Bookkeepers Tipton West Midlands (DY4): Whether you own a small business, are a sole trader or run an online store in Tipton, you are entirely responsible for keeping "true and fair", accurate accounting and financial records for at least six years as stated by the Companies Act (2006). If you can't produce such information, you may face disqualification as a Company Director and receive thousands of pounds in fines. It can pay you to employ a professional to do this for you, as according to the trade magazine Accounting Today over 40% of small business owners spend eighty hours plus annually on their accounts, which is a significant time investment, and may be better spent on your key business activities.
The time has come to get in touch within Tipton for advice, if just the thought of producing balance sheets, writing ledgers, tracking liabilities and assets or preparing profit, loss and fiscal reports brings you feelings of dread.
BOOKKEEPER OR ACCOUNTANT?
Exactly what is the difference between a bookkeeper and an accountant is the first question that springs to mind for many people in Tipton. The fact is, because of software improvements over the past 10 yrs many accountancy firms in Tipton will consider taking on the task of bookkeeping, which was at one time looked at as beneath their skill-sets, qualifications and experience. Many accounting firms now charge a fixed rate for bookkeeping services, to keep them commensurate with what a typical bookkeeper in Tipton would normally charge. Business owners in Tipton are now benefiting from this, because it gives a greater variety of competition within the marketplace and can mean that the cost of bookkeeping is way more affordable than it would previously have been.
The big difference between a bookkeeper and an accountant is the standard of training needed. Usually holding an accounting degree, a professionalwill also have had training in tax matters and further qualifications in business and financial management. Although likely not holding the same financial qualifications, or having this level of experience and training, a bookkeeper in Tipton will definitely have an understanding of all these fiscal procedures.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in simple terms, is to record the daily transactions of any business enterprise in Tipton. This will include, but is not limited to;
- Highlighting and rectifying any discrepancies in financial accounts.
- Billing of clients for work completed or goods.
- Payroll services.
- Monthly reconciliations and reporting.
- Making sure that double-entry bookkeeping and accounting practices are observed.
- Recording invoices received and ensuring payment is completed promptly.
- VAT recording and submissions.
- Recording of all financial incomings; including card, electronic and cash payments.
While it is dependent on the kind of service you're interested in, if you are happy to perform the larger part of bookkeeping work yourself, a professional bookkeeper might just be needed to double check your figures periodically. So that any problems or mistakes can be detected and rectified speedily, at the bare minimum, this should be done on a monthly basis. This trade-off can sometimes be the most affordable option if you're confident of remaining on top of your daily financial transactions and business operations.
If you're presently looking at hiring a bookkeeper in Tipton, whatever your situation, there's a fair chance that you could be getting stressed about your financial and tax procedures. A professional bookkeeper will help you with everything from producing expense reports, invoicing and stocktaking, to linking your business accounts with the latest computer software to seamlessly of your data.
An extremely crucial aspect of a good bookkeeper is being able to reconcile accounts payable with cash flow. Which means that instead of waiting for an overdue notice, which many small businesses in Tipton are guilty of, or paying off a bill straight away, your bookkeeper will organise bill payments to times when your accounts are buoyant and in good order. This is not just to ensure that your business is on a sound financial footing at all times, but also to keep you in favour with those people who supply your materials or services. When you're focussed on running your business, this is a juggling act that can be hard to perform on your own.
For your small business enterprise, or if you're a sole trader, using a professional bookkeeper in Tipton, presents you with the chance to have an unbiased eye cast over your business affairs. It is quite possible that a dispassionate assessment like this will pinpoint business patterns and trends that have been missed previously. A scenario where an intelligent bookkeeper flags an area which is dropping off in profits, or identifies a new opportunity which may be lucrative, is not at all an uncommon occurrence. Spotting such key performance indicators (KPI's) is crucial for the growth of any business in Tipton.
It can sometimes be awkward to pursue a late payment if your company sends out invoices. Some of that awkwardness can be taken away by having an individual outside your business bubble make that telephone call or visit to your customer. A bookkeeper can make use of legal procedures to handle a consistent late payer, and without the need for claims court proceedings, help to resolve the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the requirements for bookkeeping, as set out in law, start off fairly straightforward. This involves retaining all invoices and receipts relating to the business, and keeping a record of expenditure and income from month to month. While this might sound simple it is still recommended that you retain the services of a competent bookkeeper. So that you will be able to claim back any valid business expenses from HMRC, a dedicated sole trader bookkeeper in Tipton can advise you on what you should do. This could include rent and bills if you work from home, items such as computers, advertising, stationery goods and printer ink. Chat to your local bookkeeper for more in-depth advice and learn how they might help your business to grow and prosper.
ONLINE TRADERS IN TIPTON
Specialistare often needed for certain niches in bookkeeping. If, for instance, you run an online store, you'll need a bookkeeper in Tipton who's familiar with international and cross-border taxes, multi-currency processing, online payments and exchange rate transfers. Supervising your inventory and stock on a 24/7 basis is also an important priority, if that same shop sells goods that you produce or hold, as I'm sure you'll be aware the internet does not sleep, therefore neither should your bookkeeping services and software.
It is also possible to establish a remote virtual office, which can be utilised in conjunction with your bookkeeping package. Providing a physical link with their buyers, this enables an online only business or sole trader to have a phone service and postal address. If this kind of service could be helpful, it is certainly worth talking about the possibilities, although this option will not be offered by all Tipton bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Diploma and Certificate level, and it is not necessary for a professional Tipton bookkeeper to have an accounting degree. If the chosen route to qualification is through further education colleges and universities, this is still a possibility, although there there's an ever-growing variety of online bookkeeping courses.
There are essentially two primary organisations that provide training and certification for bookkeepers:
The AAT (Association of Accounting Technicians): With fully certified members entitled to use the letters AATQB, the AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications. This then permits them to become a registered AAT bookkeeper and assures a minimum standard of service which is backed up by the organisation. If an AAT bookkeeper has a complaint filed against them or is found to have contravened the code of conduct they can be liable to disciplinary and tribunal processes to safeguard the integrity and values of the AAT membership.
The Institute of Certified Bookkeepers (ICB): The largest organisation in the world is the the Institute of Certified Bookkeepers or ICB, and it provides accreditation to certified bookkeepers, in addition to reference material and training to keep their members up-to-speed with the latest trends and innovations.
It is possible to check the accreditations of any bookkeeper in Tipton on the register of AAT or ICB members on their respective websites. Performing such checks is generally a good idea before you actually employ any professional bookkeeper in Tipton.
Tipton Bookkeeper Tasks
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Bookkeepers Near Tipton
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