Bookkeepers Southwick West Sussex (BN42): For anybody in Southwick who owns a small business, acts as a sole trader or runs an online store, it is their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of six years. This is outlined by the 2006 Companies Act. If you cannot produce such information you might face thousands of pounds in fines and possible Company Director disqualification. It can be more economical to employ a professional bookkeeping service or accountant to accomplish this for you, because according to the trade magazine Accounting Today over 40% of small business owners spend eighty hours plus every year on their bookkeeping tasks, which is a substantial time investment, and could be more effectively spent on actually running your business.
If you are filled with panic just thinking about the possiblility of writing out ledgers, compiling balance sheets, preparing profit, loss and fiscal reports or tracking assets and liabilities, then the time to get in touch within Southwick for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many people in Southwick, an obvious question when faced with this predicament is "Exactly what is the distinction between an accountant and a bookkeeper?" In the old days it was generally looked at as to be beneath the qualifications, experience and skill-sets of an accountant to do the work of a bookkeper, however due to massive improvements in software over the past decade or so, many bookkeeping tasks will now be undertaken by accountancy firms in the Southwick area. To make sure their bookkeeping services are commensurate with an independent, it's now fairly common for accounting firms to charge a fixed fee for these services. Business owners in Southwick are now cashing in on this, since it offers a wider range of competition within the marketplace and can mean that the cost of bookkeeping is way more affordable than it would previously have been.
When you're considering the differences between a bookkeeper and an accountant in Southwick, the most notable one is the level of training and qualification that's required for each of these disciplines. Anwill, at the very least, hold a degree in accounting, and should have also had additional training in fiscal and business management, and taxes. A bookkeeper in Southwick will have a pretty good understanding of these fiscal procedures, but might not necessarily hold the qualifications or levels of training and experience.
RESPONSIBILITIES OF A BOOKKEEPER
The process of bookkeeping put simply, is to record the day to day transactions (financial) of any enterprise or business in Southwick. This may include, but isn't limited to;
- Logging of all financial incomings; card, electronic and cash payments included.
- Ensuring accounting and double-entry bookkeeping practices are followed at all times.
- VAT submissions and recording.
- Monthly reporting and reconciliation.
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
- Recording invoices received and ensuring that payment is completed promptly.
- The billing of customers for work completed or goods.
Whilst it depends on the extent of the service you're looking for, if you are willing to carry out a large majority of bookkeeping work yourself, a bookkeeper may only be needed to double check your figures periodically. To make sure that any mistakes or problems can be discovered and corrected promptly, at the bare minimum, this should really be each month. This can be the most cost-effective trade-off, providing that you're confident of remaining on top of your financial transactions without affecting your everyday business operations.
Whatever the situation is with your company or small business, if you are seriously considering hiring a bookkeeper in Southwick, it's fairly likely that you could be struggling with the process of financial records and tax returns. A professional bookkeeper will be able to help you to link the most up-to-date software application with your accounts to enable the seamless pull-through of financial data, and will give advice on procedures like stocktaking, invoicing and preparing expense reports.
One of the most crucial aspects of good bookkeeping practice, is being able to effectively reconcile accounts payable with cash flow. This means that by optimising bill payments to times when your accounts are in good shape and buoyant, your bookkeeper will avoid the mistake that a lot of small businesses in Southwick are guilty of doing i.e. paying an outstanding bill right away, or waiting on a final notice. This not only keeps your business or enterprise financially stable, but keeps you in the good books of suppliers and those who supply you with services. When, as an individual, you are purely focussed on the operation of your business, this is a juggling act that can be difficult to accomplish.
For your small business enterprise, or if you are a sole trader, using a competent bookkeeper in Southwick, presents you with the chance to have a fresh eye cast over your financies. It is entirely possible that an objective appraisal such as this will showcase business trends and patterns that you haven't previously noticed. A situation where a smart bookkeeper flags up an area of the business which is dropping off in profits, or identifies a new opportunity which could prove lucrative, is by no means an unheard of occurrence. These key performance indicators are crucial in enabling growth in any business enterprise in Southwick.
If you give out invoices in your business operations, having to chase up a late payment can be quite uncomfortable. If that telephone call or visit to your customer is done by a person from outside your normal business situation, it is possible for most of that embarrassment to be removed. A bookkeeper can employ legal options to take care of a consistent late payer, and without having to resort to claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are pretty straightforward and easily understandable. Essentially, sole traders must keep all receipts and invoices, and keep records of income and expenditure on a monthly basis. Even though this might initially sound easy, hiring the expert services of a bookkeeper is still advisable. When preparing your tax returns, a professional sole trader bookkeeper in Southwick will be happy to advise you on what your legitimate business expenses are, and claim these back from HMRC. This might include printer ink, stationery goods, items such as computing equipment, rent and bills if you work from home and advertising expenses. If you'd like to get more detailed advice, and learn how your business can grow in the future, talk to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are certain niches in bookkeeping where a specialist might be essential. You are going to need a bookkeeper in Southwick who's familiar with exchange rate transfers, international and cross-border taxes, multi-currency processing and online payments, if you operate a store online for instance. If that same shop sells goods that you produce or hold, then controlling your stock on a 24 hours a day basis is a vital priority, as I'm sure you'll be aware the internet never sleeps, so nor should your bookkeeping software or services.
