Bookkeepers Solihull West Midlands (B91): For anybody in Solihull who operates a small business, acts as a sole trader or runs an online store, it is their sole responsibility to keep accurate, "true and fair" financial and accounting records for at least 6 yrs. This is in accordance with the Companies Act. You could be disqualified as a Company Director and receive a hefty fine, if you can't produce such records. It can pay you to employ a professional bookkeeper or accountant to accomplish this for you, since according to Accounting Today magazine over forty percent of small business owners spend over 80 hours every year on their bookkeeping activities, which is a considerable investment of time, and may be more efficiently spent on actually running your business.
If the idea of filling out ledgers, producing balance sheets, tracking assets and liabilities or preparing profit, loss and fiscal reports fills you with a sense of panic, then it's time to contact a bookkeeper in Solihull for guidance.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Solihull, an obvious question when faced with this dilemma is "What exactly is the distinction between an accountant and a bookkeeper?" The truth is that while in the past many accountants considered the bookkeeping process to be beneath their qualifications, skill-sets and experience, a lot of accountancy firms in Solihull will now undertake most bookkeeping duties, because of significant software improvements over the past decade. Most accountancy firms now charge a set rate for bookkeeping services, to keep them in step with what a dedicated bookkeeper in Solihull would routinely charge. Business owners are now cashing in on this, because it offers a greater variety of competition within this sector and can mean that the cost of bookkeeping is way more manageable than it would previously have been.
The level of qualification and training required is the biggest difference between an accountant and a bookkeeper. Generally holding an accounting degree, a professional accountant will also have had further training in tax matters and have qualifications in financial and business management. A bookkeeper in Solihull will have a good grasp of these disciplines, but may not have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping put in the simplest of terms, is the recording of the day to day financial transactions of any business in Solihull. This is likely to include, but is by no means limited to;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Logging of all financial incomings; cash, electronic and card payments included.
- Payroll services.
- The billing of customers for goods or work completed.
- Monthly reconciliations and reports.
- Recording invoices received and ensuring that payment is completed promptly.
- VAT submissions and recording.
- Ensuring double-entry bookkeeping and accounting practices are observed.
Dependant upon the level of service you require, e.g. you're happy to undertake the majority of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your records on a fixed schedule. To ensure that any mistakes or problems can be detected and corrected swiftly, as a bare minimum, this really needs to be done each month. If you are able to stay in control of your day to day financial transactions and trading, this trade-off can often be the most affordable option.
If you are seriously considering hiring a bookkeeper in Solihull, whatever your situation is, it's fairly likely that you could be fretting over your financial and tax procedures. A professional bookkeeping service will be able to provide guidance and advice on everything from stocktaking, invoicing and producing expense reports, to linking the most suitable software with your business accounts to facilitate the seamless organisation of data.
An especially important element of effective bookkeeping is the ability to reconcile accounts payable with cash flow. Which means that your bookkeeper will organise bill payments to times when your finances are in good shape and buoyant, rather than paying an outstanding bill immediately, or waiting on an overdue notice, which a lot of small businesses in Solihull are guilty of. This doesn't just keep your business or enterprise on a secure financial footing, but keeps you in the good books of suppliers and those businesses who provide you with services. When you are primarily focussed on the operation of your company, this is a juggling act that can be challenging to perform on your own.
Using an experienced bookkeeper in Solihull, if you are a sole trader, or for your small business also gives them the opportunity to cast an impartial eye over your business affairs. Business patterns and trends that you might have disregarded may be pinpointed by this type of objective evaluation. It's by no means unusual for an astute bookkeeper to flag up an area of the business which is decreasing in profits, or spot a new opportunity that may be worthwhile. Spotting these KPI's (key performance indicators) is important for ensuring the growth of any business in Solihull.
