Bookkeepers Stevenage Hertfordshire (SG1): In accordance with the Companies Act (2006), if you operate an online store, run a small business or are a sole trader in Stevenage, you are entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of 6 yrs. Failure to produce these detailed records may leave you facing a hefty fine and perhaps Company Director disqualification. There is a large investment of time involved with maintaining such financial recordings on your own behalf, and it can be more economical to employ a professional bookkeeping service or accountant, especially if you consider the fact that according to Accounting Today magazine over 40% of small business owners spend over eighty hours per year doing their accounts.
If the idea of creating profit, loss and financial statements, producing balance sheets, writing ledgers or tracking liabilities and assets fills you with a sense of terror, then it's time to contact a bookkeeper in Stevenage for advice.
BOOKKEEPER OR ACCOUNTANT?
The first question many small business owners ask is "What is the distinction between a bookkeeper and an accountant?" The truth is that while in past times many accountants considered the task of bookkeeping to be beneath their qualifications, experience and skill set, many accountancy companies in the Stevenage area will now take on most bookkeeping duties, due to improvements in software over the past decade or so. It's common practice for accountancy companies to have a fixed fee for bookkeeping services in line with a dedicated bookkeeper's fee. This makes the cost of bookkeeping much more affordable than it was previously, and is great news for business owners in Stevenage as it provides a wider range of competition within the industry.
The amount of training that is required is the main difference between an accountant and a bookkeeper. An accountant will generally a least hold a degree in accounting with additional training in the field of taxation and other business and fiscal management. While having a decent understanding of such skills, a bookkeeper in Stevenage may not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the act of bookkeeping is the recording of the day by day transactions (financial) of any enterprise or business in Stevenage. This will include, but isn't limited to;
- Documenting invoices received and making sure payment is completed promptly.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Recording of all financial incomings; including card, cash and electronic payments.
- Monthly reconciliation and reports.
- The billing of clients for goods or work completed.
In accordance with service level you require, a professional bookkeeper may just be needed to periodically double-check your accounts, if you're prepared to perform a large majority of your own bookkeeping work. This should really be each month at the bare minimum, since this will allow any problems or mistakes to be uncovered and corrected swiftly. This trade-off can often be the most affordable option if you are able to stay in control of your day by day trading and financial transactions.
Whatever your current situation is, if you are seriously thinking of hiring a bookkeeper in Stevenage, it's fairly likely that you may be struggling with the financial recording aspects of your small business. A good bookkeeping service will be able to help you to link the most up-to-date software application with your accounts to facilitate the seamless organisation of transactional data, and will offer assistance with things like stocktaking, producing expense reports and invoicing.
The ability to reconcile accounts payable with cash flow, is an especially important aspect of effective bookkeeping. Which means that rather than waiting for an overdue notice, which many small businesses are guilty of, or paying a bill right away, your bookkeeper will optimise bill payments to times when your accounts are in good shape and buoyant. This is not only to make sure that your business is financially stable all the time, but also to keep you in good stead with those people who supply you with services or materials. Sadly, this is just one of those balancing acts that can be tough to perform when you are mainly focussed on the smooth running of your daily business operation.
For your small business enterprise, or if you're a sole trader, using a professional bookkeeper in Stevenage, presents you with the chance to have an expert eye cast over your business affairs. This unprejudiced appraisal can enable them to notice business trends and patterns that you might have overlooked. A situation where a clever bookkeeper flags an area of the business where profits are dropping off, or spots an opportunity which could be lucrative, is not at all an unheard of occurrence. Such key performance indicators (KPI's) are crucial in driving growth for any enterprise in Stevenage.
If you give out invoices in your business operations, needing to chase up late payments can be quite uncomfortable. If that telephone call or visit to your clients is made by someone from outside your normal business situation, it is possible for most of that awkwardness to be removed. There are legal solutions that a bookkeeper can make use of, if you have a persistent late or non-payer, and these can help to clear up the situation before the issue ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably basic bookkeeping requirements for sole traders, which are laid out by law. This involves keeping all invoices and receipts relating to the business, and keeping a record of income and expenditure from month to month. Now, this doesn't sound too hard does it? But, it's still recommended that you hire the expertise of a bookkeeper to make sure that it is all done accurately. Offering advice on what genuine business expenses you might be able to claim back, a professional sole trader bookkeeper in Stevenage will deal with HMRC on your behalf. This may include stationery goods, items such as computers, promotional advertising, consumables and rent and bills if you work from home. If you'd like to get more comprehensive advice, and learn how your small business can grow moving forward, talk to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niches in bookkeeping where the expertise of a specialist may be necessary. You'll need a bookkeeper in Stevenage who understands exchange rate transfers, international and cross-border taxes, multi-currency processing and online payments, if you operate a store online for example. If you hold or produce the merchandise that you sell through that outlet, then it's going to be an important concern for your bookkeeping software or services to monitor your your inventory on a 24 hours a day basis, because the internet never sleeps.
