Bookkeepers West Thurrock Essex (RM20): As stated by the Companies Act (2006), if you run an online store, own a small business or are a sole trader in West Thurrock, you are entirely responsible for maintaining "true and fair", accurate accounting and financial records for a minimum of 6 years. Failure to produce these detailed records could leave you facing a hefty fine and perhaps Company Director disqualification. Accounting Today magazine says that over 40% of small business owners spend eighty hours plus annually on their accounts, therefore although you can complete these financial records on your own behalf, it can be more cost-effective to use a professional accountant or bookkeeping company to do them for you.
If the idea of writing ledgers, compiling balance sheets, tracking assets and liabilities or creating profit, loss and financial statements brings you feelings of panic, then it's high time to contact a bookkeeper in West Thurrock for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
"What is the difference between a bookkeeper and an accountant?" Is a question that is asked by most people in West Thurrock. In the old days it was often deemed to be beneath the experience, skill set and qualifications of an accountant to do bookkeeping, however because of massive software improvements over the past 10 yrs or so, many bookkeeping tasks will now be carried out by accountancy firms in West Thurrock. To make certain their bookkeeping services are commensurate with a typical bookkeeper's fee, it is now fairly common for accountancy firms to charge a flat rate for such services. Business owners in West Thurrock are now cashing in on this, since it offers a broader range of competition within this sector and can mean that the cost of bookkeeping is far more manageable than it would have been previously.
When you're looking at the differences between a bookkeeper and an accountant in West Thurrock, the most notable one is the amount of training and qualification that's required for each discipline. An accountant will usually a least hold an accounting degree with additional training in taxation and other financial and business management. Although likely not having this level of training and experience, or holding the same financial qualifications, a bookkeeper in West Thurrock will still have a fair grasp of all these disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN WEST THURROCK
To explain in the simplest of forms, the bookkeeping process involves the logging of daily financial transactions of any business or enterprise in West Thurrock. This can include, but isn't limited to;
- Logging of all financial incomings; electronic, cash and card payments included.
- VAT recording and submissions.
- The billing of customers for work completed or goods.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Logging invoices received and making certain payment is completed on time.
- Monthly reconciliations and reporting.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are observed.
Based upon the level of service you are looking for, e.g. you're happy to carry out most of bookkeeping work; a bookkeeper might only be necessary for double-checking your figures on a fixed schedule. To ensure that any problems or mistakes can be uncovered and amended swiftly, at the bare minimum, this ought to be done on a monthly basis. This trade-off can often be the most cost-effective option if you are confident of staying in control of your everyday trading and financial transactions.
If you're currently considering hiring a bookkeeper in West Thurrock, whatever your situation, there is a fair chance that you could be struggling with your financial recording procedures. A decent bookkeeping company will be able to help you to link the most up-to-date software with your business accounts to facilitate the seamless arrangement of financial data, and will offer guidance and advice on such things as stocktaking, generating expense reports and invoicing.
Being able to reconcile accounts payable with cash flow, is an extremely important aspect of a good bookkeeper. Which means that your bookkeeper will schedule bill payments to times when your accounts are in the best possible position, rather than paying a bill straight away, or waiting on a final notice, which many small businesses in West Thurrock are guilty of doing. This does not just keep your enterprise or business on a sound financial footing, but keeps you in favour with suppliers and those who provide you with services. When, as an individual, you are primarily focussed on the smooth running of your business, this is a juggling act that can be challenging to perform.
If you're a sole trader, or operate a small business, using a professional bookkeeper in West Thurrock, also gives them the chance to cast an expert eye over the financial dealings of your business. It could be that business trends and patterns that you have overlooked could thus be highlighted. A scenario where a smart bookkeeper flags up an area where profits are falling, or spots an opportunity which may prove worthwhile, is by no means an uncommon occurrence. Such key performance indicators (KPI's) are essential in enabling growth in any business in West Thurrock.
If you send out invoices as part of your business operations, needing to pursue a late payment can be quite uncomfortable. If that phone call or visit to your customer is made by an independent person outside your normal business situation, it's possible for most of that awkwardness to be removed. There are legal techniques that a professional bookkeeper can employ, if you have a persistent late or non-payer, and these can help to clear up the situation before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some relatively uncomplicated sole trader bookkeeping requirements, that are laid out by law. Essentially, sole traders must retain all receipts and invoices, and monitor expenditure and income from month to month. It is still recommended to hire the services of a bookkeeper, even though this may at first sound simple. When dealing with your tax returns, a specialist sole trader bookkeeper in West Thurrock can give you advice on what your bonafide business expenses are, and claim these back from HMRC each year. This might include promotional advertising, printer ink, stationery goods, items such as computers and rent and bills if working from home. For more in-depth advice, chat to your local bookkeeper, and discover how they can help your small business to thrive and grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS
Certain business enterprises that work in niche markets, might need to use a specialised bookkeeping service. You will require a bookkeeper in West Thurrock who is familiar with online payment procedures, international and cross-border taxes, multi-currency processing and exchange rate transfers, if you manage an online store for example. If you hold or produce the merchandise that you distribute on that store, then it is going to be a massive concern for your bookkeeping software or services to monitor your inventory on a 24 hours a day basis, because of course, the internet never sleeps.
