Bookkeepers West Bridgford Nottinghamshire (NG2): You're responsible for keeping accurate, "true and fair" financial and accounting records for at least 6 yrs, if you operate an online store, are a sole trader or run a small business in West Bridgford, according to the 2006 Companies Act. You may face disqualification as a Company Director and get thousands of pounds in fines, if you cannot produce these records. There's a significant time investment involved with preparing such financial recordings on your own, and it's often more cost-effective to use a professional bookkeeping service or accountant, particularly when you consider that according to Accounting Today magazine over forty percent of small business owners spend over eighty hours every year doing their bookkeeping tasks.
The time has come to contactin West Bridgford for assistance, if the very thought of creating profit, loss and fiscal reports, producing balance sheets, filling out ledgers or tracking assets and liabilities fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
A common question that's asked by a lot of people in West Bridgford is "Just what is the difference between an accountant and a bookkeeper?" The fact is, because of huge improvements in software over the past ten years many accountancy companies in West Bridgford will consider taking on bookkeeping, which was previously considered to be beneath their qualifications, skill-sets and experience. It's currently fairly common for accountancy firms to charge a fixed fee for bookkeeping services as per an independent. This is excellent news for business owners in West Bridgford as it generates a greater variety of competition within the marketplace and can make the cost of your bookkeeping much more affordable than previously thought.
The big difference of an accountant over a bookkeeper is the amount of qualification and training that is required. Usually holding a degree in accounting, a professionalwill also have had training in tax matters and further qualifications in financial and business management. Whilst possibly not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in West Bridgford will still have a fair grasp of all such disciplines.
RESPONSIBILITIES OF A BOOKKEEPER
The act of bookkeeping put simply, is the recording of the day by day transactions of any enterprise or business in West Bridgford. This will likely include, but is in no way limited to;
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT recording and submissions.
- Recording of all financial incomings; electronic, cash and card payments included.
- Monthly reporting and reconciliations.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- The billing of clients for work completed or goods.
- Logging the receipt of invoices and making sure payment is completed on time.
Subject to service level you need, e.g. whether you're happy to perform the majority of your bookkeeping work; a bookkeeper might just be necessary for double-checking your records every once in a while. So that any mistakes or problems can be uncovered and corrected quickly, at the bare minimum, this should be on a monthly basis. This may be an extremely cost-effective trade-off, so long as you're confident of staying in control of your monetary transactions without compromising your daily trading operations.
Whatever your current situation is, if you are thinking of hiring a bookkeeping company it is fairly likely that you may be stressed with the financial recording side of your business in West Bridgford. A professional bookkeeper will be able to assist you in linking the latest software application with your business accounts to facilitate the seamless sorting of financial data, and will offer advice and guidance on stuff like stocktaking, invoicing and generating expense reports.
The successful reconciliation of accounts payable with cash flow is one of the most vital elements of a good bookkeeping service. Which means that by optimising bill payments to times when your accounts are buoyant and in good order, your bookkeeper will avoid the thing that most small businesses are guilty of at some time or other i.e. paying a bill straight away, or waiting on an overdue notice. This not only keeps your enterprise or business financially sound, but keeps you in good stead with suppliers and those who supply you with services. When you are purely focussed on running your business, this is a juggling act that you may find tough to accomplish as an individual.
Having an individual who is unconnected to the business cast a critical eye over your financial transactions, is another good thing about using an experienced bookkeeper in West Bridgford for your small business or if you're a sole trader. Business patterns and trends that you may have disregarded could be highlighted by this kind of nonpartisan assessment. It is not at all unusual for a smart bookkeeper to flag up an area of the business which is decreasing in profits, or spot a new opportunity which may be lucrative. Spotting such KPI's (key performance indicators) is important for the growth of any small business in West Bridgford.
If you give out invoices as part of your business operations, having to chase up a late payment can be quite awkward. Having a professional from outside your normal business situation, can take away the awkwardness of visiting your customers or making that phone call. To help resolve the issue, if you have problems with a persistent late or non-payer, there are techniques that can be used by a bookkeeper, so that legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as laid out by law, are comparatively straightforward. This involves keeping all receipts and invoices relating to the business, and keeping track of income and expenditure from month to month. Even though this might at first sound fairly easy, hiring the services of a bookkeeping company is still recommended. When dealing with your tax returns, a dedicated sole trader bookkeeper in West Bridgford will be happy to advise you on what your valid business expenses are, and ensure these are claimed back from HMRC. This might include consumables, stationery goods, items such as computing equipment, bills and rent if you work from home and advertising. If you would like to get more in-depth advice, and discover how your business can develop and grow in the future, talk to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Certain businesses that operate in niche areas, may need to use a specialised bookkeeping service. If you manage an online store for example, you will need a bookkeeper in West Bridgford who's familiar with multi-currency processing, exchange rate transfers, cross-border and international taxes and online payments. If that same store sells goods you produce or hold, then regulating your inventory on a 24 hours a day basis is a major priority, after all the internet does not sleep, so neither should your bookkeeping software or services.
It is also possible to provide a virtual office, which can be utilised in conjunction with your bookkeeping service. This enables an online only business or sole trader to have a telephone service and postal address to offer a physical connection to their buyers. Not all West Bridgford bookkeepers will be able to provide this solution, however it is worthwhile talking about the possibilities if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping industry qualifications are at Diploma or Certificate level, and it's not necessary for a qualified bookkeeper in West Bridgford to hold an accounting degree. Although there's an ever-increasing variety of courses available online, bookkeeping qualifications can still be gained through further education colleges and universities, if that's the chosen route.
There are 2 primary certification and training organisations representing bookkeepers:
The Institute of Certified Bookkeepers (ICB): Providing accreditation to certified bookkeepers, in addition to reference material and training to ensure their members are current with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation on the planet.
The Association of Accounting Technicians (AAT): The AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications enabling fully trained bookkeepers to use the letters AATQB. They can then become licensed AAT bookkeepers, backed up by this organisation, which guarantees a minimum level of service for their clients. To preserve the integrity and values of the AAT membership, an AAT bookkeeper can be subject to tribunal and disciplinary procedures if a complaint is filed against them or they are found to have breached the code of conduct.
The qualifications of any professional bookkeeper can be verified on the register of AAT or ICB members on their websites. It is recommended that you perform this check, before you hire any bookkeeper in West Bridgford.
Using a Bookkeeper for Tax Returns
The United Kingdom requires those with small businesses or self-employed people to file a self-assessment tax return if necessary. This task can be especially daunting if you're not acquainted with the process. Keeping your records in order and preparing your tax return accurately and on time are both things that a trained bookkeeper can help you with.
There are numerous benefits to employing a bookkeeper for your tax returns. They'll have the expertise and experience to ensure that your return is completed correctly. This can help you avoid penalties or interest charges from HMRC. Second, the use of a bookkeeper can save you a lot of time, hassle and stress. They will look after all of the calculations and paperwork, so you can focus on running your business. Thirdly, West Bridgford bookkeepers can provide you with valuable advice on tax planning and other financial matters. This can enable you to reduce your tax liability and increase your profits. (70193)
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