Bookkeepers Southport Merseyside (PR8): In compliance with the Companies Act (2006), if you operate an online store, are a sole trader or run a small business in Southport, you're entirely responsible for maintaining accurate, "true and fair" accounting and financial records for a minimum of 6 yrs. You might face a fine of thousands of pounds, and perhaps Company Director disqualification, if you are unable to produce such information. You could accomplish these financial records on your own behalf, yet when you consider that according to Accounting Today magazine over forty percent of small business owners spend over eighty hours per year doing their bookkeeping tasks, it can pay you to use a professional bookkeeping service or accountant.
It's time to get in touch with a bookkeeper in Southport for guidance, if the idea of filling out ledgers, preparing profit, loss and fiscal reports, tracking assets and liabilities or producing balance sheets brings you feelings of panic.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by most business owners in Southport is "Precisely what is the difference between a bookkeeper and an accountant?" While in the past many accountants considered the bookkeeping process to be beneath their skill-sets, experience and qualifications, many accountancy companies in Southport will now take on the task of bookkeeping, due to improvements in software over the past 10 yrs or so. A lot of accountancy firms now charge a fixed rate for bookkeeping services, to keep them in line with what a dedicated bookkeeper in Southport would normally charge. This makes the cost of bookkeeping cheaper than it previously was, and is excellent news for small business owners in Southport since it offers a wider range of competition within the industry.
When you are looking at the differences between an accountant and a bookkeeper in Southport, the most notable one is the level of training that's necessary for each of these disciplines. Generally holding a degree in accounting, a professional accountant should also have had further training in tax preparation and have qualifications in business and financial management. Although bookkeepers in Southport will undoubtedly have a really good understanding of these fiscal skills, they might not hold the qualifications or levels of training and experience in this field.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily financial transactions of any business enterprise in Southport, describes the act of bookkeeping in the simplest of terms. This can include;
- Monthly reporting and reconciliation.
- The billing of clients for work completed or goods.
- Documenting of all financial incomings; cash, card and electronic payments included.
- Payroll services.
- Documenting invoices received and making certain that payment is completed punctually.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Ensuring double-entry bookkeeping and accounting practices are observed.
While it is dependent on the extent of the service you are looking for, if you're in a position to undertake a large majority of your own bookkeeping work, a professional bookkeeper might only be needed to periodically double-check your records. As a bare minimum this should be done monthly, to facilitate the swift detection and rectification of any mistakes or problems. As long as you're confident of keeping on top of your monetary transactions without affecting your daily business activities, this solution can be an extremely cost-effective trade-off.
Whatever your current situation is, if you are looking at hiring a bookkeeping company it's fairly likely that you may be stressed with the financial recording side of your business in Southport. A decent bookkeeping company will help you with everything from stocktaking, invoicing and producing expense reports, to linking your business accounts with the latest software to seamlessly process all of your transaction information.
The efficient reconciliation of accounts payable with cash flow is one of the most crucial aspects of a good bookkeeping service. Which means that rather than waiting on a final notice, which many small businesses are guilty of doing, or paying an outstanding bill right away, your bookkeeper will arrange bill payments to a time when your finances are buoyant. This not only keeps your enterprise or business on a secure financial footing, but keeps you in good stead with suppliers and the businesses who provide you with services. Regrettably, this is just one of those juggling acts that can be tough to perform when you're completely focussed on the smooth running of your everyday business activities.
If you're a sole trader, or run a small business, employing a professional bookkeeper in Southport, also gives them the opportunity to cast a critical eye over the operation of your business. It's quite possible that an unbiased appraisal like this will highlight business trends and patterns that have previously been missed. It's not unusual for a bookkeeper to recognise a new opportunity or flag an area which is falling in profits. For driving the growth of any enterprise in Southport, it is vital that these key performance indicators are spotted early on.
If you give out invoices as part of your business operations, needing to pursue late payments can be fairly awkward. If that visit to your client or telephone call is made by someone outside your normal business bubble, it's possible for some of that awkwardness to be eliminated. There are legal methods that a bookkeeper can use, if you've got a consistent late payer, and they can help to resolve the situation before the matter ends up in a small claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively uncomplicated bookkeeping requirements for sole traders, which are set out in law. It's required that a sole trader should keep track of expenditure and income on a monthly basis and keep all receipts and invoices. It's still a good idea to hire the expertise of a bookkeeping company, even though this might sound simple. A specialised sole trader bookkeeper in Southport will be able to give you advice on what you're able to claim back from HMRC as business expenses. This might include bills and rent if working from home, printer ink, items such as computing equipment, advertising and stationery. To see how they can help your small business to grow and prosper, talk to your local bookkeeper for more comprehensive advice and guidance.
