Bookkeepers Waterlooville Hampshire (PO7): You are entirely responsible for keeping accurate, "true and fair" financial and accounting records for at least 6 yrs, if you are a sole trader, run an online store or operate a small business in Waterlooville, in compliance with the Companies Act (2006). If you are unable to produce such records, you may face disqualification as a Company Director and receive thousands of pounds in fines. It can be more economical to use a professional accountant or bookkeeper to undertake this for you, because according to Accounting Today over forty percent of small business owners spend at least eighty hours annually on their accounts, which is a substantial time investment, and might be better spent on actually running your business.
If the very thought of creating profit, loss and financial statements, tracking assets and liabilities, compiling balance sheets or filling out ledgers fills you with panic, then it's high time to get in touch with a bookkeeper in Waterlooville for advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that many small business owners ask is "Just what is the difference between an accountant and a bookkeeper?" In former days it was typically considered to be beneath the qualifications, experience and skill-sets of an accountant to do bookkeeping, but due to significant improvements in software over the past decade or so, many bookkeeping procedures will now be undertaken by accountancy companies in Waterlooville. A lot of accounting companies now charge a fixed fee for bookkeeping services, to keep them in step with what an independent bookkeeper in Waterlooville would generally charge. Business owners are now benefiting from this, as it gives a wider range of competition within the industry and can mean that the cost of bookkeeping is much more affordable than it would previously have been.
The big difference between an accountant and a bookkeeper is the level of training and qualification that is required. An accountant will generally hold at least a degree in accounting with further training in taxation and other business and fiscal management. A bookkeeper in Waterlooville will invariably have a good grasp of these fiscal disciplines, but might not hold the qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms possible, bookkeeping involves the recording of day to day financial transactions of any business enterprise in Waterlooville. This will likely include, but is by no means limited to;
- Monthly reconciliations and reports.
- Documenting of all financial incomings; including electronic, cash and card payments.
- Billing of customers for goods or work completed.
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT recording and submissions.
- Logging invoices received and ensuring payment is completed promptly.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Payroll services.
Subject to service level you require, a bookkeeper might only be needed to double check your figures every so often, if you're prepared to undertake a large majority of bookkeeping work yourself. This should really be done each month as a bare minimum, since this will allow any mistakes or problems to be discovered and amended promptly. This may be an extremely cost-effective trade-off, providing that you are confident of keeping on top of your financial transactions without compromising your day to day business activities.
It is fairly likely that if you are thinking of hiring a bookkeeper in Waterlooville, you are currently fretting over the financial recording aspects of your small business. A professional bookkeeping service will help you out with everything from generating expense reports, invoicing and stocktaking, to linking the latest software application with your accounts to seamlessly process all your data.
Being able to reconcile cash flow with accounts payable, is an extremely crucial element of good bookkeeping. Which means that your bookkeeper will arrange bill payments to times when your finances are buoyant and in good order, rather than paying a bill straight away, or waiting for an overdue notice, which most small businesses in Waterlooville are guilty of doing. This doesn't just keep you in good stead with suppliers and the businesses who supply you with services, but also makes sure that your enterprise or business is on a secure financial footing. When, as an individual, you are mostly focussed on running your day to day business activities, this can be a balancing act that is tough to perform.
Using an experienced bookkeeper in Waterlooville, for your small business or if you're a sole trader also gives them an opportunity to cast a critical eye over your business affairs. It's quite possible that an objective assessment like this will showcase business trends and patterns that have previously been missed. It's by no means unusual for a keen eyed bookkeeper to flag up an area where profits are dropping, or spot a brand new opportunity that may be worthwhile. Such KPI's (key performance indicators) are vital in enabling growth in any business enterprise in Waterlooville.
If you give out invoices as part of your business operations, having to pursue a late payment can be quite awkward. By having a person outside your normal business bubble make that phone call or visit to your customers, some of that embarrassment can be eliminated. If you've got problems with a persistent late payer there are legal procedures that a professional bookkeeper can use to help to clear up the issue before the matter winds up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively straightforward sole trader bookkeeping requirements, which are laid out by law. This involves keeping all invoices and receipts concerning the business, and tracking income and expenditure on a monthly basis. Although this might at first sound fairly simple, retaining the services of a bookkeeping company is still good practice. So that you can claim back legitimate business expenses from HMRC, a specialised sole trader bookkeeper in Waterlooville will be able to give you advice on what you must do. This may include stationery, promotional advertising, printer ink, items such as computing equipment and rent and bills if working from home. For more detailed advice, talk to your bookkeeper, and see how they can help your business to grow going forward.