A remote virtual office can also be supplied in combination with your bookkeeping service. This can be valuable in enabling a sole trader or online only business to have a phone service and postal address to offer a physical connection to their client base. It is certainly worth talking about this possibility if it is something that could be of benefit, although not all bookkeepers in West Thurrock will supply this option.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional West Thurrock bookkeeper doesn't need to hold a degree and a great many qualifications in this field are at Certificate and Diploma level. There is an ever-increasing choice of courses available online, although bookkeeping qualifications can still be gained via further education universities and colleges.
There are essentially two key organisations that offer certification and training to bookkeepers:
The Institute of Certified Bookkeepers or ICB: The Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind in the world and supplies certification for bookkeepers, together with reference material and training to keep their associated members up-to-date.
The AAT (Association of Accounting Technicians): The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications entitling fully trained members to use the letters AATQB after their name. They can then become registered AAT bookkeepers, approved by this respected organisation, which assures a minimum standard of service for their customers. To protect the trustworthiness of the AAT membership, if a bookkeeper who's associated with the AAT has a complaint filed against them or is found to have broken the code of conduct they can be subject to disciplinary and tribunal procedures.
By visiting their respective websites, it's possible to check the qualifications of any West Thurrock bookkeeper on the register of ICB or AAT members. It is always a good idea to carry out this check, before hiring any local bookkeeper in West Thurrock.
Bookkeeping services are available in West Thurrock and also nearby in: Chadwell St Mary, Wennington, North Stifford, Coldharbour, South Stifford, Horndon on the Hill, Baker Street, Orsett, Ockenden, Badgers Dene, as well as in these postcodes RM16 1NT, RM16 1ZP, RM19 1NG, RM20 3HR, RM16 1HP, RM20 3WW, RM16 1LX, RM16 1JQ, RM19 1TW, RM16 1ZW. Locally based West Thurrock bookkeeper services will likely have the postcode RM20 and the telephone code 01708. Checking this out will confirm that you access locally based bookkeepers. West Thurrock sole traders and business owners are able to benefit from these and lots of other similar services.
Outsourced Bookkeeping West Thurrock
All businesses in West Thurrock should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, their outgoings and incomings, the total value of their liabilities and assets, and so forth. With the owner of the business having to handle the concerns and issues of running a business, the task of undertaking the bookkeeping is frequently outsourced to a bookkeeping company or freelance bookkeepers in West Thurrock.
If a company in West Thurrock employs a bookkeeper in order to join their ranks, the company will be required to spend a substantial amount of money in training that individual for the purpose of performing the bookkeeping duties. Furthermore, there's no guarantee that the person will stay for long in the company. In that case, the company will have wasted a considerable sum of money. Apart from that, businesses will need to seek out ways and means to offer incentives and benefits to keep the trained employee there. These are a few of the reasons why business organisations often enlist the services of professional bookkeepers and bookkeeping companies in West Thurrock.
The business owner in West Thurrock can look for the following options with the bookkeeping company that offer outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very much important to get quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in West Thurrock should have a well protected system that can be relied on and trusted.
Franchise bookkeeping West Thurrock.
West Thurrock Bookkeeper Tasks
Most West Thurrock bookkeepers will be willing to provide you with the following bookkeeping services: bookkeeping for limited companies, tax preparation, credit control, bookkeeping services for sole traders, Sage bookkeeping services, company cash books in West Thurrock, corporation tax returns, QUOTE FORM provided. We will be in touch with specifics just as soon as we can., mobile bookkeeping services, bookkeeping for small businesses West Thurrock, bookkeeping for home-based businesses, business bookkeeping, , bookkeeping quotes in West Thurrock, bookkeeping services in West Thurrock, bookkeeping services for societies, bank reconciliations, bookkeeping for freelancers West Thurrock, bookkeeping for retail outlets, independent bookkeeping services, landlord bookkeeping West Thurrock, management accounts, general bookkeeping services, bookkeeping for organisations in West Thurrock, bookkeeping services for tradesmen, Xero bookkeeping services, bookkeeping and accounting in West Thurrock, bookkeeping services for charities, and more. Listed are just an example of the duties that are accomplished by local bookkeepers. West Thurrock providers will be delighted to keep you abreast of their whole range of services. If there happen to be additional West Thurrock bookkeeper requirements that you need but don't see here, you can list them on the
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Bookkeepers Near West Thurrock
Also here.: Wennington bookkeepers, Horndon on the Hill bookkeepers, South Stifford bookkeepers, Badgers Dene bookkeepers, Coldharbour bookkeepers, Baker Street bookkeepers, Chadwell St Mary bookkeepers, North Stifford bookkeepers, Ockenden bookkeepers, Orsett and more. All of these places are catered for by local bookeepers. West Thurrock residents can get quotes for bookkeeping services by clicking
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Bookkeepers Around West Thurrock: People living in these roads have recently requested bookkeeping services - Butts Road, Adams Road, Rainbow Lane, Rectory Road, Walkers Square, Bell-reeves Close, Copland Road, Billet Lane, Runnymede Road, Walton's Hall Road, Church Hill, Broadhope Avenue, Cabborns Crescent, The Manorway, Karen Close, Conrad Road, Wilson Close, Wharf Road, Kynoch Court, Mucking Wharf Road, Scratton Road, Kingsman Road, Victoria Road, as well as the following local West Thurrock postcodes: RM16 1NT, RM16 1ZP, RM19 1NG, RM20 3HR, RM16 1HP, RM20 3WW, RM16 1LX, RM16 1JQ, RM19 1TW, RM16 1ZW.
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Bookkeepers in RM20 area, (dialling code 01708).
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