Bookkeepers Taunton Somerset (TA1): For any individual in Taunton 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" financial and accounting records for a minimum of 6 years. This is in accordance with the Companies Act. Failure to produce such records might leave you facing disqualification as a Company Director, as well as thousands of pounds in fines. There is a substantial time investment involved with maintaining such financial recordings on your own, and it's often more cost-effective to use a professional accountant or bookkeeping company, since according to Accounting Today magazine over 40% of small businesses spend over 80 hours per year on their bookkeeping.
If you are filled with dread merely thinking about the possiblility of compiling balance sheets, creating profit, loss and financial statements, tracking liabilities and assets or writing ledgers, then the time to contact a bookkeeper in Taunton for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the distinction between an accountant and a bookkeeper?" Is a question that is asked by most business owners in Taunton. The fact is, because of massive software improvements over the past decade many accountancy firms in the Taunton area will consider taking on the task of bookkeeping, which was previously considered beneath their skill-sets, qualifications and experience. To keep their bookkeeping services commensurate with a typical bookkeeper's fee, it is now common practice for many accounting companies to charge a set fee for these services. This means that the cost of bookkeeping is much more manageable than it once was, and is excellent news for business owners in Taunton as it gives a broader range of competition within the marketplace.
When you are considering the differences between a bookkeeper and an accountant, the main one is the level of training that's required for each discipline. An accountant will usually a least hold a degree in accounting with further training in taxation and other financial and business management. While probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Taunton will still have an understanding of all such procedures.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, the bookkeeping process involves the careful recording of day to day transactions (financial) of any business in Taunton. This may include;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- Logging invoices received and making certain that payment is completed punctually.
- Monthly reconciliations and reporting.
- Recording of all financial incomings; cash, card and electronic payments included.
- VAT recording and submissions.
- The billing of customers for work completed or goods.
In accordance with service level you require, a professional bookkeeper may just be needed to periodically double-check your figures, if you are willing to carry out the majority of your own bookkeeping work. As a bare minimum this ought to be done every month, to facilitate the quick detection and rectification of any mistakes or problems. Provided that it is possible to stay on top of your monetary transactions without negatively affecting your everyday business activities, this option can be an extremely economical trade-off.
If you are currently looking to hire a bookkeeper in Taunton, whatever your circumstances are, it is a good bet that you might be struggling with your tax and financial procedures. A decent bookkeeping service will help you with everything from preparing expense reports, stocktaking and invoicing, to linking the latest software with your business accounts to enable the seamless processing of your data.
Being able to reconcile accounts payable with cash flow, is an extremely crucial element of a good bookkeeper. This means that instead of paying off a bill right away, or waiting on a final notice, which many small businesses are guilty of at some time or other, your bookkeeper will organise bill payments to a time when your accounts are in good shape. This does not just keep you in the good books of suppliers and those who supply you with services, but also makes sure that your enterprise or business is on a sound financial footing. When, as an individual, you are inevitably focussed on the smooth running of your business, this is a juggling act that can be tough to perform.
Having a person who isn't affiliated with the business cast an eye over your financial dealings, is another added advantage of employing a certified bookkeeper in Taunton for your small business or if you're a sole trader. Business patterns and trends that might have gone unnoticed might be pinpointed by this kind of independent appraisal. A bookkeeper identifying an opportunity or flagging an area where profits are plummeting, is not at all uncommon. Spotting such key performance indicators is essential for ensuring the growth of any small business in Taunton.
It can sometimes be quite embarrassing to chase up late payments if your business sends out invoices. Having somebody from outside your normal business situation, can take the embarrassment away from visiting your clients or making that telephone call. To help with resolving the matter, if you've got a persistent late payer, there are legal strategies that can be made use of by a bookkeeper, so court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are comparatively uncomplicated and easily understood. A sole trader is required to keep a record of expenditure and income from month to month and retain all receipts and invoices. While this may sound easy it is still recommended to hire the expert services of a bookkeeping company. A specialised sole trader bookkeeper in Taunton will be able to give you advice on what you may be able to claim back from HMRC as business expenses. This may include promotional advertising, stationery goods, printer ink, rent and bills if you work from home and items such as laptops. If you'd like to get more comprehensive advice, and see how your small business can grow in the future, talk to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niches in bookkeeping where the expertise of a specialist might be necessary. If, for instance, you manage an online store, you are going to need a bookkeeper in Taunton who's familiar with international and cross-border taxes, exchange rate transfers, multi-currency processing and online payment procedures. If you produce or hold the merchandise that you sell through that shop, then it will be a vital concern for your bookkeeping software or services to control your your stock on a 24/7 basis, since the internet does not sleep.
In combination with bookkeeping service, it's also possible to supply a virtual office. This allows an online only business or sole trader to provide a physical link with their customers, via a postal address and phone service. Although this solution may not be provided by all bookkeepers in Taunton, it's certainly worth a discussion if this is something that is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping industry qualifications are at Diploma or Certificate level, and it is not necessary for a certified Taunton bookkeeper to have an accounting degree. Although there are an ever-increasing choice of courses available online, bookkeeping qualifications can still be gained via further education colleges and universities, if that is the chosen route.
Certification and training for bookkeepers is mostly provided by two organisations:
The ICB or Institute of Certified Bookkeepers: Providing accreditation to bookkeepers, together with reference material and training to keep their members current with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind in the world.