Together with bookkeeping service, a virtual office can also be supplied. This enables a sole trader or online only business to offer a physical link with their customers, via a postal address and telephone service. Although this option might not be provided by all Stevenage bookkeeping businesses, it's certainly worth talking about the possibilities if this is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Stevenage bookkeeper needn't have a university degree and a great many qualifications in this sector are at Certificate and Diploma level. If the preferred route to qualification is via further education universities and colleges, this is still a possibility, although there there is a selection of bookkeeping courses available online.
To provide certification and training for bookkeepers, there are basically 2 principal organisations of interest:
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation on the planet is the the ICB or Institute of Certified Bookkeepers, and it offers accreditation to certified bookkeepers, along with reference material and training to ensure their members are informed about the latest trends and innovations.
The AAT or Association of Accounting Technicians: With certified bookkeepers being able to use the letters AATQB after their name, the AAT (Association of Accounting Technicians) provides advanced qualifications and a training schedule. They can then become authorised AAT bookkeepers, approved by this well-respected organisation, which promises a high level of service for their clients. To safeguard the credibility of the AAT membership, if an AAT bookkeeper has a complaint against them or is found to have violated the code of practice they can be liable to disciplinary and tribunal processes.
By going to their respective websites, you're able to determine the qualifications of any Stevenage bookkeeper on the register of AAT or ICB members. Implementing this check is strongly recommended before you use any bookkeeper in Stevenage.
VAT Returns by a Bookkeeper in Stevenage
A bookkeeper in Stevenage can provide small business owners with a convenient and efficient solution for their VAT return needs, allowing them to focus on other essential areas of their business. Hiring a bookkeeper means entrusting them with all facets of your VAT return, from computing your VAT liability or refund to filing your return with HMRC and ensuring that your transaction records are meticulous. Furthermore, a local bookkeeper can furnish you with beneficial suggestions on how to decrease your VAT obligation and ensure that you are receiving all the permissible VAT reimbursements. With a bookkeeper on your team, you can be at ease knowing that your VAT returns are being managed with efficiency and accuracy, freeing up more of your time to focus on the growth of your business in Stevenage. A bookkeeper can offer a cost-effective option as it can help you avoid any HMRC penalties or fines resulting from inaccurate VAT returns or late submissions, potentially saving you a considerable amount of money in the long term.
Bookkeepers Near Stevenage
Also find: Broadwater bookkeepers, Woolmer Green bookkeepers, Standon bookkeepers, St Pauls Walden bookkeepers, Datchworth bookkeepers, Graveley bookkeepers, Bragbury End bookkeepers, Dane End bookkeepers, Benington bookkeepers, Aston bookkeepers, Walkern bookkeepers, Little Wymondley bookkeepers, Langley bookkeepers, Ardeley bookkeepers and more. In most of these towns and areas, individuals who offer bookkeeping services are available. With this level of accessibility, finding the needed financial support to manage accounts successfully becomes easy for both businesses and individuals. Bookkeeping price quotes are available to area residents and businesses with a click here.
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Stevenage Bookkeeper Tasks
Most Stevenage bookkeepers will be ready to offer you the following bookkeeping and accounting services: maintaining fixed asset registers, double-entry bookkeeping Stevenage, cash books, bookkeeping prices, bookkeeping services for sole traders, cash flow analysis, bookkeeping services for charities Stevenage, tax preparation in Stevenage, Sage bookkeeping services, personal tax returns in Stevenage, assistance with registering for self-employment in Stevenage, accounting and bookkeeping Stevenage, profit & loss reports, mobile bookkeeping services Stevenage, charity bookkeeping Stevenage, tax returns, partnership tax returns, Self-Assessment tax returns, bookkeeping services for organisations, general bookkeeping services Stevenage, landlord bookkeeping, professional bookkeeping services, bookkeeping for retail outlets, bookkeeping for restaurants, bookkeeping for home-based businesses, bookkeeping services for shops, letting agent bookkeeping, management reports, payment services in Stevenage, Xero bookkeeping services, and more. These are just a handful of the duties that are performed by local bookkeepers. Stevenage professionals will be delighted to keep you abreast of their entire range of bookkeeping services. If there happen to be additional Stevenage bookkeeper requirements that you need but cannot see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with details just as soon as we are able.
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