Bookkeepers Watford Hertfordshire (WD17): For any individual in Watford who acts as a sole trader, operates an online store or runs a small business, it is their sole responsibility to maintain accurate, "true and fair" financial and accounting records for at least 6 yrs. This is laid out by the Companies Act. If you can't produce such records, you may be disqualified as a Company Director and face a fine of thousands of pounds. The trade magazine Accounting Today says that over 40% of small businesses spend over eighty hours every year doing their bookkeeping, so although you can undertake these financial recordings yourself, it can pay you to use a professional accountant or bookkeeping service to do them instead.
If you are filled with dread simply thinking about the possiblility of filling out ledgers, producing balance sheets, tracking assets and liabilities or preparing profit, loss and fiscal reports, then the time to contact a bookkeeper in Watford for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Precisely what is the difference between an accountant and a bookkeeper?" Is a question which is asked by a lot of people in Watford. While in past times many accountants considered the bookkeeping process to be beneath their qualifications, skill set and experience, many accountancy firms in the Watford area will now undertake most bookkeeping duties, due to huge improvements in software over the past 10 yrs. To make certain their bookkeeping services are consistent with an independent bookkeeper's fee, it's now quite common for many accountancy companies to charge a set rate for such services. This means the cost of bookkeeping is more manageable than it previously was, and is good news for business owners in Watford because it offers a wider range of competition within the marketplace.
It is basically the amount of training that is necessary for each of these disciplines, that demonstrates the main difference between a bookkeeper and an accountant in Watford. At least a degree in accounting with additional training in the field of taxes and other financial and business management, will normally be held by an accountant. Whilst having an understanding of these disciplines, a bookkeeper in Watford may not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the recording of day to day financial transactions of any business or enterprise in Watford. This may include;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Monthly reconciliation and reports.
- Making sure that double-entry bookkeeping and accounting practices are implemented.
- Logging the receipt of invoices and ensuring that payment is completed punctually.
- Recording of all financial incomings; including electronic, cash and card payments.
- VAT submissions and recording.
- Payroll services.
- The billing of customers for goods or work completed.
If you're in a position to perform the bulk of bookkeeping work yourself; a professional bookkeeper may just be necessary for double-checking your figures every once in a while. To make certain that any problems or mistakes can be detected and rectified promptly, at the bare minimum, this ought to be done on a monthly basis. This compromise can often be the most affordable solution if it's possible to stay in control of your daily trading and financial transactions.
If you are currently considering hiring a bookkeeping firm in Watford, whatever your situation is, it's a good bet that you might be struggling with your tax and financial procedures. A decent bookkeeping company will be able to help you to link your accounts with the most suitable software to enable the seamless pull-through of financial data, and will provide assistance with procedures like stocktaking, invoicing and producing expense reports.
An especially crucial element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. Which means that rather than paying a bill immediately, or waiting for a final notice, which many small businesses are guilty of at some time or other, your bookkeeper will schedule the payment of bills to a time when your finances are in good shape and buoyant. This is not simply to ensure that your enterprise or business is on a good financial footing all the time, but also to keep you in good stead with those people who provide your materials or services. When, as an individual, you are mostly focussed on the smooth running of your business, this is a juggling act that can be hard to accomplish.
For your small business, or if you are a sole trader, using a qualified bookkeeper in Watford, gives you the chance to have a critical eye cast over your financial situation. This impartial assessment can allow them to discover business patterns and trends that might have gone unnoticed. A bookkeeper spotting an opportunity or flagging an area of the business which is dropping off in profits, is not at all unusual. Spotting such key performance indicators is vital for the growth of any enterprise in Watford.
If invoices are sent out by your business it can often be awkward having to chase up a late payment. If that visit to your customer or phone call is made by a person from outside your business bubble, it's possible for most of that awkwardness to be removed. A professional bookkeeper can use legal methods to deal with a consistent late or non-payer, and without the need for a claims court proceeding, help to clear up the matter.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The requirements for bookkeeping by a sole trader, as laid out by law, are quite uncomplicated and easily understood. This involves saving all invoices and receipts relating to the business, and tracking expenditure and income from month to month. Whilst this might sound easy it is still recommended to hire the expertise of a bookkeeping company. When working through your Self-Assessment tax returns, a professional sole trader bookkeeper in Watford can give you advice on what your valid business expenses are, and make certain these are claimed back from HMRC. This may include advertising expenses, bills and rent if working from home, items such as laptops, consumables and stationery. If you would like to get more detailed advice, and see how your business can grow and develop in the future, talk to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS IN WATFORD
There are particular business niches where a specialist bookkeeper may be required. If multi-currency processing, cross-border and international taxes, online payment procedures and exchange rate transfers are involved, for instance if you manage a store online, you'll be wise to hire a bookkeeper in Watford who understands these operations. If that same shop sells goods that you produce or hold, then managing stock on a 24 hours a day basis is a major concern, after all the internet never sleeps, so neither should your bookkeeping services and software.