BOOKKEEPING FOR ONLINE TRADERS IN WATERLOOVILLE
There are several business niches where a specialist bookkeeping service could be needed. If, for instance, you manage an online store, you'll require a bookkeeper in Waterlooville who understands online payment procedures, exchange rate transfers, international and cross-border taxes and multi-currency processing. Regulating your stock on a 24/7 basis is also a major concern, if that same outlet sells goods that you produce or hold, as I'm sure you'll appreciate the internet doesn't sleep, so nor should your bookkeeping software or services.
It is also possible to establish a remote virtual office, which can be used together with your bookkeeping package. This can be beneficial in enabling a sole trader or online only business to have a telephone service and postal address to offer a physical connection to their client base. It is worth discussing this possibility if it's something that could benefit you, although not all Waterlooville bookkeeping businesses will supply this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping sector qualifications are at Certificate or Diploma level, and it is not necessary for a qualified bookkeeper in Waterlooville to hold an accounting degree. If the preferred route to qualification is through further education colleges and universities, this alternative is still available, whereas there there are an ever-increasing choice of bookkeeping courses available online.
There are 2 primary training and certification organisations which represent bookkeepers:
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest in the world and offers accreditation to certified bookkeepers, in addition to training and reference material to keep their associated members up-to-date.
The Association of Accounting Technicians (AAT): Providing advanced qualifications and a training schedule, the AAT (Association of Accounting Technicians), entitles a fully trained bookkeeper to use the letters AATQB. They're then able to become authorised AAT bookkeepers, which promises their customers a high level of service which is backed by the organisation. To safeguard the credibility of the AAT, an AAT bookkeeper can be liable to disciplinary and tribunal processes if it is found that they've broken the code of conduct or have had a complaint against them.
The accreditations of any professional bookkeeper can be checked on the register of ICB or ATT members on their websites. It is advisable to implement this check, before you hire the services of any professional bookkeeper in Waterlooville.
Bookkeeping services are available in Waterlooville and also in: Clanfield, Stakes, Blendworth, Widley, Catherington, Bedhampton, Anmore, Leigh Park, Lovedean, Red Hill, Cowplain, and in these postcodes PO7 7JB, PO7 7AN, PO7 7DN, PO7 7HS, PO7 7BW, PO7 7HE, PO7 7AR, PO7 6AX, PO7 7EH, PO7 7BQ. Local Waterlooville Bookkeepers will probably have the dialling code 023 and the postcode PO7. Checking this out should ensure you are accessing local bookkeepers. Waterlooville sole traders and business owners can utilise these and numerous other comparable services.
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Waterlooville Bookkeeper Tasks
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Waterlooville Bookkeeper Questions
In the past week or so I've been examining the types of questions people ask in relation to bookkeepers in Waterlooville. Some of our visitors e-mailed in obvious queries that are worth mentioning here. The most appropriate ones seemed to be, What does bookkeeping involve? How much do bookkeeping services cost? Should I use an accountant or a bookkeeper? Does a bookkeeper have to be registered? Why is bookkeeping so important? What are a bookkeeper's duties? Can you do bookkeeping on excel? Are bookkeeping fees tax deductible? What are the advantages of a bookkeeper? We hope most of those questions have been answered in this blog post, and if some are still to be answered a bookkeeping "Q&A" section is a feature we'll be putting in as soon as possible. My thanks go to the following people for making the effort to send in their questions; Jasper Cook, Cohen Bishop, Huxley Hutchinson and London Henry. Pertinent queries were also received from Sadie Nolan in Clanfield, Josiah Hay in Leigh Park and Rylee Hubbard in Lovedean.
Bookkeepers Near Waterlooville
Also here.: Widley bookkeepers, Stakes bookkeepers, Anmore bookkeepers, Lovedean bookkeepers, Catherington bookkeepers, Blendworth bookkeepers, Red Hill bookkeepers, Clanfield bookkeepers, Cowplain bookkeepers, Bedhampton bookkeepers, Leigh Park and more. The majority of these areas are serviced by local bookeepers. Waterlooville traders and businesses can get rates for bookkeeping services by going
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Bookkeepers Around Waterlooville: People who live in these local Waterlooville streets have just recently inquired about bookkeeping services - Sonnet Way, The Orchard, Tempest Avenue, Crossbill Close, Saxon Close, Craigwell Road, St Hubert Road, Causeway Farm, Acorn Gardens, Avocet Way, Spring Vale, Dorcas Close, Campbell Crescent, Bridefield Close, Duncton Road, Bridget Close, Brook Lane, Thresher Close, Stakes Road, Amberley Road, The Crest, Cornbrook Grove, Chaffinch Green, Spinney Close, Tamarisk Close, Chaucer Close, Delius Walk, Bryony Way, Serpentine Road, as well as the following Waterlooville area postcodes: PO7 7JB, PO7 7AN, PO7 7DN, PO7 7HS, PO7 7BW, PO7 7HE, PO7 7AR, PO7 6AX, PO7 7EH, PO7 7BQ.
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Bookkeepers in PO7 area, phone code 023.
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