Bookkeepers Taunton Somerset (TA1): You are responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 years, if you run a small business, are a sole trader or operate an online store in Taunton, to comply with the Companies Act. Failing to produce such records could leave you facing a fine of thousands of pounds and possible disqualification as a Company Director. According to Accounting Today magazine over forty percent of small business owners spend 80 plus hours each year doing their bookkeeping activities, therefore whilst you can do these financial recordings on your own behalf, it can be more cost-effective to use a professional bookkeeping service or accountant to do them for you.
The time has come to contactin Taunton for help and advice, if the thought of preparing profit, loss and financial statements, filling out ledgers, producing balance sheets or tracking liabilities and assets brings you feelings of terror.
BOOKKEEPER OR ACCOUNTANT?
A common query that is asked by most people in Taunton is "Just what is the difference between an accountant and a bookkeeper?" The truth is that while in the past the process of bookkeeping, was regarded as beneath the qualifications, experience and skill-sets of an accountant, due to improvements in software over the past decade, many accountancy companies in the Taunton area will now consider taking on bookkeeping. Most accountancy firms now charge a flat rate for bookkeeping services, to keep them consistent with what an independent bookkeeper in Taunton would usually charge. Since it provides a wider range of competition within the industry, this is fantastic news for small business owners in Taunton, making the cost of their bookkeeping much more affordable than it was previously.
The main difference of an accountant over a bookkeeper is the level of training and qualification required. Anwill, at the minimum, hold a degree in accounting, and should have also had further training in financial and business management, and taxes. A bookkeeper in Taunton will certainly have a good grasp of these fiscal disciplines, but may not necessarily have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily monetary transactions of any business or enterprise in Taunton, describes the process of bookkeeping in simple terms. This could include;
- VAT recording and submissions.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
- Monthly reconciliation and reporting.
- The billing of clients for work completed or goods.
- Logging of all financial incomings; card, cash and electronic payments included.
- Documenting the receipt of invoices and making sure payment is completed on time.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
If you are prepared to undertake the majority of your bookkeeping work yourself; a bookkeeper may just be necessary for double-checking your records on a fixed schedule. As a bare minimum this ought to be from month to month, to enable the rapid detection and rectifying of any problems or mistakes. This could be the most cost-effective trade-off, providing it is possible to stay up-to-date with your financial transactions without impacting on your day to day business operations.
Whatever your situation, if you are seriously thinking of hiring a bookkeeper there's a fair chance that you may be fretting over the financial recording aspects of your small business in Taunton. To enable the seamless processing of financial data, a professional bookkeeper will help you link the latest software application to your business accounts, and will give advice on things such as producing expense reports, invoicing and stocktaking.
Being able to reconcile cash flow with accounts payable, is an extremely crucial element of effective bookkeeping. Which means that by scheduling the payment of bills to a time when your accounts are in good order, your bookkeeper will avoid the thing that many small businesses in Taunton are guilty of doing i.e. paying an outstanding bill straight away, or waiting for a final notice. This doesn't just keep you in the good books of suppliers and the businesses who supply services to you, but also makes sure that your enterprise or business is on a sound financial footing. When, as an individual, you are mainly focussed on the operation of your business, this is a juggling act that can be hard to accomplish.
Having a person who's not affiliated with the business cast an eye over your financial dealings, is another advantage of employing a competent bookkeeper in Taunton for your small business or if you are a sole trader. It's entirely possible that an unprejudiced assessment like this will showcase business trends and patterns that have previously been missed. It is not at all unheard of for a smart bookkeeper to flag up an area of the business which is plummeting in profits, or spot a brand new opportunity that could be worthwhile. For powering growth in any small business in Taunton, it is vital that these KPI's (key performance indicators) are spotted as early as possible.
It can sometimes be awkward to chase up late payments if your company gives out invoices. Having a person from outside your business situation, can take the embarrassment out of making that phone call or visit to your customer. To help with resolving the issue, if you've got a consistent late or non-payer, there are legal options that can be employed by a professional bookkeeper, so that legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are relatively straightforward. A sole trader is required to monitor income and expenditure from month to month and retain all invoices and receipts. It is still a good idea to hire the expert services of a competent bookkeeper, even though this might sound simple. Advising you on what valid business expenses you might be able to claim back, a dedicated sole trader bookkeeper in Taunton will look after your financial dealings with HMRC. This might include stationery goods, items such as laptops, bills and rent if you work from home, promotional advertising and printer ink. Chat to a trusted bookkeeper for more in-depth advice and see how they may be able to help your business to grow.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the skills of a specialist may be needed. For instance, if you run an online store, you will need to employ a bookkeeper in Taunton who is familiar with cross-border and international taxes, multi-currency processing, exchange rate transfers and online payment procedures. If you produce or hold the merchandise that you sell through that store, then it will be an important concern for your bookkeeping software or services to deal with your inventory on a 24 hours a day basis, given that the internet never sleeps.
In conjunction with bookkeeping service, it's also possible to provide a virtual office. This allows a sole trader or online only business to provide a physical connection to their buyers, via a postal address and phone service. Although this option might not be offered by all bookkeeping businesses in Taunton, it's definitely worth talking about the possibilities if this is something that could be beneficial.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It is not mandatory for a certified bookkeeper in Taunton to have a university degree, and a lot of the bookkeeping industry qualifications are held at Certificate or Diploma level. Although there is a array of online courses available, bookkeeping qualifications can still be gained via further education universities and colleges, if that is the chosen route.