If you send out invoices in your business operations, needing to pursue a late payment can be fairly uncomfortable. Having a professional outside your business bubble, can take the embarrassment away from visiting your customers or making that phone call. If you have a consistent late or non-payer there are legal procedures a bookkeeper can make use of to help resolve the issue before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are quite uncomplicated and easily understandable. Essentially, sole traders should retain all receipts and invoices, and keep records of expenditure and income on a month by month basis. While this might sound simple enough it is still a wise move to hire the expert services of a competent bookkeeper. When dealing with your Self-Assessment tax returns, a specialised sole trader bookkeeper in Solihull can advise you on what your valid business expenses are, and claim these back from HMRC every year. This could include advertising expenses, consumables, stationery goods, rent and bills if you work from home and items such as computers. To discover how to help your small business to prosper and grow, speak to your bookkeeper for more detailed advice and guidance.
Some business enterprises that operate in niche areas, may need to employ a specialist bookkeeping service. You will require a bookkeeper in Solihull who understands online payment procedures, exchange rate transfers, multi-currency processing and international and cross-border taxes, if you operate an online store for instance. Because the internet does not sleep, if that same shop sells goods that you produce or hold then keeping track of stock on a 24 hours a day basis is a major priority which will have to be dealt with.
It is also possible to establish a virtual office, that can be used in combination with your bookkeeping services and package. This enables a sole trader or online only business to offer a physical link with their buyers, via a postal address and phone service. If this type of service could be useful, it's definitely worth discussing, although this solution will not be supplied by all Solihull bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a professional Solihull bookkeeper to have a university degree, and a lot of the bookkeeping qualifications are held at Diploma or Certificate level. Qualifications can be gained via further education colleges and universities but there's also an ever-growing selection of courses available online.
Certification and training for bookkeepers is mostly provided by two major organisations:
The AAT or Association of Accounting Technicians: Providing advanced qualifications and training, the Association of Accounting Technicians (AAT), entitles fully certified bookkeepers to use the letters AATQB after their name. They're then allowed to become accredited AAT bookkeepers, which guarantees their customers a level of service which is backed up by the organisation. To protect the values and integrity of AAT membership, a bookkeeper who's affiliated with the AAT can be liable to disciplinary and tribunal processes if they are found to have contravened the code of conduct or have had a complaint made against them.
The ICB or Institute of Certified Bookkeepers: Providing accreditation to qualified bookkeepers, together with training and reference material to ensure their members are informed about the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world.
By visiting their respective websites, you can check out the accreditations of any bookkeeper in Solihull on the register of ICB or AAT members. It is recommended that you carry out this check, before retaining the services of any local bookkeeper in Solihull.
Financial statement preparation - article 211.
Bookkeepers Near Solihull
Also find: Bickenhill bookkeepers, Four Ashes bookkeepers, Dickens Heath bookkeepers, Knowle bookkeepers, Shirley bookkeepers, Catherine-de-Barnes bookkeepers, Elmdon bookkeepers, Adcocks Green bookkeepers, Rotton Row bookkeepers, Monkspath bookkeepers, Olton bookkeepers, Hall Green bookkeepers, Cheswick Green bookkeeper and more. Most of these areas are serviced by local bookeepers. Solihull businesses and traders can get pricing for bookkeeping services by going here.
Solihull Bookkeeper Tasks
Most bookkeepers in Solihull will be prepared to offer you the following bookkeeping and accounting services: bookkeeping services for clubs Solihull, letting agent bookkeeping, bookkeeping services for societies Solihull, personal tax returns in Solihull, VAT returns in Solihull, bookkeeping estimates, bookkeeping for charities in Solihull, Quickbook bookkeeping services in Solihull, bookkeeping for home-based businesses, PAYE & wages, management accounts, bookkeeping services for startups, bookkeeping services for retail outlets, professional bookkeeping services, assistance with registering for self-employment in Solihull, off-site bookkeeping services, management reports, bank reconciliations, bookkeeping services for shops in Solihull, Kashflow bookkeeping services, landlord bookkeeping, Sage bookkeeping services, Xero bookkeeping services, invoice processing Solihull, financial statement preparation, payroll bookkeeping, mobile bookkeeping services, tax returns Solihull, tax return preparation, small business tax returns, and more. These are just a small portion of the activities that are accomplished by local bookkeepers. Solihull providers will be happy to tell you about their whole range of bookkeeping services. If there are different Solihull bookkeeper requirements that you need but can't see here, you can mention them on the QUOTE FORM provided. We will be in touch with information just as soon as we are able.
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