Bookkeepers Torquay Devon (TQ1): In accordance with the Companies Act (2006), if you own a small business, run an online store or are a sole trader in Torquay, you are responsible for keeping accurate, "true and fair" financial and accounting records for at least six years. You could face a hefty fine, and perhaps Company Director disqualification, if you cannot produce this information. You can do these financial recordings on your own, yet when you think about the fact that according to Accounting Today over 40% of small business owners spend at least 80 hours per year on their bookkeeping activities, it can pay you to use a professional accountant or bookkeeper.
The time has come to get in touch with a bookkeeper in Torquay for guidance and advice, if you're filled with a sense of panic merely thinking about the possiblility of writing ledgers, compiling balance sheets, tracking assets and liabilities or creating profit, loss and fiscal reports.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between a bookkeeper and an accountant?" Is a question that's asked by a lot of small business owners in Torquay. While in the past many accountants considered the bookkeeping process to be beneath their qualifications, skill-sets and experience, many accountancy firms in Torquay will now undertake the task of bookkeeping, due to improvements in software over the past ten years or so. For many accounting companies it's now quite common to charge a fixed rate for bookkeeping services, so that they are in line with the standard fees of a dedicated bookkeeper in Torquay. This makes the cost of bookkeeping cheaper than it was previously, and is fantastic news for business owners in Torquay because it provides a wider range of competition within the industry.
When looking at the main difference between an accountant and a bookkeeper, it is the amount of training and qualification that's necessary for each discipline. At least an accounting degree with further training in the field of taxation and other fiscal and business management, will usually be held by an accountant. Although not necessarily having this level of training and experience, or holding the same financial qualifications, a bookkeeper in Torquay will still have an understanding of all these procedures.
RESPONSIBILITIES OF A BOOKKEEPER IN TORQUAY
To explain in the simplest of forms possible, the bookkeeping process involves the logging of daily transactions of any enterprise or business in Torquay. This may include;
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT recording and submissions.
- Recording invoices received and making certain payment is completed promptly.
- Logging of all financial incomings; cash, electronic and card payments included.
- Payroll services.
- Monthly reporting and reconciliations.
- The billing of customers for goods or work completed.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
Whilst it depends on the kind of service you're looking for, if you're able to carry out the vast majority of your own bookkeeping work, a professional bookkeeper may just be needed to periodically double-check your accounts. So any mistakes or problems can be uncovered and rectified speedily, at the bare minimum, this needs to be from month to month. If it is possible to stay in control of your daily financial transactions and trading activities, this trade-off can often be the most affordable option.
If you are seriously looking to hire a bookkeeping company in Torquay, whatever your scenario, it is fairly likely that you could be getting stressed about your tax and financial procedures. To enable the seamless pull-through of financial data, a decent bookkeeping service will help you link the most suitable computer software to your accounts, and will give guidance and advice on stuff like preparing expense reports, stocktaking and invoicing.
The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of good bookkeeping. Which means that by optimising the payment of bills to a time when your accounts are buoyant and in good shape, your bookkeeper will avoid the mistake that a lot of small businesses in Torquay are guilty of at some time or other i.e. paying off a bill right away, or waiting on an overdue notice. In addition to keeping your business financially stable, this also stands you in good stead with service providers and suppliers. 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.
If you are a sole trader, or run a small business, using a certified bookkeeper in Torquay, also gives them an opportunity to cast an unbiased eye over the running of your business. Business trends and patterns that you might have disregarded could be highlighted by this kind of independent assessment. A situation where a smart bookkeeper flags an area of the business where profits are dropping off, or spots a new opportunity which could be lucrative, is not at all an unusual occurrence. Spotting these KPI's (key performance indicators) is essential for driving the growth of any enterprise in Torquay.
If you give out invoices in your business operations, having to pursue late payments can be fairly embarrassing. Some of that embarrassment can be taken away by having an individual outside your normal business situation make that telephone call or visit to your customer. A professional bookkeeper can use legal solutions to handle a consistent late or non-payer, and without having to resort to court proceedings, help to clear up the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as set out in law, start off relatively straightforward. It is stated that a sole trader must track expenditure and income from month to month and keep all invoices and receipts. It's still recommended that you retain the services of a bookkeeping company, even though this might sound easy. Offering advice on what valid business expenses you're able to claim back, a specialist sole trader bookkeeper in Torquay will deal with HMRC on your behalf. This could include consumables, stationery goods, promotional advertising, rent and bills if you work from home and items such as computers. Talk to your bookkeeper for more in-depth advice and discover how they can help your small business to grow.
