Bookkeepers Upminster Essex (RM14): You're responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 yrs, if you are a sole trader, own a small business or run an online store in Upminster, in accordance with the Companies Act. Failing to produce these detailed records could leave you facing thousands of pounds in fines and potential disqualification as a Company Director. It can pay you to use a professional bookkeeper or accountant to conduct this for you, given that according to Accounting Today magazine over 40% of small business owners spend over eighty hours every year doing their bookkeeping, which is a significant time investment, and might be better spent on your core business activities.
The time has come to contact a bookkeeper in Upminster for guidance and advice, if you're filled with dread just thinking about tracking assets and liabilities, writing ledgers, creating profit, loss and fiscal reports or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
What is the difference between an accountant and a bookkeeper is the first question that springs to mind for a lot of people in Upminster. The truth is that while in the past many accountants considered the task of bookkeeping to be beneath their skill-sets, qualifications and experience, a lot of accountancy companies in the Upminster area will now undertake bookkeeping, because of software improvements over the past decade. For many accounting companies it is now quite common to charge a set rate for bookkeeping services, to keep them consistent with the standard fees of an independent bookkeeper in Upminster. This makes the cost of bookkeeping cheaper than it previously was, and is excellent news for small businesses in Upminster because it provides a greater variety of competition within this sector.
The main difference of an accountant over a bookkeeper is the amount of training and qualification needed. An accountant will, at the very least, hold an accounting degree, and will have also had further training in business and financial management, and taxes. Whilst having an understanding of these fiscal procedures, a bookkeeper in Upminster may not necessarily have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the logging of day to day transactions (financial) of any business in Upminster. This could include, but isn't limited to;
- Payroll services.
- Billing of customers for work completed or goods.
- Recording of all financial incomings; including card, cash and electronic payments.
- VAT recording and submissions.
- Recording the receipt of invoices and ensuring that payment is completed by the due date.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reporting and reconciliation.
- Ensuring accounting and double-entry bookkeeping practices are followed.
Contingent upon service level you require, a bookkeeper may just be needed to periodically double-check your records, if you are prepared to carry out the vast majority of your own bookkeeping work. At the bare minimum this should be monthly, to enable the swift detection and rectifying of any mistakes or problems. This trade-off can sometimes be the most economical if you're confident of keeping up-to-date with your everyday trading and financial transactions.
If you are seriously looking to hire a bookkeeping firm in Upminster, whatever your situation is, it's fairly likely that you might be struggling with your tax and financial procedures. A good bookkeeping company will be able to give advice and guidance on everything from stocktaking, creating expense reports and invoicing, to linking your accounts with the latest, most up-to-date software application to facilitate the seamless sorting of financial data.
The effective reconciliation of accounts payable with cash flow is one of the most crucial elements of a good bookkeeping service. Which means that by arranging the payment of bills to times when your accounts are buoyant and in good shape, your bookkeeper will avoid the mistake that a lot of small businesses are guilty of at some time or other i.e. paying a bill straight away, or waiting for an overdue notice. This is not only to make certain that your business or enterprise is financially secure all the time, but also to keep you in good stead with those people who supply your materials or services. When you're focussed on running your company, this is a balancing act that you may find hard to accomplish on your own.
If you're a sole trader, or operate a small business, employing a professional bookkeeper in Upminster, also gives them the opportunity to cast an unrelated eye over the financial dealings of your business. Business patterns and trends that might have gone unnoticed could be highlighted by this kind of unbiased assessment. It is not at all uncommon for a smart bookkeeper to flag up an area of the business which is decreasing in profits, or spot a brand new opportunity which may prove worthwhile. Spotting these key performance indicators (KPI's) is essential for the growth of any business enterprise in Upminster.
It can sometimes be quite awkward to chase up late payments if your company sends out invoices. By having a person outside your normal business bubble visit your customers or make that phone call, some of that embarrassment can be eliminated. To help take care of the situation, if you have a persistent late or non-payer, there are legal solutions that can be employed by a bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as laid out by law, are really straightforward. In essence, sole traders must retain all invoices and receipts, and monitor income and expenditure on a month by month basis. Now, this doesn't seem too tough does it? But, it's still a good idea to retain the services of a bookkeeper to ensure that it's all done right. A dedicated sole trader bookkeeper in Upminster will be happy to advise you on what you are able to claim back from HMRC as business expenses. This could include items such as computers, stationery, consumables, advertising expenses and bills and rent if working from home. For more detailed advice, speak to your bookkeeper, and learn how they might help your business to grow going forward.
ONLINE TRADERS IN UPMINSTER
Specialist bookkeepers are occasionally required for certain bookkeeping niches. For example, if you run a store online, you will want to employ a bookkeeper in Upminster who's familiar with online payment procedures, multi-currency processing, international and cross-border taxes and exchange rate transfers. Given that the internet does not sleep, if the same shop sells goods you hold or produce then overseeing inventory on a 24/7 basis is a crucial priority which will need to be managed.
