Bookkeepers Shrewsbury Shropshire (SY1): Irrespective of whether you are a sole trader, own a small business or run an online store in Shrewsbury, you're responsible for keeping "true and fair", accurate accounting and financial records for at least 6 years in accordance with the Companies Act (2006). If you cannot produce such information, you might be disqualified as a Company Director and face thousands of pounds in fines. It is often better to employ a professional bookkeeping service or accountant to undertake this for you, given that according to the magazine Accounting Today over forty percent of small business owners spend over eighty hours every year doing their accounts, which is a large investment of time, and may be more efficiently spent on your primary business activities.
The time has come to get in touch with a bookkeeper in Shrewsbury for guidance, if you're overcome with a sense of dread simply thinking about tracking assets and liabilities, writing out ledgers, compiling balance sheets or preparing profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
The very first question many folks ask is "What is the difference between a bookkeeper and an accountant?" The reality is that while at one time the bookkeeping process, was considered to be beneath the experience, qualifications and skill-sets of an accountant, because of improvements in software over the past ten years or so, most accountancy companies in the Shrewsbury area will now take on bookkeeping. Most accounting companies now have a set rate for bookkeeping services, to keep them in line with what a dedicated bookkeeper in Shrewsbury would normally charge. Because it provides a greater variety of competition within this sector, this is good news for small business owners in Shrewsbury, making the cost of their bookkeeping much more affordable than it previously was.
When considering the big difference between an accountant and a bookkeeper, it's the level of qualification and training that's required for each discipline. An accountant will generally hold at least a degree in accounting with specialist training in the field of taxation and other financial and business management. A bookkeeper in Shrewsbury may not necessarily hold the qualifications or levels of training and experience, but should still have a really good understanding of these fiscal disciplines.
RESPONSIBILITIES OF A BOOKKEEPER
To explain in the simplest of forms, the bookkeeping process involves the logging of day to day financial transactions of any business in Shrewsbury. This could include;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- The billing of customers for work completed or goods.
- Recording invoices received and making certain that payment is completed promptly.
- Monthly reports and reconciliations.
- Payroll services.
- VAT submissions and recording.
- Logging of all financial incomings; including card, electronic and cash payments.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
Whilst it is dependent on the extent of the service you're interested in, if you are willing to undertake the bulk of your own bookkeeping work, a professional bookkeeper may just be needed to periodically double-check your records. To allow for any mistakes or problems to be found and corrected swiftly, this needs to be from month to month as a bare minimum. Provided that you're confident of remaining up-to-date with your monetary transactions without affecting your everyday trading duties, this solution can be an extremely economical trade-off.
There's a fair chance that if you are looking to hire a bookkeeping company, you're currently stressed with the financial recording side of your small business in Shrewsbury. A professional bookkeeping company will be able to offer guidance and advice on everything from invoicing, stocktaking and producing expense reports, to linking the latest software with your business accounts to facilitate the seamless organisation of data.
An extremely crucial aspect of good bookkeeping is the ability to reconcile cash flow with accounts payable. This means that your bookkeeper will prioritise bill payments to a time when your accounts are in good order, instead of paying off a bill immediately, or waiting on a final notice, which most small businesses in Shrewsbury are guilty of at some time or other. This doesn't just keep you in the good books of suppliers and those businesses who supply you with services, but also makes sure that your enterprise or business is financially stable. When, as an individual, you are completely focussed on the smooth running of your everyday business activities, this can be a juggling act that's challenging to perform.
For your small business enterprise, or if you're a sole trader, using a competent bookkeeper in Shrewsbury, gives you an opportunity to have an impartial eye cast over your financies. This unprejudiced appraisal can enable them to notice business patterns and trends that you may have overlooked. A situation where an intelligent bookkeeper flags an area which is decreasing in profits, or identifies a new opportunity that could prove lucrative, is not at all an unusual occurrence. It's crucial for the growth and success of any business in Shrewsbury, to spot such key performance indicators (KPI's).
If invoices are sent out by your business it can sometimes be awkward to pursue a late payment. Some of that awkwardness can be removed by having someone outside your business bubble visit your client or make that phone call. To help with resolving the issue, if you have problems with a persistent late payer, there are legal strategies that can be employed by a professional bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively uncomplicated bookkeeping requirements for sole traders, that are laid out by law. It is stipulated that a sole trader should monitor expenditure and income from month to month and keep all invoices and receipts. While this might sound simple it is still a good idea to hire the expertise of a competent bookkeeper. So that you'll be able to claim back all valid business expenses from HMRC, a professional sole trader bookkeeper in Shrewsbury will be able to give you advice on what needs to be done. This might include advertising, bills and rent if working from home, items such as laptops, stationery and consumables. If you would like to get more detailed advice, and see how your small business can grow and develop in the future, chat to your bookkeeper.
There are various niche businesses where a specialist bookkeeping service could be necessary. By way of example, if you run an online store, you'll be wise to employ a bookkeeper in Shrewsbury who's familiar with multi-currency processing, online payment procedures, exchange rate transfers and cross-border and international taxes. If that same store sells goods that you produce or hold, then controlling inventory on a 24/7 basis is a huge priority, as I'm sure you will realise the internet does not sleep, so neither should your bookkeeping software or services.
