Bookkeepers Tilbury Essex (RM18): Whether you run an online store, operate a small business or are a sole trader in Tilbury, you are responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 years in accordance with the Companies Act (2006). If you can't produce this information, you could be disqualified as a Company Director and face thousands of pounds in fines. It can be more cost-effective to use a professional bookkeeper or accountant to conduct this for you, because according to the magazine Accounting Today over 40% of small business owners spend at least eighty hours annually on their accounts, which is a significant time investment, and may be better spent on actually running your business.
If you're filled with a sense of panic merely thinking about tracking liabilities and assets, compiling balance sheets, creating profit, loss and financial statements or filling out ledgers, then the time to contact a bookkeeper in Tilbury for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
The first question that many folks ask is "Precisely what is the difference between an accountant and a bookkeeper?" At one time it was normally looked at as to be beneath the qualifications, experience and skill set of an accountant to do bookkeeping, but due to tremendous software improvements over the past 10 yrs, many bookkeeping tasks will now be carried out by accounting companies in Tilbury. It's common practice for accounting firms to charge a flat rate for bookkeeping services as per a dedicated bookkeeper's fee. This is good news for business owners as it generates a greater variety of competition within this sector and can make your bookkeeping more affordable than initially thought.
When you're thinking about the differences between a bookkeeper and an accountant, the main one is the amount of training and qualification that is necessary for each of these disciplines. Usually holding a degree in accounting, a professional accountant should also have had further training in tax law and have qualifications in fiscal and business management. Although not necessarily having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Tilbury will certainly have a fair grasp of all such skills.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the logging of day to day monetary transactions of any business in Tilbury. This could include;
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- VAT submissions and recording.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Billing of customers for work completed or goods.
- Logging of all financial incomings; including electronic, card and cash payments.
- Recording invoices received and making certain payment is completed promptly.
- Monthly reconciliation and reporting.
Dependant upon service level you require, a professional bookkeeper may just be needed to periodically double-check your figures, if you're in a position to carry out the larger part of your own bookkeeping work. To allow for any problems or mistakes to be identified and rectified quickly, this should really be done each month as a bare minimum. As long as you're confident of staying on top of your financial transactions without having a negative impact on your daily trading activities, this option can be the most affordable solution.
Whatever the scenario is with your business or company, if you're currently looking at hiring a bookkeeping service in Tilbury, it's a good bet that you may be having problems with the process of financial recording and taxes. Offering advice on everything from invoicing, stocktaking and generating expense reports, a professional bookkeeping company will also be able to help you link your accounts with the most up-to-date software to enable the seamless processing of all your business's data.
An extremely important aspect of a good bookkeeper is being able to reconcile cash flow with accounts payable. This means that your bookkeeper will arrange bill payments to times when your accounts are buoyant, rather than paying off a bill right away, or waiting for an overdue notice, which many small businesses in Tilbury are guilty of at some time or other. In addition to keeping your business or enterprise on a good financial footing, this also keeps you in good stead with your suppliers and service providers. When you're primarily focussed on running your business, this is a juggling act that can be tricky to perform on your own.
Having someone who isn't affiliated with the business cast an eye over your financial dealings, is another added advantage of employing a qualified bookkeeper in Tilbury if you are a sole trader, or for your small business. It's quite possible that a dispassionate evaluation such as this will highlight business trends and patterns that you haven't previously noticed. It is not unheard of for a bookkeeper to identify an opportunity or flag up an area of the business where profits are plummeting. Such key performance indicators are vital in driving growth for any small business in Tilbury.
If you send out invoices in your business operations, needing to chase up late payments can be fairly uncomfortable. If that visit to your customer or phone call is done by a professional from outside your business situation, it's possible for most of that embarrassment to be removed. If you've got a repeating late payer there are legal options that a professional bookkeeper can use to help to clear up the situation before the matter ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as set out in law, are relatively straightforward and easily understood. This involves keeping all invoices and receipts in relation to the business, and keeping track of income and expenditure from month to month. Even though this may at first sound quite simple, hiring the expertise of a competent bookkeeper is still good practice. When working through your tax returns, a specialist sole trader bookkeeper in Tilbury can give you advice on what your bonafide business expenses are, and claim these back from HMRC each year. This may include advertising expenses, bills and rent if working from home, printer ink, items such as computers and stationery goods. For more detailed advice, talk to your local bookkeeper, and discover how they might help your business to thrive and grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS IN TILBURY
There are certain niches in bookkeeping where the expertise of a specialist could be required. For example, if you run a store online, you'll be wise to employ a bookkeeper in Tilbury who is familiar with multi-currency processing, online payment procedures, exchange rate transfers and international and cross-border taxes. If that same store sells goods that you hold or produce, then managing your stock on a 24 hours a day basis is a vital priority, as I'm sure you are aware the internet does not sleep, so neither should your bookkeeping software or services.
