Bookkeepers Swansea Wales (SA1): For any individual in Swansea who operates an online store, owns a small business or acts as a sole trader, it is their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is according to the Companies Act (2006). Failure to produce such records might leave you faced with disqualification as a Company Director, along with a fine of thousands of pounds. There's a significant time investment involved with preparing such financial recordings on your own, and it can be more economical to use a professional bookkeeping service or accountant, particularly when you consider that according to the trade magazine Accounting Today over 40% of small business owners spend at least eighty hours annually on their bookkeeping.
It is high time to contact a bookkeeper in Swansea for assistance, if the idea of writing out ledgers, preparing profit, loss and financial statements, compiling balance sheets or tracking assets and liabilities fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between an accountant and a bookkeeper is the first question that springs to mind for most business owners in Swansea. To be honest, due to substantial improvements in software over the past decade many accountants in the Swansea area will consider taking on bookkeeping, which was previously looked at as beneath their skill set, experience and qualifications. It's now quite common for many accounting companies to charge a set rate for bookkeeping services based on a typical bookkeeper's fee. Business owners are now benefiting from this, as it provides a broader range of competition within this sector and can make the cost of bookkeeping way more affordable than it would have been in the past.
When you're looking at the differences between an accountant and a bookkeeper in Swansea, the most notable one is the amount of training and qualification that is needed for each of these disciplines. An accountant will generally hold at least an accounting degree with additional training in the field of taxation and other fiscal and business management. A bookkeeper in Swansea will have a fair grasp of these fiscal skills, but may not hold the qualifications or levels of experience and training.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, bookkeeping involves the logging of day to day transactions of any business in Swansea. This is likely to include, but is in no way limited to;
- Recording the receipt of invoices and making certain payment is completed promptly.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in financial accounts.
- Payroll services.
- Documenting of all financial incomings; including cash, electronic and card payments.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Monthly reconciliations and reporting.
- The billing of clients for goods or work completed.
Depending on the level of service you need, e.g. whether you're willing to perform the majority of your bookkeeping work; a bookkeeper might just be necessary for double-checking your records on a set schedule. As a bare minimum this should really be on a monthly basis, to enable the quick identification and correcting of any mistakes or problems. This can be the most cost-effective trade-off, providing you're able to stay on top of your financial transactions without affecting your daily business activities.
Whatever your circumstances, if you're looking at hiring a bookkeeper it is fairly likely that you might be having problems with the financial recording side of your small business in Swansea. To facilitate the seamless pull-through of transactional data, a good bookkeeping company will help you link the most up-to-date software program to your business accounts, and will give guidance and advice on things like creating expense reports, invoicing and stocktaking.
Being able to reconcile cash flow with accounts payable, is an extremely important aspect of a good bookkeeper. This means that by scheduling bill payments to a time when your finances are in good order, your bookkeeper will avoid the thing that a lot of small businesses are guilty of i.e. paying an outstanding bill straight away, or waiting on an overdue notice. This does not just keep you in favour with suppliers and those people who supply services to you, but also ensures that your business is on a secure financial footing. When you are completely focussed on the operation of your business, this is a juggling act that can be difficult to perform on your own.
Employing a competent bookkeeper in Swansea, if you are a sole trader, or for your small business also gives them an opportunity to cast an expert eye over your business. It is quite possible that an unprejudiced appraisal such as this will showcase business patterns and trends that have been missed previously. It is not unheard of for a bookkeeper to spot an opportunity or flag an area where profits are plummeting. It's essential for ensuring the growth of any business in Swansea, to spot these key performance indicators (KPI's).
Having to pursue a late payment can be a fairly awkward scenario for you, if you send out invoices as part of your business operations. Having somebody outside your business bubble, can take the embarrassment away from visiting your customers or making that phone call. A professional bookkeeper can use legal options to handle a consistent late or non-payer, and without having to resort to claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as laid out by law, are quite straightforward. This involves retaining all invoices and receipts concerning the business, and keeping a record of expenditure and income on a month by month basis. Although this might at first sound quite simple, retaining the services of a bookkeeper is still a wise move. A specialised sole trader bookkeeper in Swansea can give you advice on what you're able to claim back from HMRC as genuine business expenses. This might include rent and bills if you work from home, consumables, promotional advertising, items such as laptops and stationery. To see how they can help your small business grow, talk to your bookkeeper for more comprehensive advice and guidance.
