Bookkeepers Waltham Abbey Essex (EN9): For anybody in Waltham Abbey who operates an online store, owns a small business or acts as a sole trader, it is their sole responsibility to maintain "true and fair", accurate accounting and financial records for a minimum of 6 yrs. This is in accordance with the Companies Act (2006). You could face disqualification as a Company Director and receive a hefty fine, if you can't produce these records. There is a large time investment involved with maintaining such financial records yourself, and it is often better to employ a professional accountant or bookkeeper, as according to Accounting Today magazine over forty percent of small business owners spend over eighty hours each year on their bookkeeping tasks.
The time has come to contactin Waltham Abbey for advice and guidance, if you are overcome with a sense of terror simply thinking about the possiblility of creating profit, loss and financial statements, tracking assets and liabilities, compiling balance sheets or filling out ledgers.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Waltham Abbey, the first question that springs to mind when faced with this predicament is "What is the distinction between an accountant and a bookkeeper?" At one time it was often looked at as to be beneath the experience, qualifications and skill set of an accountant to do the work of a bookkeper, but due to software improvements over the past decade or so, many bookkeeping tasks will now be taken on by accountancy firms in Waltham Abbey. To keep their bookkeeping services commensurate with a dedicated, it is now fairly common for many accounting companies to charge a set rate for these services. This means the cost of bookkeeping is more manageable than it was previously, and is great news for business owners in Waltham Abbey as it gives a broader range of competition within this sector.
The main difference of an accountant over a bookkeeper is the standard of qualification and training needed. At least a degree in accounting with further training in the field of taxation and other fiscal and business management, will usually be held by an. A bookkeeper in Waltham Abbey might not necessarily have the same levels of experience and training, or hold these qualifications, but will still have a good grasp of such skills.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, the bookkeeping process involves the recording of day to day financial transactions of any enterprise or business in Waltham Abbey. This can include, but isn't limited to;
- Billing of customers for work completed or goods.
- Highlighting and rectifying any discrepancies in financial accounts.
- VAT recording and submissions.
- Recording invoices received and making certain payment is completed by the due date.
- Monthly reconciliation and reports.
- Recording of all financial incomings; including cash, electronic and card payments.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
While it is dependent on the kind of service you're interested in, if you are willing to perform a large majority of the bookkeeping work yourself, a bookkeeper might only be needed to double check your figures periodically. This should really be done monthly at the bare minimum, since this will allow any problems or mistakes to be identified and corrected swiftly. This can be the most cost-effective trade-off, providing that you are confident of keeping in control of your monetary transactions without compromising your day by day business operations.
Whatever the situation is with your business, if you're currently looking at hiring a bookkeeping firm in Waltham Abbey, it is fairly likely that you may be stressed with the process of financial recording and tax returns. A decent bookkeeping service will be able to give guidance and advice on everything from generating expense reports, invoicing and stocktaking, to linking the most suitable software with your business accounts to enable the seamless processing of data.
The correct reconciliation of cash flow with accounts payable is one of the most important aspects of a good bookkeeping service. This means that your bookkeeper will prioritise bill payments to times when your finances are in good order, rather than paying off a bill immediately, or waiting on a final notice, which a lot of small businesses in Waltham Abbey are guilty of at some time or other. As well as keeping your enterprise or business financially stable, this also maintains your reputation with suppliers and service providers. This is a balancing act that you may find tough to accomplish on your own when you are primarily focussed on running your company.
Having somebody who's not connected to the business cast an independent eye over your financial affairs, is another good thing about using a professional bookkeeper in Waltham Abbey for your small business or if you're a sole trader. It is entirely possible that an unbiased evaluation such as this will showcase business trends and patterns that have been missed previously. A scenario where an intelligent bookkeeper flags up an area which is dropping in profits, or identifies a new opportunity that could prove lucrative, is by no means an uncommon occurrence. For the future growth of any small business in Waltham Abbey, it is essential that such key performance indicators (KPI's) are spotted early on.
It can often be quite uncomfortable to chase up late payments if your business gives out invoices. Some of that awkwardness can be removed by having a person outside your normal business situation visit your customers or make that telephone call. There are legal strategies a bookkeeper can make use of, if you've got a repeating late or non-payer, and they can help to clear up the situation before the issue winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are quite straightforward and easy to understand. A sole trader is expected to keep records of income and expenditure on a monthly basis and retain all receipts and invoices. Whilst this might at first sound simple it is still advisable to hire the services of a competent bookkeeper. Advising you on what bonafide business expenses you may be able to claim back, a professional sole trader bookkeeper in Waltham Abbey will look after your financial dealings with HMRC. This might include stationery goods, items such as laptops, bills and rent if working from home, promotional advertising and printer ink. To see how to help your small business to grow, talk to your local bookkeeper for more comprehensive advice.
ONLINE TRADERS IN WALTHAM ABBEY
Specialisedare needed from time to time for specific bookkeeping niches. If multi-currency processing, online payments, cross-border and international taxes and exchange rate transfers are involved, for instance if you manage an online store, you will need to hire a bookkeeper in Waltham Abbey who understands these operations. If you hold or produce the goods that you sell on that store, then it will be a major priority for your bookkeeping software or services to maintain your stock on a 24/7 basis, since the internet never sleeps.
It is also possible to provide a virtual office, which can be utilised in conjunction with your bookkeeping service. This allows an online only business or sole trader to have a postal address and phone service to offer a physical link with their clients. Not all Waltham Abbey bookkeeping companies will be in a position to supply this solution, however it's worth talking about the possibilities if it's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate or Diploma level, and it's not necessary for a professional Waltham Abbey bookkeeper to hold an accounting degree. Although there are a number of online courses available, bookkeeping qualifications can still be gained through further education universities and colleges, if that's the chosen route.
To provide certification and training for bookkeepers, there are basically 2 key organisations of interest:
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers (ICB) is the largest organisation on the planet and provides certification for bookkeepers, together with training and reference material to keep their associated members current with the latest trends.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a fully trained member of the AAT (Association of Accounting Technicians) will have undergone advanced qualifications and training in bookkeeping. They are then able to become authorised AAT bookkeepers, which promises their clients a high standard of service which is backed up by the organisation. If a bookkeeper who is associated with the AAT is found to have broken the code of practice or has a complaint against them, they may be liable to tribunal and disciplinary processes to protect the credibility of the aat.
The qualifications of any bookkeeper in Waltham Abbey can be verified on the register of AAT or ICB members on their websites. Carrying out this check is highly recommended before hiring the services of any bookkeeper in Waltham Abbey.
Using a Bookkeeper for Tax Returns
You may need to file a self-assessment tax return if you're self-employed or have a small business in Waltham Abbey. This task can be challenging, especially if you're not acquainted with the process. A qualified bookkeeper can help you with keeping your records organised and preparing your tax return on time and accurately.
Many benefits can be gained by using a bookkeeper for your tax returns. First, they will have the expertise and experience to ensure that your return is completed correctly. This will help you avoid interest charges from HMRC, as well as penalties. Secondly, a lot of hassle and time can be saved by a bookkeeper. They'll look after all of the paperwork and calculations, so you can concentrate on running your business. Thirdly, Waltham Abbey bookkeepers can provide you with valuable advice on tax planning and financial strategy. This enables you to minimise your tax bill and maximise your earnings. (70193)
Bookkeepers Near Waltham Abbey
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