ONLINE TRADERS
Some businesses that operate in niche markets, might need to hire a specialised bookkeeping service. If cross-border and international taxes, multi-currency processing, online payment procedures and exchange rate transfers are involved, for instance if you manage a store online, you will need a bookkeeper in Southport who understands these practices. Since the internet does not sleep, if the same outlet sells goods that you hold or produce then overseeing stock on a 24/7 basis is an important priority which will have to be dealt with.
A remote virtual office can also be provided together with your bookkeeping services. This enables a sole trader or online only business to offer a physical link with their clients, via a phone service and postal address. Not all Southport bookkeepers will supply this solution, however it is worth discussing if it is something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a qualified bookkeeper in Southport to have a degree, and a lot of the bookkeeping industry qualifications are held at Certificate and Diploma level. Although there's an ever-increasing variety of bookkeeping courses available online, qualifications can still be obtained via further education colleges and universities, if that's the preferred route.
Bookkeepers are represented by 2 principal training and certification organisations:
The Institute of Certified Bookkeepers (ICB): The largest organisation of its kind anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, along with training and reference material to ensure their members are informed about the latest trends and innovations.
The Association of Accounting Technicians (AAT): With certified members entitled to use the letters AATQB, the AAT (Association of Accounting Technicians) provides advanced qualifications and a training schedule. They then become licensed AAT bookkeepers, approved by this respected organisation, which assures a level of service for their clients. To preserve the integrity of the AAT membership, if a bookkeeper who is affiliated with the AAT has a complaint filed against them or is found to have breached the code of conduct they could be subject to tribunal and disciplinary procedures.
By visiting the register of AAT or ICB members on their respective websites, it's possible to verify the accreditations of any professional bookkeeper. Performing such checks is always advisable before you actually employ any bookkeeper in Southport.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial health is cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. To do this, it is necessary to follow the cash flow in and out of the business for a set time frame, typically a month or a quarter. Helping the businessperson to comprehend their present financial status, identify cash flow issues, and plan for the future is among the bookkeeper's duties.
In the analysis, the bookkeeper categorizes and reconciles all cash transactions, such as sales, expenses and investments, to offer a clear picture of the company's financial health. It also involves forecasting the company's cash flow for the next few months or years to help the business make informed decisions and avoid potential cash flow difficulties.
For companies that want to manage their finances effectively, a thorough and accurate cash flow analysis is essential.
Bookkeepers Near Southport
Also find: Rufford bookkeepers, Tarlscough bookkeepers, Smithy Lane Ends bookkeepers, Sollom bookkeepers, Holmes bookkeepers, Churchtown bookkeepers, Holmeswood bookkeepers, Snape Green bookkeepers, Birkdale bookkeepers, Ainsdale on Sea bookkeepers, Halsall bookkeepers, Scarisbrick bookkeepers, Carr Cross bookkeepers, Mere Brow bookkeepers and more. In all of these places, companies that offer bookkeeping services are available. This level of accessibility makes it straightforward for businesses and individuals to secure the financial help required for managing their accounts successfully. Clicking here allows area residents to receive bookkeeping estimates.
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Southport Bookkeeper Tasks
Most Southport bookkeepers will be prepared to provide you with the following bookkeeping and accounting services: tax returns, double-entry bookkeeping, bookkeeping for pubs Southport, bank reconciliations Southport, bookkeeping and accounting in Southport, independent bookkeeping services, bookkeeping for charities, bookkeeping services for organisations, bookkeeping for tradesmen, financial statement preparation, company cash books, personal tax returns, off-site bookkeeping services, tax preparation Southport, small business bookkeeping Southport, credit control Southport, general bookkeeping services in Southport, bookkeeping for startups, assistance with registering for self-employment in Southport, bookkeeping for retail outlets in Southport, bookkeeping for clubs Southport, Kashflow bookkeeping services Southport, Self-Assessment tax returns, cheap bookkeeping services in Southport, franchise bookkeeping Southport, bookkeeping services for shops, bookkeeping for limited companies Southport, PAYE & wages in Southport, management accounts in Southport, Sage bookkeeping, and more. These are just a selection of the duties that are undertaken by local bookkeepers. Southport providers will be happy to inform you of their whole range of bookkeeping services. If there are additional Southport bookkeeper requirements that you want but don't see here, you should mention them on the QUOTE FORM provided. We'll get back to you with specifics just as soon as we are able.
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