There are niches in bookkeeping where a specialist might be required. If cross-border and international taxes, multi-currency processing, exchange rate transfers and online payments are involved, for example if you operate an online store, you'll need to hire a bookkeeper in Swansea who is familiar with these operations. If that same outlet sells goods that you hold or produce, then supervising your stock on a 24 hours a day basis is a huge priority, as I'm sure you're aware the internet never sleeps, therefore nor should your bookkeeping services and software.
A remote virtual office can also be supplied in combination with your bookkeeping services. This allows a sole trader or online only business to provide a physical connection to their buyers, via a postal address and telephone service. Although this solution might not be provided by all Swansea bookkeepers, it is definitely worth talking about the possibilities if this service is something that's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the bookkeeping industry are at Diploma and Certificate level, and a certified Swansea bookkeeper needn't have a degree. Qualifications can be gained through further education universities and colleges but there's also an ever-increasing number of courses available online.
Certification and training for bookkeepers is mostly provided by two organisations:
The ICB or Institute of Certified Bookkeepers: The largest organisation on the planet is the the Institute of Certified Bookkeepers or ICB, and it provides certification for qualified bookkeepers, along with reference material and training to keep their associated members current with the latest trends.
The Association of Accounting Technicians or AAT: The Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications enabling a fully certified bookkeeper to use the letters AATQB. They can then become registered AAT bookkeepers, approved by this respected association, which guarantees a high standard of service for their customers. To protect the credibility of the AAT membership, a bookkeeper who's associated with the AAT can be subject to tribunal and disciplinary procedures if they have a complaint filed against them or are found to have contravened the code of conduct.
By visiting their respective websites, it is possible to check out the register of AAT or ICB members, to verify the accreditations of any professional bookkeeper. Implementing this check is highly recommended before you employ any local bookkeeper in Swansea.
Bookkeeping services are available for those living in in Swansea and also nearby in: Clydach, Plasmarl, Rhos, Cockett, Gowerton, Dunvant, Killay, Cadle, Neath, Pontarddulais, West Cross, Skewen, Morriston, The Mumbles, Pontardawe, Gorseinon, Port Talbot, Penlan, Llanelli, Sketty, together with these postcodes SA1 1JQ, SA1 2DA, SA1 2BQ, SA1 1SR, SA1 1RG, SA1 1NG, SA1 1PU, SA1 1RT, SA1 2DB, SA1 1RB. Locally based Swansea bookkeeper services will most likely have the postcode SA1 and the phone code 01792. Checking this can make certain that you access local bookkeepers. Swansea sole traders and business owners will be able to utilise these and various other related services.
Swansea Bookkeeper Questions
Over the last couple of days I have been having a good look at the typical questions that people in Swansea ask in relation to bookkeepers. Quite a few of our visitors have tendered some noteworthy questions that I thought might be worthy of a mention here. The most germane ones seemed to be, Which bookkeeping software is best? What do bookkeeping services charge? Who needs a bookkeeper in Swansea? Should I use a bookkeeper or an accountant? What are the advantages of a bookkeeper over an accountant? Can a bookkeeper be held liable? Bookkeepers - what do they do? Where can I find a bookkeeper in Swansea? Can bookkeeping be done remotely? The majority of these questions will have hopefully been covered on this webpage, and if some still need to be dealt with a bookkeeping "Questions and Answers" section will be included before very long. My thanks go out to Archie Jackson, Marcel Watts, Ray Preston and Lillian Burrows, for taking the time to send in these questions. We also had enquiries from Julianna Pickering in Plasmarl, Antonio Mellor in Cadle and Izabella Bedford in Morriston.
