Bookkeepers Swinton Greater Manchester (M27): In compliance with the Companies Act (2006), if you operate an online store, are a sole trader or own a small business in Swinton, you're responsible for keeping "true and fair", accurate accounting and financial records for at least 6 years. If you cannot produce these records, you might be disqualified as a Company Director and face a fine of thousands of pounds. The trade magazine Accounting Today states that over 40% of small businesses spend over eighty hours each year on their bookkeeping, therefore whilst you can do these financial records yourself, it's often more cost-effective to employ a professional to do them instead.
The time has come to get in touch within Swinton for assistance, if you're filled with a sense of panic just thinking about writing out ledgers, tracking liabilities and assets, preparing profit, loss and fiscal reports or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
The very first question that a lot of folks ask is "What exactly is the difference between a bookkeeper and an accountant?" In the past it was often regarded as to be beneath the skill-sets, experience and qualifications of an accountant to do the work of a bookkeper, but because of software improvements over the past decade or so, many bookkeeping procedures will now be carried out by accountancy companies in Swinton. It's now quite common for many accounting companies to have a fixed fee for bookkeeping services in keeping with a typical. This means that the cost of bookkeeping is cheaper than it once was, and is great news for business owners in Swinton because it generates a wider variety of competition within the industry.
It is essentially the amount of training and qualification that is needed for each of these disciplines, that illustrates the big difference between an accountant and a bookkeeper in Swinton. At least an accounting degree with specialist training in the field of taxation and other fiscal and business management, will typically be held by an. Whilst having an understanding of these skills, a bookkeeper in Swinton might not have the same levels of training and experience, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN SWINTON
The recording of day to day monetary transactions of any business or enterprise in Swinton, describes the process of bookkeeping in the simplest of terms. This could include;
- Billing of customers for work completed or goods.
- Documenting invoices received and making sure payment is completed by the due date.
- Monthly reconciliation and reports.
- Recording of all financial incomings; electronic, cash and card payments included.
- VAT submissions and recording.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
- Payroll services.
If you are prepared to undertake a large majority of your bookkeeping work yourself; a bookkeeper may only be necessary for double-checking your figures every once in a while. To allow for any mistakes or problems to be discovered and rectified promptly, this ought to be every month at the bare minimum. This compromise can often be the most affordable solution if you are able to stay in control of your everyday financial transactions and trading activities.
Whatever your circumstances, if you're looking at hiring a bookkeeper in Swinton, there's a fair chance that you may be having problems with the financial recording aspects of your small business. A professional bookkeeper will be able to provide advice and guidance on everything from producing expense reports, invoicing and stocktaking, to linking the latest software program with your accounts to enable the seamless processing of data.
Being able to reconcile accounts payable with cash flow, is an extremely important element of a good bookkeeper. This means that your bookkeeper will arrange bill payments to a time when your finances are in good shape, rather than paying a bill right away, or waiting for a final notice, which a lot of small businesses in Swinton are guilty of doing. Along with keeping your business on a good financial footing, this also maintains your reputation with suppliers and service providers. Regrettably, this is just one of those balancing acts that can be tricky to accomplish when you are focussed on the smooth running of your day to day business operation.
If you're a sole trader, or run a small business, employing a certified bookkeeper in Swinton, also gives them the opportunity to cast a fresh eye over the running of your business. It is entirely possible that an unprejudiced assessment like this will showcase business trends and patterns that have been missed previously. A scenario where a smart bookkeeper flags up an area where profits are falling, or spots a new opportunity that could be worthwhile, is by no means an unheard of occurrence. These KPI's (key performance indicators) are essential in the success and growth of any business enterprise in Swinton.
It can often be quite embarrassing to pursue late payments if your company gives out invoices. Some of that apprehension can be taken away by having someone outside your normal business situation make that telephone call or visit to your customers. If you are troubled with a persistent late or non-payer there are legal strategies that a bookkeeper can use to help to clear up the issue before the situation ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are comparatively straightforward and simple. Essentially, sole traders must retain all receipts and invoices, and keep records of income and expenditure from month to month. Although this may initially sound quite simple, retaining the expertise of a competent bookkeeper is still recommended. So that you will be able to claim back valid business expenses from HMRC, a specialised sole trader bookkeeper in Swinton will be happy to advise you on what you should do. This could include stationery, advertising, rent and bills if you work from home, items such as computing equipment and consumables. To discover how to help your business to prosper and grow, chat to your bookkeeper for more comprehensive guidance and advice.
Certain businesses that work in niche areas, might need to employ a specialist bookkeeper. You'll require a bookkeeper in Swinton who understands exchange rate transfers, online payments, multi-currency processing and cross-border and international taxes, if you manage a store online for example. If that same store sells goods that you produce or hold, then keeping track of your inventory and stock on a 24 hours a day basis is an important concern, as I'm sure you will be aware the internet does not sleep, therefore neither should your bookkeeping services and software.
A remote virtual office can also be provided in conjunction with your bookkeeping service. This enables an online only business or sole trader to provide a physical connection to their customers, via a telephone service and postal address. Although this option might not be offered by all Swinton bookkeepers, it is definitely worth a discussion if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Certificate and Diploma level, and it is not necessary for a certified Swinton bookkeeper to have a degree in accounting. Although there's an ever-growing range of online courses available, bookkeeping qualifications can still be gained through further education colleges and universities, if that's the chosen route.
Representing bookkeepers, there are 2 main certification and training organisations:
The Association of Accounting Technicians or AAT: With certified members being able to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications. They can then become authorised AAT bookkeepers, approved by this association, which assures a certain standard of service for their clients. To safeguard the credibility of AAT membership, an AAT bookkeeper can be liable to tribunal and disciplinary procedures if they have a complaint filed against them or are found to have contravened the code of conduct.
The ICB or Institute of Certified Bookkeepers: Keeping their associated members current with the latest trends and innovations, the Institute of Certified Bookkeepers (ICB) is the largest organisation on the planet, providing accreditation to bookkeepers, along with training and reference material.
It's possible to check the qualifications of any bookkeeper on the register of AAT or ICB members on their websites. Before you use the services of any local bookkeeper in Swinton it's a good idea to perform this check.
Cash Flow Analysis
Businesses cannot gauge their financial health without utilising cash flow analysis, which is an essential tool. A vital task for bookkeepers is to conduct cash flow analysis on behalf of a business. It requires monitoring the cash movements of the company during a specific period, commonly a quarter or a month. The bookkeeper can support the business owner in understanding their current financial standing, identifying anyproblems, and preparing for the future by doing so.
A clear picture of a company's financial health is created through reconciling and categorizing all cash transactions, including sales, expenses and investments, in the analysis. A crucial aspect of cash flow analysis is to predict the cash flow for the coming months or years, enabling businesses to make informed decisions and avoid potential cash flow issues.
Any business that desires to manage their finances effectively must have an accurate and complete cash flow analysis as a crucial tool.
Using a Bookkeeper for Tax Returns
If you are self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. Especially if you're not familiar with the process, this task can be challenging. On time and accurately, a bookkeeper can help you prepare your tax return, as well as keeping your records organised.
Employing a bookkeeper to do your tax returns has many benefits. Experience and expertise will make sure that they complete your return correctly. This will help you avoid any penalties or interest that HMRC may charge. Second, a lot of time and effort can be saved by a bookkeeper. You can leave the calculations and paperwork to them so you can focus on the running of your business. Thirdly, a bookkeeper in Swinton can provide you with valuable advice on tax planning. This can help you to lower your tax liability and boost your profits. (70193)
Bookkeepers Near Swinton
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Swinton Bookkeeper Tasks
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