Bookkeepers Sittingbourne Kent (ME9): For anyone in Sittingbourne who operates a small business, acts as a sole trader or runs an online store, it's their sole responsibility to keep "true and fair", accurate financial and accounting records for at least 6 years. This is outlined by the 2006 Companies Act. If you can't produce such records, you could be disqualified as a Company Director and face thousands of pounds in fines. There's a large time investment involved with keeping these financial recordings on your own behalf, and it can be more economical to use a professional accountant or bookkeeper, because according to Accounting Today over 40% of small business owners spend eighty hours plus per year doing their bookkeeping activities.
It is time to get in touch within Sittingbourne for guidance, if the very thought of preparing profit, loss and fiscal reports, tracking liabilities and assets, compiling balance sheets or filling out ledgers fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
The very first question many folks ask is "What exactly is the distinction between an accountant and a bookkeeper?" The fact is that whilst at one time the bookkeeping process, was considered beneath the skill-sets, qualifications and experience of an accountant, because of software improvements over the past decade, most accountancy companies in the Sittingbourne area will now consider taking on bookkeeping tasks. A lot of accounting firms now have a flat rate for bookkeeping services, to keep them in line with what a dedicated bookkeeper in Sittingbourne would routinely charge. Business owners in Sittingbourne are now cashing in on this, since it gives a wider variety of competition within the industry and can make bookkeeping much more manageable than it would have been in the past.
The big difference of an accountant over a bookkeeper is the amount of qualification and training required. Anwill, at a minimum, hold a degree in accounting, and should have also had additional training in business and financial management, and taxes. A bookkeeper in Sittingbourne might not necessarily hold the qualifications or levels of training and experience, but will still have a good grasp of these fiscal procedures.
RESPONSIBILITIES OF A BOOKKEEPER
Essentially, the bookkeeping process is to record the day by day fiscal transactions of any business in Sittingbourne. This is likely to include, but is in no way limited to;
- Monthly reconciliation and reports.
- Payroll services.
- Recording invoices received and ensuring payment is completed on time.
- VAT recording and submissions.
- Logging of all financial incomings; cash, electronic and card payments included.
- The billing of customers for work completed or goods.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Highlighting and rectifying any discrepancies in the financial accounts.
Depending on service level you're looking for, e.g. you're in a position to perform a large majority of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your accounts every once in a while. To make certain that any problems or mistakes can be found and corrected promptly, as a bare minimum, this should be from month to month. If you are confident of keeping on top of your day by day financial transactions and trading activities, this trade-off can sometimes be the most affordable compromise.
It's fairly likely that if you're considering hiring a bookkeeping company, you are currently having problems with the financial recording side of your small business in Sittingbourne. To enable the seamless organisation of transactional data, a professional bookkeeper will help you link the most suitable computer software to your business accounts, and will give advice on procedures like preparing expense reports, stocktaking and invoicing.
Being able to reconcile accounts payable with cash flow, is an especially crucial element of good bookkeeping. This means that by optimising bill payments to a time when your finances are in good shape and buoyant, your bookkeeper will avoid the mistake that most small businesses in Sittingbourne are guilty of doing i.e. paying off a bill straight away, or waiting for an overdue notice. This isn't just to make sure that your business is financially secure all the time, but also to keep you in good stead with those who supply your materials or services. This is a juggling act that you may find hard to perform as an individual when you are primarily focussed on running your company.
If you're a sole trader, or run a small business, employing an experienced bookkeeper in Sittingbourne, also gives them the chance to cast an unrelated eye over the financial dealings of your business. Business trends and patterns that might have gone unnoticed may be pinpointed by this kind of objective assessment. It's not unusual for a bookkeeper to recognise a new opportunity or flag an area of the business which is falling in profits. For the success of any small business in Sittingbourne, it is essential that such key performance indicators (KPI's) are spotted early.
If you send out invoices in your business operations, having to chase up a late payment can be quite humiliating. If that visit to your customer or telephone call is done by someone outside your business situation, it's possible for some of that awkwardness to be taken away. If you've got a persistent late payer there are legal techniques a professional bookkeeper can use to help resolve the situation before the issue ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as set out in law, start off comparatively straightforward. It's stipulated that sole traders must monitor income and expenditure on a monthly basis and save all invoices and receipts. Now, this does not seem too difficult does it? Yet, it's still a good idea to hire the services of a competent bookkeeper to ensure that it is all done accurately. A specialist sole trader bookkeeper in Sittingbourne will be able to advise you on what you may be able to claim back from HMRC as business expenses. This may include printer ink, items such as computing equipment, stationery, bills and rent if you work from home and promotional advertising. For more comprehensive advice, talk to your local bookkeeper, and discover how they may be able to help your small business to grow in the future.