Swansea Bookkeeper Tasks
Most Swansea bookkeepers will be able to offer you the following bookkeeping and accounting services: Quickbook bookkeeping services, double-entry bookkeeping in Swansea, tax returns in Swansea, bookkeeping services for organisations in Swansea, payment services, bookkeeping for freelancers, bookkeeping for clubs in Swansea, cash books in Swansea, bookkeeping for charities, accountancy packages, corporation tax returns, bookkeeping services for self-employed, bookkeeping for sole traders, bookkeeping for home-based businesses, bookkeeping for societies, PAYE & wages, QUOTE FORM provided. We will be in touch with details just as soon as we are able., profit & loss reports in Swansea, Kashflow bookkeeping, partnership tax returns, bookkeeping for retail outlets, independent bookkeeping services, bookkeeping services for tradesmen, bookkeeping for restaurants, bookkeeping for pubs in Swansea, landlord bookkeeping Swansea, VAT returns Swansea, Sage bookkeeping, business bookkeeping, bookkeeping estimates, and more. Listed are just an example of the activities that are handled by local bookkeepers. Swansea companies will tell you about their entire range of bookkeeping services. If there happen to be other Swansea bookkeeper requirements that you want but can't see here, you should mention them on the
Bookkeepers Near Swansea
Also here.: The Mumbles bookkeepers, Killay bookkeepers, Gorseinon bookkeepers, Morriston bookkeepers, Sketty bookkeepers, Llanelli bookkeepers, Pontarddulais bookkeepers, Port Talbot bookkeepers, Cadle bookkeepers, Clydach bookkeepers, Cockett bookkeepers, Plasmarl bookkeepers, Neath bookkeepers, Skewen bookkeepers, Gowerton bookkeepers, Rhos bookkeepers, West Cross bookkeepers, Penlan bookkeepers, Dunvant bookkeepers, Pontardawe and more. Most of these towns and villages are serviced by local bookeepers. Swansea businesses and traders can get rates for bookkeeping services by going
- Swansea Credit Control
- Swansea Tax Preparation
- Swansea Cheap Bookkeeping
- Swansea VAT Returns
- Swansea Small Business Bookkeeping
- Swansea Wages and PAYE
- Swansea Cash Flow Analysis
- Swansea Profit and Loss Analysis
- Swansea Bookkeeping Services
- Swansea Invoice Processing
- Swansea Self-Assessment Bookkeeping
- Swansea Bookkeeping Estimates
- Swansea Double-Entry Bookkeeping
- Swansea Payroll Services
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Bookkeepers Around Swansea: People who live in these Swansea areas and roads have just recently inquired about bookkeeping services - Ty'r Felin, Bethesda Road, Summerland Lane, Sybil Street, Bardsey Avenue, David Williams Terrace, Cefn Glas, Averil Vivian Grove, Castle Acre, Tyn Y Berllan, Brookfield Close, Carnglas Avenue, Cheriton Crescent, Alltywaun, Saron Close, Trewyddfa Gardens, Trallwn Place, The Crescent, Baptist Well Street, Blackhills Lane, Beach Row, Clos Bevan, Clarence Terrace, Sardis Close, Castelldu Road, Blaen Y Maes Drive, Short Street, Blaencefn, Dylan Road, Ael-y-bryn Road, as well as the following local Swansea postcodes: SA1 1JQ, SA1 2DA, SA1 2BQ, SA1 1SR, SA1 1RG, SA1 1NG, SA1 1PU, SA1 1RT, SA1 2DB, SA1 1RB.
More Wales Bookkeepers: More Aberystwyth, Port Talbot, Prestatyn, Gorseinon, Aberdare, Barry, Rhyl, Porthcawl, Llanelli, Llandudno, Wrexham, Merthyr Tydfil, Newport, Pontypridd, Cardiff, Tonypandy, Ebbw Vale, Neath, Carmarthen, Swansea, Colwyn Bay, Caerphilly, Flint, Penarth, Maesteg, Cwmbran and Bridgend.:
Bookkeeping Jobs Swansea: Browse bookkeeping jobs in Swansea by going here: Swansea Bookkeeping Jobs
If you want local information about Swansea, Wales look here
Bookkeepers in SA1 area, 01792.
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