BOOKKEEPING FOR ONLINE TRADERS IN TORQUAY
Specialist bookkeepers are required from time to time for particular niches in bookkeeping. As an example, if you run an online store, you will be wise to employ a bookkeeper in Torquay who is familiar with international and cross-border taxes, online payments, multi-currency processing and exchange rate transfers. Because the internet doesn't sleep, if the same outlet sells goods that you hold or produce then keeping track of your stock on a 24/7 basis is a huge concern which will need to be addressed.
Together with bookkeeping service, it is also possible to establish a remote virtual office. This allows a sole trader or online only business to provide a physical link with their customers, via a postal address and phone service. Not all Torquay bookkeepers will supply this solution, however it's worthwhile talking about if it's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified bookkeeper in Torquay needn't hold a university degree and most qualifications in this sector are at Certificate and Diploma level. There is an ever-increasing array of online courses available, although bookkeeping qualifications can still be obtained through further education universities and colleges.
Representing bookkeepers, there are 2 key certification and training organisations:
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB, a fully trained member of the Association of Accounting Technicians or AAT will have undergone advanced qualifications and a training schedule in bookkeeping. They are then entitled to become authorised AAT bookkeepers, which promises their clients a level of service which is backed up by the association. If an AAT bookkeeper is found to have violated the code of conduct or has a complaint filed against them, they may be liable to disciplinary and tribunal procedures to protect the values and integrity of aat membership.
The ICB or Institute of Certified Bookkeepers: Keeping their members informed about the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
The qualifications of any Torquay bookkeeper can be checked on the register of ICB or ATT members on their respective websites. It is advisable to perform this check, before retaining the services of any bookkeeper in Torquay.
What Are the Main Advantages of Using a Bookkeeper in Torquay Instead of an Accountant?
The following are just some reasons why you might prefer to use a bookkeeper in Torquay, as opposed to an accountant:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Affordability: Bookkeeping services are normally more budget-friendly in comparison to accounting services, meaning they are a cheaper option for startups, sole traders and small businesses.
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save time and concentrate on other aspects of their business, for instance marketing and sales.
- Availability: Bookkeepers are generally more accessible and readily available to answer questions and provide support in comparison to an accountant, who might only be reachable during certain times of the year.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants whose approach may be more general.
That being said, it's vital to note that whilst bookkeepers can provide valuable support, they may not have the same level of expertise or qualifications as an accountant in certain aspects such as financial planning or tax preparation. In these cases, it might be necessary to check with an accountant when more specialist services are required.
Financial statement preparation - article 211.
Torquay Bookkeeper Tasks
Most bookkeepers in Torquay will be willing to offer you the following bookkeeping and accounting services: bookkeeping for small businesses, off-site bookkeeping services, bookkeeping for home-based businesses, Self-Assessment tax returns in Torquay, charity bookkeeping Torquay, bookkeeping services for tradesmen, bookkeeping services for shops, tax preparation, bookkeeping for freelancers Torquay, bookkeeping services for self-employed people, bookkeeping services for societies Torquay, partnership tax returns in Torquay, Kashflow bookkeeping services, tax returns, Xero bookkeeping, bookkeeping services for restaurants in Torquay, bookkeeping services for clubs in Torquay, assistance with registering for self-employment in Torquay, corporation tax returns, professional bookkeeping services Torquay, cash books, personal tax returns, mobile bookkeeping services in Torquay, maintaining fixed asset registers, accounting and bookkeeping, bookkeeping services for startups, bookkeeping services for pubs Torquay, management reports, bank reconciliation, bookkeeping for organisations, and more. These are just a selection of the duties that are accomplished by local bookkeepers. Torquay professionals will inform you of their whole range of services. If there happen to be some other Torquay bookkeeper requirements that you want but cannot see here, you should list them on the QUOTE FORM provided. We'll get back to you with details as soon as we are able.
Bookkeepers Near Torquay
Also find: Hollicombe bookkeepers, St Marychurch bookkeepers, Marldon bookkeepers, Tweenaway bookkeepers, Babbacombe bookkeepers, Torre bookkeepers, Barton bookkeepers, Combe Pafford bookkeepers, Maidencombe bookkeepers, Shaldon bookkeepers, Watcombe bookkeepers, Cockington Village bookkeepers, Shiphay bookkeepers, Edginswell bookkeepers, Hele Cross bookkeeper and more. The majority of these villages and towns are covered by local bookeepers. Torquay businesses and traders can get pricing for bookkeeping services by going here.
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