Bookkeepers Torquay Devon (TQ1): You're entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of six years, if you are a sole trader, own a small business or run an online store in Torquay, as stated by the Companies Act. Failure to produce such records may leave you faced with a fine of thousands of pounds and perhaps Company Director disqualification. You could complete these financial records on your own behalf, but when you consider that according to Accounting Today over forty percent of small businesses spend at least eighty hours each year doing their bookkeeping duties, it can pay you to use a professional bookkeeper or accountant.
If just the thought of preparing profit, loss and financial statements, tracking liabilities and assets, compiling balance sheets or filling out ledgers fills you with panic, then the time has come to get in touch with a bookkeeper in Torquay for guidance.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the difference between an accountant and a bookkeeper?" Is a question that is asked by most people in Torquay. The truth is that while in the past a lot of accountants considered the task of bookkeeping to be beneath their experience, qualifications and skill-sets, a lot of accountancy firms in Torquay will now undertake bookkeeping, because of improvements in software over the past decade. It is fairly common for many accounting companies to have a set fee for bookkeeping services as per an independent bookkeeper's fee. Since it provides a wider variety of competition within the marketplace, this is excellent news for business owners in Torquay, making their bookkeeping costs far more affordable than they previously were.
When you're thinking about the differences between an accountant and a bookkeeper, the most notable one is the amount of qualification and training that is necessary for each discipline. An accountant will generally hold at least an accounting degree with specialist training in the field of taxes and other financial and business management. A bookkeeper in Torquay will certainly have an understanding of these fiscal skills, but may not have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in simple terms, is the recording of the daily financial transactions of any business in Torquay. This may include, but isn't limited to;
- Recording of all financial incomings; including cash, card and electronic payments.
- Logging the receipt of invoices and making sure payment is completed on time.
- VAT recording and submissions.
- Payroll services.
- The billing of clients for goods or work completed.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reports and reconciliation.
Based on service level you require, e.g. you're prepared to do most of your bookkeeping work; a bookkeeper may only be necessary for double-checking your accounts on a set schedule. This needs to be on a monthly basis as a bare minimum, since this will allow any mistakes or problems to be discovered and rectified quickly. This trade-off can sometimes be the most cost effective if you are confident of remaining on top of your everyday financial transactions and business operations.
If you are currently thinking of hiring a bookkeeping company in Torquay, whatever your situation is, it's fairly likely that you could be struggling with your tax and financial procedures. A professional bookkeeper will help you out with everything from stocktaking, preparing expense reports and invoicing, to linking the latest software application with your accounts to seamlessly process all your transaction information.
The efficient reconciliation of accounts payable with cash flow is one of the most vital aspects of a good bookkeeping service. This means that instead of paying off a bill right away, or waiting for a final notice, which most small businesses in Torquay are guilty of at some time or other, your bookkeeper will schedule bill payments to a time when your accounts are buoyant and in good order. This does not just keep your business or enterprise financially secure, but keeps you in favour with suppliers and those people who supply you with services. This is one of those balancing acts that can be tricky to perform when you are primarily focussed on the streamlined running of your daily business operations.
For your small business enterprise, or if you are a sole trader, using an experienced bookkeeper in Torquay, presents you with the chance to have a fresh eye cast over your business. This impartial assessment can permit them to see business patterns and trends that might have gone unnoticed. A bookkeeper identifying an opportunity or flagging up an area where profits are plummeting, is not at all unheard of. These KPI's (key performance indicators) are crucial in driving growth for any business in Torquay.
If your business sends out invoices it can often be awkward to pursue a late payment. Some of that awkwardness can be removed by having someone outside your business bubble make that phone call or visit to your customers. A professional bookkeeper can use legal methods to handle a consistent late payer, and without having to resort to court proceedings, help to resolve the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are fairly straightforward and basic. This involves keeping all receipts and invoices in relation to the business, and keeping track of income and expenditure on a month by month basis. Even though this might initially sound fairly easy, hiring the expertise of a bookkeeper is still advisable. A specialised sole trader bookkeeper in Torquay will be happy to advise you on what you may be able to claim back from HMRC as valid business expenses. This might include stationery, rent and bills if working from home, consumables, items such as computing equipment and promotional advertising. For more comprehensive advice, speak to your bookkeeper, and learn how they might help your business to flourish and grow in the future.
BOOKKEEPING FOR ONLINE TRADERS IN TORQUAY
There are certain niche areas in bookkeeping where a specialist could be needed. You're going to require a bookkeeper in Torquay who understands exchange rate transfers, cross-border and international taxes, online payment procedures and multi-currency processing, if you operate an online store for example. If you hold or produce the goods that you distribute on that store, then it is going to be a major concern for your bookkeeping software or services to manage your stock on a 24/7 basis, because the internet never sleeps.
A remote virtual office can also be provided in combination with your bookkeeping service. Offering a physical link with their clients, this allows an online only business or sole trader to have a telephone service and postal address. If this kind of service could be helpful, it is definitely worth discussing, although this option won't be supplied by all bookkeepers in Torquay.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified bookkeeper in Torquay needn't have a degree and a number of qualifications for the industry are at Certificate or Diploma level. Although there are a array of online courses available, bookkeeping qualifications can still be obtained via further education universities and colleges, if that is the preferred route.