The Association of Accounting Technicians or AAT: With fully trained members being able to use the letters AATQB, the AAT or Association of Accounting Technicians provides advanced qualifications and training. They then become authorised AAT bookkeepers, backed up by this association, which assures a minimum level of service for their customers. Bookkeepers who are affiliated with the AAT can can be liable to tribunal and disciplinary procedures if a complaint is filed against them or they are found to have broken the code of conduct. This helps to safeguard the integrity and values of the AAT membership.
By visiting their respective websites, you're able to check out the qualifications of any bookkeeper in Taunton on the register of ICB or AAT members. Performing this check is strongly recommended before hiring the services of any professional bookkeeper in Taunton.
Bookkeeping services are available for people living in in Taunton and also in: Trull, Norton Fitzwarren, Priorswood, Bishops Hull, Ruishton, Lambrook, Monkton Heathfield, Bradford-on-Tone, Holway, Creech St Michael, Obridge, Henlade, Staplegrove, Bathpool, Galmington, as well as in these postcodes TA1 1AU, TA1 1ER, TA1 1RU, TA1 1RY, TA1 1RL, TA1 1SH, TA1 1PD, TA1 1AB, TA1 1AR, TA1. Locally based Taunton bookkeeper services will probably have the telephone dialling code 01823 and the postcode TA1. Checking this out will guarantee you are accessing local bookkeepers. Taunton sole traders and business owners are able to benefit from these and numerous other related services.
Taunton Bookkeeper Questions
Not too long ago I was looking through the questions that people ask in relation to bookkeeping in Taunton. Quite a few of our visitors have emailed in some interesting enquiries which are applicable to this discussion. The most pertinent ones appeared to be, Can a bookkeeper become an accountant? What are the bookkeeper services? How much do bookkeeping services cost? How does bookkeeping help a business in Taunton? What are the benefits of a bookkeeping services? Are bookkeeping fees tax deductible? What does bookkeeping entail? Does a bookkeeper need a degree? Do bookkeepers use quickbooks? The vast majority of these questions will have hopefully been addressed in the preceding article, and if some are still to be answered a bookkeeping "Questions and Answers" feature is currently being created. My thanks go to Rory Anderson, Rex Ball, Issac Bond and Eva Wall from Taunton, for taking the time to put their questions. Interesting contributions were also received from Mia Muir in Creech St Michael, Giovanni Metcalfe in Obridge and Caroline Harrington in Bathpool.
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Taunton Bookkeeper Tasks
Most bookkeepers in Taunton will be ready to offer you the following services: bookkeeping and accounting services Taunton, double-entry bookkeeping in Taunton, bookkeeping services for restaurants in Taunton, invoice processing, bookkeeping services for small businesses in Taunton, Kashflow bookkeeping, bookkeeping for retail outlets, bookkeeping services for shops, off-site bookkeeping in Taunton, professional bookkeeping services, bookkeeping and accounting Taunton, bookkeeping for startups Taunton, personal tax returns Taunton, tax returns, accountancy packages, cash books, independent bookkeeping services in Taunton, bookkeeping for limited companies Taunton, bookkeeping for self-employed, profit & loss reports in Taunton, bookkeeping services, Xero bookkeeping services Taunton, mobile bookkeeping services, QUOTE FORM provided. We'll be in touch with details as soon as we are able.in Taunton, bookkeeping for pubs, Quickbook bookkeeping, bookkeeping services for freelancers in Taunton, charity bookkeeping Taunton, bookkeeping for payroll, maintaining fixed asset registers, and more. Listed are just an example of the tasks that are conducted by local bookkeepers. Taunton providers will keep you informed about their full range of services. If there happen to be some other Taunton bookkeeper requirements that you want but can't see here, you should mention them on the
Bookkeepers Near Taunton
Also here.: Obridge bookkeepers, Ruishton bookkeepers, Staplegrove bookkeepers, Holway bookkeepers, Creech St Michael bookkeepers, Priorswood bookkeepers, Monkton Heathfield bookkeepers, Bradford-on-Tone bookkeepers, Norton Fitzwarren bookkeepers, Bishops Hull bookkeepers, Trull bookkeepers, Lambrook bookkeepers, Galmington bookkeepers, Bathpool bookkeepers, Henlade and more. All of these villages and towns are served by local bookeepers. Taunton traders and businesses can get quotes for bookkeeping services by going
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Bookkeepers Around Taunton: People who live in these nearby Taunton streets and areas have recently requested bookkeeping services - Clover Mead, Beverley Close, Dillons Road, Belvedere Road, Snathe Lea, Curvalion Gardens, Amber Mead, Cann Street, School Road, Claremont Drive, Semington Close, St Patricks Road, Dunster Close, Trebles Holford, Cresswell Avenue, Cooks Close, Tower Hill, Claremont Lane, Cranmer Road, Beauford Orchard Caravan Site, Tower Lane, Aveline Court, Ashill Close, Chelwood Drive, Bakers Orchard, Broadbridge, Darwin Close, Tamar Avenue, Tirhill, as well as these Taunton area postcodes: TA1 1AU, TA1 1ER, TA1 1RU, TA1 1RY, TA1 1RL, TA1 1SH, TA1 1PD, TA1 1AB, TA1 1AR, TA1.
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Bookkeepers in TA1 area, phone code 01823.
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