A virtual office can also be provided in conjunction with your bookkeeping services. Offering a physical link with their clients, this allows an online only business or sole trader to have a postal address and telephone service. It's worth talking about this possibility if it's needed, although not all Watford bookkeepers will offer this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping sector are at Diploma or Certificate level, and a professional Watford bookkeeper need not have a degree. There is a array of courses available online, although bookkeeping qualifications can still be obtained via further education colleges and universities.
Certification and training for bookkeepers is mostly provided by two organisations:
The ICB or Institute of Certified Bookkeepers: Keeping their members up-to-date with the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind anywhere in the world, providing accreditation to bookkeepers, together with training and reference material.
The AAT (Association of Accounting Technicians): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians (AAT), entitles fully certified bookkeepers to use the letters AATQB. This guarantees a minimum standard of service to their customers which is backed by the association, and allows them to become a approved AAT bookkeeper. To safeguard the integrity of the AAT membership, if an AAT bookkeeper is found to have violated the code of conduct or has a complaint filed against them, they can be liable to tribunal and disciplinary processes.
You are able to check the qualifications of any professional bookkeeper on the register of ICB or ATT members on their respective websites. Implementing this check is strongly recommended before using the services of any bookkeeper in Watford.
What Are the Main Advantages of Using a Bookkeeper in Watford Rather Than an Accountant?
The following are just some reasons why you might prefer to use a bookkeeper in Watford, instead of an accountant:
- Time Management: By outsourcing bookkeeping, businesses can save time and focus on other important aspects of their business for example sales and marketing.
- Availability: Bookkeepers are often more accessible and on hand to provide support and answer questions in comparison to an accountant, who might only be reachable during certain times.
- Cost-Effectiveness: Bookkeeping services are normally more cost-efficient compared to accounting services, which makes them a sensible choice for small businesses, start-ups and sole traders looking to save money.
- 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 such tasks.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's particular needs, whereas accountants might have a more general approach.
That being said, it's important to note that while bookkeepers can provide invaluable support, they may not have the same level of qualifications or expertise as an accountant in certain aspects such as tax preparation or financial planning. In these instances, it may be necessary to go to an accountant for more specialised services.
Financial statement preparation - article 211.
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Watford Bookkeeper Tasks
Most bookkeepers in Watford will be prepared to provide you with the following accounting and bookkeeping services: bookkeeping services for self-employed people, Sage bookkeeping services, bookkeeping services for retail outlets, company cash books, personal tax returns, bookkeeping for small business, Kashflow bookkeeping, bookkeeping for home-based businesses, bookkeeping for pubs, profit & loss reports in Watford, franchise bookkeeping Watford, independent bookkeeping services Watford, assistance with registering for self-employment in Watford, cash flow analysis Watford, Self-Assessment tax returns, bookkeeping for restaurants, bookkeeping for sole traders, small business tax returns Watford, bookkeeping quotes, tax return preparation in Watford, bookkeeping services for charities Watford, professional bookkeeping services, financial statement preparation, letting agent bookkeeping in Watford, bookkeeping services for limited companies, landlord bookkeeping, bookkeeping services, bookkeeping for payroll, bookkeeping and accounting, double-entry bookkeeping, and more. These are just some of the activities that are handled by local bookkeepers. Watford providers will inform you of their entire range of services. If there are other Watford bookkeeper requirements that you need but can't see here, you should mention them on the QUOTE FORM provided. We will be in touch with specifics just as soon as we are able.
Bookkeepers Near Watford
Also find: Garston bookkeepers, Chandler's Cross bookkeepers, Oxhey bookkeepers, Chipperfield bookkeepers, Flaunden bookkeepers, Letchmore Heath bookkeepers, Sarratt bookkeepers, Bedmond bookkeepers, Batchworth bookkeepers, South Oxhey bookkeepers, Eastbury bookkeeper and more. All these villages and towns are catered for by local bookeepers. Watford people can get fees for bookkeeping services by clicking here.
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