A remote virtual office can also be supplied in conjunction with your bookkeeping service. Offering a physical connection to their clients, this allows a sole trader or online only business to have a postal address and telephone service. Not all bookkeeping businesses in Shrewsbury will be willing to provide this solution, however it's worthwhile talking about if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a qualified bookkeeper in Shrewsbury to hold a university degree, and a lot of the bookkeeping qualifications are held at Certificate and Diploma level. Although there's a variety of online bookkeeping courses available, qualifications can still be obtained through further education colleges and universities, if that's the preferred route.
Bookkeepers are represented by 2 principal training and certification organisations:
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the AAT (Association of Accounting Technicians), allows a fully trained bookkeeper to use the letters AATQB after their name. They're then entitled to become approved AAT bookkeepers, which promises their customers a decent level of service which is backed by the association. To safeguard the integrity and values of AAT membership, if an AAT bookkeeper is found to have contravened the code of practice or has a complaint against them, they will be liable to disciplinary and tribunal processes.
The ICB or Institute of Certified Bookkeepers: Keeping their associated members informed about the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation in the world, providing accreditation to bookkeepers, together with training and reference material.
The accreditations of any professional bookkeeper can be verified on the register of ICB or ATT members on their websites. Prior to employing the services of any bookkeeping company in Shrewsbury, it is always a wise idea to perform such checks.
Bookkeeping services are available for people living in in Shrewsbury and also in: Harlescott, Bicton, Annscroft, Ditherington, Sutton, Bayston Hill, Uffington, Atcham, Radbrook, Meole Brace, Sweet Lake, Upton Magna, Frankwell, Gravelhill, Montford Bridge, Bicton Heath, Kingsland, Underdale, Coleham, Great Hanwood, Battlefield, Cherry Orchard, as well as in these postcodes SY1 1SG, SY1 1RT, SY1 1HU, SY1 1JR, SY1 1HQ, SY1 1NP, SY1 1SX, SY1 1EN, SY1 1AN, SY1 1XH. Locally based Shrewsbury bookkeeper services will most likely have the dialling code 01743 and the postcode SY1. Verifying this should confirm you access locally based bookkeepers. Shrewsbury sole traders and business owners will be able to benefit from these and countless other comparable services.
Shrewsbury Bookkeeper Tasks
Most Shrewsbury bookkeepers will be ready to offer you the following accounting and bookkeeping services: professional bookkeeping services, bookkeeping and accounting, bookkeeping for pubs Shrewsbury, VAT returns, bookkeeping services for limited companies Shrewsbury, bookkeeping services for tradesmen, QUOTE FORM provided. We'll get back to you with information just as soon as we can.in Shrewsbury, bookkeeping for organisations, payment services in Shrewsbury, accounting and bookkeeping services, bookkeeping services, bookkeeping services for societies, bookkeeping services for freelancers, general bookkeeping services in Shrewsbury, Kashflow bookkeeping services in Shrewsbury, mobile bookkeeping services in Shrewsbury, franchise bookkeeping Shrewsbury, cash books Shrewsbury, Quickbook bookkeeping Shrewsbury, bookkeeping services for charities, credit control, bookkeeping services for startups, accountancy packages, letting agent bookkeeping Shrewsbury, Self-Assessment tax returns in Shrewsbury, cash flow analysis in Shrewsbury, bookkeeping for self-employed Shrewsbury, corporation tax returns in Shrewsbury, tax return preparation in Shrewsbury, tax returns, and more. These are just some of the activities that are carried out by local bookkeepers. Shrewsbury professionals will be delighted to keep you abreast of their entire range of services. If there happen to be some other Shrewsbury bookkeeper requirements that you need but cannot see here, you can easily list them on the
Bookkeepers Near Shrewsbury
Also here.: Meole Brace bookkeepers, Radbrook bookkeepers, Bicton Heath bookkeepers, Harlescott bookkeepers, Underdale bookkeepers, Ditherington bookkeepers, Kingsland bookkeepers, Frankwell bookkeepers, Uffington bookkeepers, Bicton bookkeepers, Sutton bookkeepers, Gravelhill bookkeepers, Sweet Lake bookkeepers, Coleham bookkeepers, Montford Bridge bookkeepers, Annscroft bookkeepers, Cherry Orchard bookkeepers, Battlefield bookkeepers, Atcham bookkeepers, Great Hanwood bookkeepers, Bayston Hill bookkeepers, Upton Magna and more. All of these locations are served by local bookeepers. Shrewsbury businesses and traders can get pricing for bookkeeping services by clicking
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Bookkeepers Around Shrewsbury: People who live in these Shrewsbury streets and roads have just recently enquired about bookkeeping services - The Glebe, Sawston Close, Astley Lane, The Laurels, Copthorne Crest, Barkers Chambers, Salcombe Drive, Booley Common, St Johns Row, Station Cottages, Charlton Close, Belgrave Place, Burlington Place, Sunfield Park, Drawwell Lane, Sundorne Road, St James Road, Tansley Close, Barracks Passage, Arden Close, Sunningdale, Argyll Street, Bynner Street, Burley Street, Burnham Avenue, Crowmeole Lane, Belmont Bank, Salamanca Avenue, Severnoak Lodge Caravan Park, Beeches Road, as well as these local Shrewsbury postcodes: SY1 1SG, SY1 1RT, SY1 1HU, SY1 1JR, SY1 1HQ, SY1 1NP, SY1 1SX, SY1 1EN, SY1 1AN, SY1 1XH.
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Bookkeepers in SY1 area, phone code 01743.
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