A virtual office can also be supplied in combination with your bookkeeping services. This enables a sole trader or online only business to have a telephone service and postal address to offer a physical connection to their customers. If this type of service is needed, it's definitely worth discussing the possibilities, although this solution won't be provided by all bookkeepers in Southwick.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not necessary for a qualified bookkeeper in Southwick to have a university degree, and many of the bookkeeping qualifications are held at Diploma or Certificate level. If the preferred route to qualification is via further education universities and colleges, this possibility is still available, whereas there there is an ever-increasing range of online bookkeeping courses.
There are essentially 2 main organisations that offer training and certification to bookkeepers:
The AAT or Association of Accounting Technicians: The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications enabling a fully certified bookkeeper to use the letters AATQB. This promises a decent standard of service to their clients which is backed by the association, and enables them to become a certified AAT bookkeeper. AAT bookkeepers can can be subject to tribunal and disciplinary procedures if they have a complaint against them or are found to have violated the code of conduct. This helps to protect the credibility of the AAT.
The Institute of Certified Bookkeepers (ICB): Offering accreditation to qualified bookkeepers, along with training and reference material to keep their members up-to-speed with the latest trends and developments, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world.
By visiting the register of ICB or ATT members on their respective websites, you are able to inspect the accreditations of any Southwick bookkeeper. It is strongly advised to implement this check, before you hire any bookkeeper in Southwick.
Outsourced Bookkeeping Southwick
All businesses in Southwick should understand the significance of bookkeeping. It helps business people monitor the money left in the bank, the sum total of their liabilities and assets, their payables/receivables, and so on. With the owner of the business having to deal with the concerns and issues of running a business, the task of doing the bookkeeping is often outsourced to freelance bookkeepers or a bookkeeping company in Southwick.
If a company in Southwick hires a bookkeeper in order to join their ranks, the company will be required to fork out a considerable sum of money in training the person for the purpose of carrying out the bookkeeping work. Furthermore, there is no guarantee that the person will stay for long in the company. In that situation, the company will have wasted a significant sum of money for very little return. Apart from that, companies will need to look for ways and means to offer benefits and incentives to keep the trained employee within the company. These are a few of the reasons behind businesses enlisting the services of professional bookkeepers and bookkeeping companies in Southwick.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial health is cash flow analysis. Undertaking cash flow analysis for businesses is one of the key duties of bookkeepers. One must track the cash inflows and outflows of the business during a set period of time, typically monthly or quarterly. The bookkeeper can support the businessperson in understanding their current financial standing, identifying anyissues, and preparing for the future by doing so.
To create a clear picture of a company's financial health, the bookkeeper categorizes and reconciles all cash transactions, including expenses, sales and investments. It can also involve forecasting cash flow for the coming months or years to help the company make informed decisions and avoid cash flow problems in the future.
Moreover, a comprehensive cash flow analysis can be advantageous for businesses seeking to secure financing by providing lenders with a clear view of the company's financial status and capacity to repay loans. An accurate and comprehensiveis vital for any business that wants to effectively manage their finances.
Using a Bookkeeper for Tax Returns
In the UK, self-employed people or those with small businesses may be required to file a self-assessment tax return. This can be a challenging task, especially if you are not familiar with the process. Your records can be kept in order and your tax return can be prepared accurately and on time with the help of a bookkeeper.
To complete your tax returns, employing a bookkeeper can be beneficial in many ways. They have the experience and expertise to ensure that your return is completed correctly. This will help you avoid any problems with HMRC, such as interest charges or penalties. Second, bookkeepers can save you time and hassle. So that you can focus your attention on running your business, they'll take care of all of the calculations and paperwork. Third, essential advice on tax planning can be provided by bookkeepers in Southwick. This enables you to maximise your profits and minimise your tax liability. (70193)
Southwick Bookkeeper Tasks
Most bookkeepers in Southwick will be willing to provide you with the following bookkeeping and accounting services: tax returns, accountancy packages Southwick, bookkeeping for shops in Southwick, bookkeeping for small businesses, business bookkeeping, cash books, cash flow analysis, general bookkeeping services in Southwick, bookkeeping price quotes in Southwick, bookkeeping services for restaurants in Southwick, bookkeeping services for sole traders, QUOTE FORM provided. We'll get back to you with details as soon as we are able.Southwick, bookkeeping for freelancers, Quickbook bookkeeping, professional bookkeeping services, in Southwick, tax return preparation in Southwick, bookkeeping for charities, bookkeeping for payroll, management reports, , financial statement preparation, wages & PAYE in Southwick, invoice processing, payment services, bookkeeping services for pubs, accounting and bookkeeping services, landlord bookkeeping in Southwick, franchise bookkeeping, bookkeeping for societies Southwick, and more. Listed are just a few of the duties that are conducted by local bookkeepers. Southwick providers will be happy to tell you about their full range of bookkeeping services. If there are other Southwick bookkeeper requirements that you want but can't see here, you should list them on the
Bookkeepers Near Southwick
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