A virtual office can also be provided in combination with your bookkeeping services. This enables an online only business or sole trader to have a phone service and postal address to provide a physical connection to their buyers. Although this option may not be supplied by all bookkeeping companies in Tilbury, it's definitely worth a discussion if this service is something that is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a professional bookkeeper in Tilbury to have a university degree, and many of the bookkeeping qualifications are held at Certificate and Diploma level. There's a growing array of online courses available, although qualifications can still be gained via further education colleges and universities.
There are basically two main organisations that provide training and certification for bookkeepers:
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it offers accreditation to qualified bookkeepers, together with reference material and training to keep their associated members up-to-date with the latest trends and developments.
The AAT or Association of Accounting Technicians: With fully trained bookkeepers entitled to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. They can then become registered AAT bookkeepers, approved by this organisation, which guarantees a decent standard of service for their customers. If a bookkeeper who is a member of the AAT is found to have violated the code of practice or has a complaint filed against them, they can be liable to disciplinary and tribunal procedures to protect the values and integrity of the aat.
By going to their respective websites, it's possible to check out the qualifications of any professional Tilbury bookkeeper on the register of AAT or ICB members. Performing such checks is usually advisable before you actually hire any professional bookkeeper in Tilbury.
Cash Flow Analysis
To comprehend its financial health, any business must employ cash flow analysis. Bookkeepers are tasked with the important job of conducting cash flow analysis for companies. To do this, it is necessary to track the inflow and outflow of cash for the business over a set time frame, normally a month or a quarter. The bookkeeper's task is to assist the business owner in comprehending their current financial condition, detecting any cash flow problems, and planning for the future.
To create a clear picture of a company's financial health, the bookkeeper categorizes and reconciles all cash transactions, including expenses, investments and sales. Part of the analysis also involves predicting the company's cash flow for the upcoming months or years, allowing the company to make informed decisions and avoid potential cash flow problems.
A bookkeeper can suggest ways to enhance the company's cash flow, like tweaking pricing schemes or streamlining payment methods. Furthermore, the bookkeeper's cash flow analysis can be used to persuade lenders of a company's financial viability and repayment ability. An accurate and thorough cash flow analysis is an essential tool for any company looking to manage their finances effectively.
VAT Returns by a Bookkeeper
A bookkeeper based in Tilbury can offer small business owners a reliable and time-saving solution for their VAT returns, freeing them up to concentrate on other important aspects of their business. When you engage a bookkeeper, 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. Furthermore, a bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. By collaborating with a bookkeeper, you can have peace of mind that your VAT returns are being processed with efficiency and accuracy, enabling you to concentrate on the advancement of your business in Tilbury. To conclude, partnering with a bookkeeper in Tilbury can offer small business owners a dependable, economical, and effective solution for their VAT return needs, which can help them stay tax-compliant, minimize their tax liability, and concentrate on business growth.
Tilbury Bookkeeper Tasks
Most bookkeepers in Tilbury will be prepared to offer you the following bookkeeping and accounting services: bookkeeping services for restaurants, financial statement preparation, independent bookkeeping services in Tilbury, accountancy packages Tilbury, bookkeeping services for societies, bookkeeping services for sole traders, small business bookkeeping, bookkeeping services, bookkeeping for retail outlets, tax returns Tilbury, tax preparation in Tilbury, assistance with registering for self-employment in Tilbury, bookkeeping services for organisations Tilbury, charity bookkeeping Tilbury, profit & loss reports, landlord bookkeeping in Tilbury, personal tax returns Tilbury, bookkeeping for payroll, off-site bookkeeping, wages & PAYE, double-entry bookkeeping, professional bookkeeping services, small business tax returns, invoice processing, bookkeeping for charities, bookkeeping services for small business, maintaining fixed asset registers, bookkeeping prices in Tilbury, mobile bookkeeping services in Tilbury, bookkeeping and accounting services, and more. These are just a small portion of the duties that are undertaken by local bookkeepers. Tilbury companies will keep you informed about their entire range of services. If there are different Tilbury bookkeeper requirements that you need but don't see here, you can list them on the QUOTE FORM provided. We'll get back to you with information as soon as we are able.
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Bookkeepers Near Tilbury
Also find: Linford bookkeepers, Tilbury Docks bookkeepers, Fobbing bookkeepers, Horndon on the Hill bookkeepers, Orsett bookkeepers, West Tilbury bookkeepers, East Tilbury bookkeepers, Mucking bookkeepers, South Stifford bookkeepers, Little Thurrock bookkeepers, Badgers Dene bookkeepers, North Stifford bookkeepers and more. Bookkeeping services are provided to pretty much all of these towns and villages by companies. This accessibility ensures that businesses and individuals alike can easily find the financial support they need to manage their accounts successfully. Bookkeeping quotations are available to area residents with a click here.
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