There are two key certification and training organisations representing bookkeepers:
The AAT or Association of Accounting Technicians: The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications enabling fully certified members to use the letters AATQB after their name. They're then entitled to become approved AAT bookkeepers, which promises their clients a minimum standard of service which is backed up by the organisation. If an AAT bookkeeper is found to have violated the code of conduct or has a complaint against them, they may be liable to disciplinary and tribunal processes to safeguard the integrity of the aat.
The Institute of Certified Bookkeepers or ICB: Providing certification for bookkeepers, together with reference material and training to keep their members up-to-date with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation in the world.
By visiting their websites, it is possible to inspect the accreditations of any bookkeeper in Taunton on the register of AAT or ICB members. Prior to employing the services of any bookkeeping company in Taunton, it is clearly a good idea to carry out these checks.
Outsourced Bookkeeping Taunton
All businesses in Taunton should understand the significance of bookkeeping. It helps business people monitor the money left in the bank account, the sum total of their liabilities and assets, their outgoings and incomings, and the like. With the business owner having to contend with the issues and concerns of operating a business, the task of doing the bookkeeping is frequently outsourced to a bookkeeping company or freelance bookkeepers in Taunton.
If a company in Taunton employs a bookkeeper so as to become an employee, the company will need to fork out a substantial amount of money in training the person for the purpose of carrying out the bookkeeping work. Moreover, there's no guarantee that the person will stay for long in the company. In that case, the company stands to lose a significant sum of money for very little return. Besides that, businesses will have to look for solutions to offer incentives and benefits to keep the employee within the business. These are just a handful of the reasons why companies choose to enlist the services of bookkeeping companies and professional bookkeepers in Taunton.
With the advent of new technology there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. One will find a lot of companies offering financial bookkeeping services catering to all kinds of industries and clients in Taunton. A majority of these companies promise and deliver quality service. It is important for a business to look into the reputation of these Taunton bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
The business owner in Taunton can look for the following options with the bookkeeping company that delivers outsourcing services. Check and find out how much savings can be enjoyed by outsourcing the bookkeeping work. Seeing that the expenses related to hiring and training in-house staff is a significant concern, it would be wise on the part of business owner in Taunton to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the methods and systems employed by the company involved in bookkeeping services. It is very important to get top quality accounting services and greater security for your financial data. By quality, one means precise, reliable, and real-time bookkeeping data delivered within the set time. In a nutshell, the company that offers bookkeeping services in Taunton should have a well protected system that can be trusted and relied on.
These professional bookkeeping companies in Taunton should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the necessary back-up and support.
Cash Flow Analysis
To comprehend its financial wellbeing, any business must employ cash flow analysis. The responsibility of undertaking cash flow analysis for businesses lies with bookkeepers. One must track the cash inflows and outflows of the business during a specific time frame, normally monthly or quarterly. Through this, the bookkeeper can help the business owner to comprehend their current financial status, identify any cash flow problems, and prepare for the future.
A clear picture of a company's financial health is created through reconciling and categorizing all cash transactions, including investments, sales and expenses, in the analysis. 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.
An accurate and comprehensiveis an indispensable tool for any business that wishes to manage their finances effectively.
VAT Returns in Taunton
A bookkeeper in Taunton 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. When you engage, they can manage every detail of your VAT return, such as computing your VAT liability or refund, preparing and submitting your return to HMRC, and maintaining precise records of your transactions. Moreover, a bookkeeper can supply you with valuable insights on how to decrease your VAT responsibility and guarantee that you are claiming all the admissible VAT that you are entitled to. By enlisting the aid of a bookkeeper, you can relax with the knowledge that your VAT returns are being managed with efficiency and precision, enabling you to dedicate more time to expanding your business in Taunton. Having a bookkeeper can be a wise financial decision as it can help you avoid any HMRC penalties or fines due to errors in your VAT returns or late submissions, potentially saving you money in the future.
Bookkeepers Near Taunton
Also: Staplegrove bookkeepers, Priorswood bookkeepers, Creech St Michael bookkeepers, Bradford-on-Tone bookkeepers, Ruishton bookkeepers, Norton Fitzwarren bookkeepers, Galmington bookkeepers, Lambrook bookkeepers, Obridge bookkeepers, Bishops Hull bookkeepers, Holway bookkeepers, Henlade bookkeepers, Bathpool bookkeepers, Trull bookkeepers and more.
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Taunton Bookkeeper Tasks
Most Taunton bookkeepers will be willing to offer you the following services: bookkeeping for charities, invoice processing, bookkeeping services for organisations Taunton, business bookkeeping, Self-Assessment tax returns, bookkeeping for self-employed, QUOTE FORM provided. We'll get back to you with specifics as soon as we are able.in Taunton, cash flow analysis, corporation tax returns Taunton, bookkeeping for payroll, bookkeeping price quotes, bookkeeping services for sole traders, charity bookkeeping Taunton, letting agent bookkeeping, , bookkeeping and accounting services, VAT returns, tax return preparation, Xero bookkeeping services Taunton, bookkeeping for societies, financial statement preparation, bookkeeping for clubs, management reports Taunton, Taunton, bookkeeping services for retail outlets in Taunton, landlord bookkeeping in Taunton, professional bookkeeping services, bookkeeping services for small business, profit & loss reports, bookkeeping for tradesmen, and more. These are just a selection of the duties that are performed by local bookkeepers. Taunton companies will let you know their full range of bookkeeping services. If there are different Taunton bookkeeper requirements that you need but can't see here, you can mention them on the
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