ONLINE TRADERS IN SITTINGBOURNE
There are certain niche areas in bookkeeping where the skills of a specialist could be necessary. If online payment procedures, exchange rate transfers, cross-border and international taxes and multi-currency processing are involved, for instance if you operate an online store, you will want to hire a bookkeeper in Sittingbourne who understands these operations. Controlling stock on a 24/7 basis is also a major priority, if the same shop sells goods that you produce or hold, after all the internet doesn't sleep, so nor should your bookkeeping software or services.
It is also possible to establish a virtual office, which can be used in combination with your bookkeeping package. This enables an online only business or sole trader to offer a physical link with their customers, via a postal address and telephone service. If this sort of service could be useful, it is certainly worth discussing, although this solution will not be supplied by all bookkeeping companies in Sittingbourne.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate and Diploma level, and it isn't mandatory for a certified Sittingbourne bookkeeper to have an accounting degree. There are an ever-growing number of online courses available, although bookkeeping qualifications can still be gained via further education universities and colleges.
There are basically two primary organisations that provide certification and training for bookkeepers:
The Association of Accounting Technicians (AAT): Able to use the letters AATQB after their name, a certified member of the Association of Accounting Technicians (AAT) will have undergone advanced qualifications and training in bookkeeping practice. This then permits them to become a accredited AAT bookkeeper and assures a certain standard of service which is backed by the association. If a bookkeeper who's associated with the AAT is found to have violated the code of practice or has a complaint filed against them, they can be liable to tribunal and disciplinary processes to protect the values and integrity of aat membership.
The Institute of Certified Bookkeepers or ICB: The largest bookkeeping organisation on the planet is the the Institute of Certified Bookkeepers (ICB), and it supplies accreditation to bookkeepers, along with reference material and training to ensure their members are informed about the latest trends and developments.
The qualifications of any professional Sittingbourne bookkeeper can be checked on the register of AAT or ICB members on their websites. Before using the services of any professional bookkeeper in Sittingbourne it is strongly advised to carry out this check.
What Are the Main Advantages of Using a Bookkeeper in Sittingbourne Over an Accountant?
The following are some reasons why you might choose to use a bookkeeper in Sittingbourne, as opposed to an accountant:
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants whose approach may be more general.
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in such tasks.
- 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 certain times of the year.
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient in comparison to accounting services, which makes them a smart choice for sole traders, startups and small businesses looking to save on expenditure.
- Time Savings: By outsourcing their bookkeeping tasks, small business owners can save time and concentrate on other aspects of their business, for example sales and marketing.
It is important to note that whilstoffer valuable support, they may not have quite the same level of expertise or qualifications as an in aspects such tax preparation or financial planning. In cases like this, seeking the specialised services of an accountant may be essential.
Sittingbourne Bookkeeper Tasks
Most bookkeepers in Sittingbourne will be ready to offer you the following bookkeeping services: QUOTE FORM provided. We'll be in touch with specifics just as soon as we are able.in Sittingbourne, financial statement preparation, bookkeeping services for restaurants Sittingbourne, bank reconciliations, bookkeeping services for limited companies, letting agent bookkeeping in Sittingbourne, professional bookkeeping services, bookkeeping services, wages & PAYE, management reports, franchise bookkeeping, tax return preparation, Self-Assessment tax returns, bookkeeping for pubs, bookkeeping services for societies, , bookkeeping services for clubs, Sage bookkeeping services, bookkeeping services for shops in Sittingbourne, cash flow analysis, payroll bookkeeping, bookkeeping for freelancers, bookkeeping for tradesmen, corporation tax returns in Sittingbourne, maintaining fixed asset registers in Sittingbourne, business bookkeeping, , bookkeeping for startups in Sittingbourne, charity bookkeeping Sittingbourne, Quickbook bookkeeping services in Sittingbourne, and more. Listed are just a selection of the tasks that are handled by local bookkeepers. Sittingbourne providers will be happy to tell you about their full range of services. If there happen to be different Sittingbourne bookkeeper requirements that you want but can't see here, you can easily list them on the
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