for any problems or mistakes to be discovered and amended swiftly, this needs to be on a monthly basis as a bare minimum. This trade-off can sometimes be the most cost-effective option if you're confident of remaining up-to-date with your daily financial transactions and business operations.
If you are seriously looking at hiring a bookkeeper in Shrewsbury, whatever your situation, it is fairly likely that you may be having problems with your tax and financial procedures. A good bookkeeping company will be able to assist you in linking your accounts with the most suitable computer software to facilitate the seamless pull-through of financial data, and will provide advice on things such as invoicing, stocktaking and producing expense reports.
The ability to reconcile accounts payable with cash flow, is an especially important aspect of effective bookkeeping. Which means that rather than paying off a bill right away, or waiting on a final notice, which most small businesses in Shrewsbury are guilty of, your bookkeeper will prioritise bill payments to a time when your accounts are in good shape and buoyant. This isn't merely to ensure that your business enterprise is financially secure all the time, but also to keep you in the good books of those people who supply you with services or materials. This is a balancing act that can be tough to accomplish as an individual when you're completely focussed on the smooth running of your company.
If you are a sole trader, or own a small business, employing a certified bookkeeper in Shrewsbury, also gives them an opportunity to cast a critical eye over the running of your business. It might be that business trends and patterns that you may have disregarded will therefore be pinpointed. A scenario where an intelligent bookkeeper flags an area of the business where profits are dropping, or spots a new opportunity which may prove lucrative, is not at all an uncommon occurrence. Spotting these key performance indicators (KPI's) is vital for the success of any business enterprise in Shrewsbury.
It can sometimes be uncomfortable to chase up late payments if your company gives out invoices. Some of that embarrassment can be removed by having an independent person outside your business bubble visit your customers or make that telephone call. To help resolve the matter, if you've got a persistent late or non-payer, there are legal options that can be employed by a professional bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are pretty straightforward and easily understandable. It's stated that a sole trader must keep track of income and expenditure from month to month and retain all invoices and receipts. It's still recommended that you retain the expertise of a bookkeeper, even if this may sound easy. A specialist sole trader bookkeeper in Shrewsbury will be able to give you advice on what you can claim back from HMRC as business expenses. This may include printer ink, stationery, items such as computing equipment, bills and rent if working from home and advertising. For more in-depth advice, speak to a trusted bookkeeper, and discover how they can help your business to flourish and grow moving forward.
ONLINE TRADERS IN SHREWSBURY
There are certain niche areas in bookkeeping where a specialist might be necessary. For instance, if you run a store online, you will want to employ a bookkeeper in Shrewsbury who understands multi-currency processing, exchange rate transfers, online payment procedures and cross-border and international taxes. Supervising inventory on a 24/7 basis is also a crucial concern, if that same shop distributes goods that you hold or produce, after all the internet never sleeps, so nor should your bookkeeping software or services.
It is also possible to provide a remote virtual office, which can be utilised in combination with your bookkeeping package. This enables a sole trader or online only business to provide a physical link with their clients, via a phone service and postal address. Although this solution might not be supplied by all Shrewsbury bookkeeping businesses, it's definitely worth discussing the possibilities if this service is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified bookkeeper in Shrewsbury doesn't need to hold a degree and a great many this sector's qualifications are at Certificate and Diploma level. Although there are a choice of bookkeeping courses available online, qualifications can still be obtained through further education colleges and universities, if that is the chosen route.
To provide training and certification for bookkeepers, there are basically two main organisations of interest:
The Association of Accounting Technicians or AAT: The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications enabling a fully trained member to use the letters AATQB. They can then become accredited AAT bookkeepers, approved by this organisation, which assures a high level of service for their customers. To preserve the values and integrity of AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have contravened the code of conduct they can be liable to tribunal and disciplinary processes.
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers or ICB is the largest organisation of its kind in the world and provides accreditation to bookkeepers, together with training and reference material to keep their associated members up-to-date with the latest trends and innovations.
By going to their websites, you're able to inspect the register of AAT or ICB members, to find the accreditations of any bookkeeper. Prior to using the services of any bookkeeping company in Shrewsbury, it's clearly a wise idea to perform such checks.
For small business owners in Shrewsbury who wish to stay on top of their tax obligations while minimizing administrative tasks, outsourcing VAT return preparation to a bookkeeper may be a wise decision. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by. On top of that, a local bookkeeper can offer you useful advice on ways to minimize your VAT obligation and ensure that you are claiming all the eligible VAT that you are entitled to. With a bookkeeper on your team, you can be at ease knowing that your VAT returns are being managed with efficiency and accuracy, freeing up more of your time to focus on the growth of your business in Shrewsbury.
Cash Flow Analysis
Understanding the financial wellbeing of a business is vital, and cash flow analysis is the key tool for achieving this. A vital task for bookkeepers is to conduct cash flow analysis on behalf of businesses. The task involves keeping tabs on the amount of cash entering and leaving the business within a particular period of time, generally monthly or quarterly. Through this, the bookkeeper can help the business owner to comprehend their current financial status, identify any cash flow problems, and prepare for the future.
By categorizing and reconciling all cash transactions, such as investments, sales and expenses, in the analysis, the bookkeeper creates a clear picture of the company's financial health. Additionally, cash flow analysis can also entail forecasting cash flow for the forthcoming months or years to assist the business in making educated decisions and avoiding cash flow difficulties.
Any business that wants to manage their finances effectively must have a precise and comprehensive.
Bookkeepers Near Shrewsbury
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Shrewsbury Bookkeeper Tasks
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