It is also possible to establish a remote virtual office, that can be utilised in combination with your bookkeeping package. Providing a physical connection to their clients, this enables an online only business or sole trader to have a postal address and telephone service. Although this solution may not be supplied by all Upminster bookkeeping businesses, it is certainly worth a discussion if this service is something that could be advantageous.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping sector are at Diploma and Certificate level, and a certified Upminster bookkeeper need not have a degree. There is an ever-increasing variety of online courses available, although bookkeeping qualifications can still be gained through further education universities and colleges.
To provide training and certification for bookkeepers, there are basically 2 key organisations of interest:
The Institute of Certified Bookkeepers or ICB: Keeping their members current with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation in the world, providing certification for bookkeepers, along with training and reference material.
The Association of Accounting Technicians or AAT: With fully trained bookkeepers entitled to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications. This guarantees a decent standard of service to their clients which is backed by the association, and enables them to become a registered AAT bookkeeper. To protect the integrity and values of AAT membership, a bookkeeper who's a member of the AAT can be subject to disciplinary and tribunal procedures if a complaint is filed against them or they are found to have violated the code of practice.
By visiting the register of ICB or ATT members on their websites, you're able to inspect the accreditations of any bookkeeper in Upminster. Before you use any professional bookkeeper in Upminster it's advisable to carry out this check.
What Are the Main Advantages of Using a Bookkeeper in Upminster Rather Than an Accountant?
The following are just some reasons why you might opt to use a bookkeeper in Upminster, as opposed to an accountant:
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more effective and efficient in these tasks.
- Time Management: By choosing to outsource bookkeeping, business owners can save time and concentrate on other vital areas of their business such as marketing and sales.
- Affordability: Bookkeeping services are usually more budget-friendly when compared with accounting services, meaning they are a cheaper option for start-ups, small businesses and sole traders.
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Accessibility: Bookkeepers are normally more available to provide support and answer questions on a regular basis than an accountant, who might only be available at certain times of the year.
That being said, it is important to note that whilst bookkeepers can provide invaluable support, they may not have the same level of expertise or qualifications as an accountant in certain areas such as tax preparation or financial planning. In these cases, it may be necessary to consult an accountant when more specialised services are required.
Cash Flow Analysis
Businesses cannot gauge their financial wellbeing without using cash flow analysis, which is an essential tool. A cash flow analysis is an essential task that bookkeepers need to perform for businesses. One must track the cash inflows and outflows of the business during a specific time frame, generally quarterly or monthly. The bookkeeper's task is to assist the business owner in comprehending their current financial condition, detecting any cash flow issues, and planning for the future.
By reconciling and categorizing all cash transactions, such as investments, expenses and sales, in the analysis, the bookkeeper creates a clear picture of the company's financial health. It also involves forecasting the company's cash flow for the next few months or years to help the business make informed decisions and avoid potential cash flow difficulties.
What's more, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. Any business that desires to manage their finances effectively must have an accurate and complete cash flow analysis as a vital tool.
Financial statement preparation - article 211.
Bookkeepers Near Upminster
Also find: Herongate bookkeepers, West Horndon bookkeepers, Little Warley bookkeepers, Corbets Tey bookkeepers, Bulphan bookkeepers, Emerson Park bookkeepers, Ingrave bookkeepers, Great Warley bookkeepers, Orsett bookkeepers, Cranham bookkeepers, Gidea Park bookkeepers, Heath Park bookkeeper and more. All of these places are served by local bookeepers. Upminster residents can get rates for bookkeeping services by going here.
Upminster Bookkeeper Tasks
Most bookkeepers in Upminster will be willing to offer you the following bookkeeping services: charity bookkeeping Upminster, Self-Assessment tax returns Upminster, bookkeeping for restaurants, cash books, bookkeeping services for small business, independent bookkeeping services, bookkeeping for startups, small business tax returns, landlord bookkeeping, double-entry bookkeeping, credit control in Upminster, bookkeeping for payroll, bookkeeping price quotes, payment services, Quickbook bookkeeping services, bookkeeping services for sole traders, Xero bookkeeping services, bookkeeping for pubs Upminster, profit & loss reports, tax preparation, bookkeeping for tradesmen, professional bookkeeping services, management reports, bookkeeping services for shops, partnership returns, Sage bookkeeping services, bookkeeping for retail outlets, assistance with registering for self-employment in Upminster, bookkeeping for charities, personal tax returns Upminster, and more. Listed are just some of the tasks that are undertaken by local bookkeepers. Upminster companies will be delighted to keep you abreast of their full range of services. If there are different Upminster bookkeeper requirements that you need but don't see here, you can list them on the QUOTE FORM provided. We will get back to you with details just as soon as we are able.
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