There are essentially 2 primary organisations that offer training and certification to bookkeepers:
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest organisation on the planet and offers certification for bookkeepers, along with reference material and training to keep their associated members up-to-date.
The Association of Accounting Technicians or AAT: Able to use the letters AATQB, a certified member of the AAT (Association of Accounting Technicians) will have undergone a training schedule and advanced qualifications in bookkeeping. They are then entitled to become certified AAT bookkeepers, which guarantees their customers a high standard of service which is backed up by the association. To protect the integrity of the AAT, if a bookkeeper who's affiliated with the AAT is found to have breached the code of practice or has a complaint against them, they may be liable to disciplinary and tribunal processes.
By going to their websites, you're able to determine the qualifications of any professional bookkeeper on the register of ICB or AAT members. Carrying out such checks is usually a good idea before you actually hire any professional bookkeeper in Torquay.
Bookkeeping services are available for those living in in Torquay and also in nearby places like: Tweenaway, Watcombe, Hele Cross, Shiphay, Barton, Maidencombe, Hollicombe, Babbacombe, St Marychurch, Shaldon, Combe Pafford, Paignton, Torre, Kingskerswell, Marldon, Cockington Village, Edginswell, together with these postcodes TQ1 1DS, TQ1 1JL, TQ1 1LP, TQ1 1HG, TQ1 1QN, TQ1 1QL, TQ1 1LF, TQ1 1SH, TQ1 1BJ, TQ1 1QX. Local Torquay bookkeeper services will probably have the telephone code 01803 and the postcode TQ1. Checking this will ensure you're accessing local bookkeepers. Torquay sole traders and business owners are able to utilise these and various other similar services.
Torquay Bookkeeper Tasks
Most Torquay bookkeepers will be prepared to offer you the following bookkeeping and accounting services: bookkeeping for clubs, tax returns, double-entry bookkeeping in Torquay, professional bookkeeping services, bank reconciliations Torquay, bookkeeping for societies Torquay, tax preparation, management reports, bookkeeping for limited companies, accountancy packages in Torquay, cheap bookkeeping services in Torquay, bookkeeping services for pubs, bookkeeping for freelancers Torquay, accounting and bookkeeping services Torquay, Quickbook bookkeeping services in Torquay, bookkeeping for restaurants, bookkeeping for home-based businesses Torquay, bookkeeping estimates, independent bookkeeping services, invoice processing Torquay, bookkeeping services for startups in Torquay, franchise bookkeeping Torquay, bookkeeping services for self-employed, Self-Assessment tax returns, bookkeeping services for organisations, cash flow analysis, bookkeeping for sole traders, bookkeeping for payroll, and more. These are just a few of the duties that are accomplished by local bookkeepers. Torquay companies will inform you of their whole range of bookkeeping services. If there happen to be other Torquay bookkeeper requirements that you want but don't see here, you can easily mention them on the QUOTE FORM provided. We'll get back to you with information just as soon as we can.
Bookkeepers Near Torquay
Also here.: Shaldon bookkeepers, Paignton bookkeepers, Marldon bookkeepers, St Marychurch bookkeepers, Kingskerswell bookkeepers, Maidencombe bookkeepers, Babbacombe bookkeepers, Shiphay bookkeepers, Tweenaway bookkeepers, Cockington Village bookkeepers, Barton bookkeepers, Torre bookkeepers, Combe Pafford bookkeepers, Watcombe bookkeepers, Hele Cross bookkeepers, Hollicombe bookkeepers, Edginswell and more. All these villages and towns are serviced by local bookeepers. Torquay businesses and traders can get quotes for bookkeeping services by going
- Torquay Self-Assessment Bookkeeping
- Torquay Bookkeeping Price Quotes
- Torquay Tax Preparation
- Torquay Profit and Loss Reporting
- Torquay Bookkeeping Services
- Torquay Small Business Bookkeeping
- Torquay VAT Returns
- Torquay Sole Trader Bookkeeping
- Torquay Cheap Bookkeeping
- Torquay Tax Returns
- Torquay Cash Flow Analysis
- Torquay Double-Entry Bookkeeping
- Torquay Accountancy Packages
- Torquay PAYE Wages and CIS
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Bookkeepers Around Torquay: People who live in these roads and areas have recently enquired about bookkeeping services - Southway Avenue, Chalfield Close, Ashley Priors Lane, Sherwell Rise South, Burn River Rise, Brim Brook Court, Ansteys Cove Road, Ashton Terrace, Culvery Green, Burridge Road, Church Street, Tor Vale, Strand, Tramways, Seaway Lane, Banbury Park, Cayman Close, Combe Road, Chatsworth Road, Den Brook Close, Alpine Road, Cary Park Road, Abbey Crescent, Braeside Road, Arden Drive, St Augustines Close, Ben Venue Close, Tor Park Road, Claddon Lane, The Gallery, as well as the following Torquay area postcodes: TQ1 1DS, TQ1 1JL, TQ1 1LP, TQ1 1HG, TQ1 1QN, TQ1 1QL, TQ1 1LF, TQ1 1SH, TQ1 1BJ, TQ1 1QX.
For local Torquay information take a look here
Torquay Bookkeeping Jobs: Browse bookkeeping jobs near Torquay here: Torquay Bookkeeping Jobs
Bookkeepers in TQ1 area, and dialling code 01803.
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