Bookkeepers Westbury Wiltshire (BA13): If you are a sole trader, own a small business or run an online store in Westbury, you're responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years as stated by the Companies Act (2006). You could be disqualified as a Company Director and receive a hefty fine, if you're unable to produce such information. There's a considerable investment of time involved with preparing these financial records on your own, and it is often better to use a professional accountant or bookkeeper, especially if you consider that according to Accounting Today magazine over 40% of small businesses spend over eighty hours annually doing their bookkeeping tasks.
If the thought of compiling balance sheets, creating profit, loss and fiscal reports, filling out ledgers or tracking assets and liabilities fills you with panic, then it is high time to get in touch with a bookkeeper in Westbury for advice.
BOOKKEEPER OR ACCOUNTANT?
For many people in Westbury, the first question that springs to mind when faced with this predicament is "Precisely what is the difference between an accountant and a bookkeeper?" The fact is that even though in the past the process of bookkeeping, was regarded as beneath the skill set, qualifications and experience of an accountant, because of tremendous software improvements over the past decade, many accountancy companies in the Westbury area will now take on bookkeeping. Many accountancy firms now charge a fixed rate for bookkeeping services, to keep them in line with what an independent bookkeeper in Westbury would generally charge. As it provides a broader range of competition within the marketplace, this is excellent news for small business owners in Westbury, making their bookkeeping costs much more affordable than they previously were.
It is basically the standard of training and qualification that is needed for each discipline, that reflects the big difference between a bookkeeper and an accountant in Westbury. Usually holding a degree in accounting, a professional accountant will also have had additional training in tax essentials and have qualifications in fiscal and business management. While bookkeepers in Westbury will certainly have a fair grasp of these procedures, they may not necessarily have the qualifications or levels of training and experience in this field.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the bookkeeping process is to record the day by day financial transactions of any enterprise or business in Westbury. This will include, but is not limited to;
- Ensuring double-entry bookkeeping and accounting practices are observed.
- Recording invoices received and making certain payment is completed on time.
- Highlighting any discrepancies in financial accounts and rectifying them.
- VAT submissions and recording.
- Payroll services.
- Monthly reports and reconciliation.
- The billing of clients for work completed or goods.
- Documenting of all financial incomings; including card, cash and electronic payments.
Depending on the level of service you require, a professional bookkeeper might only be needed to periodically double-check your records, if you are willing to undertake the bulk of bookkeeping work yourself. This needs to be every month as a bare minimum, since this will allow any problems or mistakes to be uncovered and rectified quickly. This compromise can often be the most economical solution if you are able to stay on top of your day by day trading and financial transactions.
It's fairly likely that if you're considering hiring a bookkeeping company, you are currently struggling with the financial recording side of your business in Westbury. A good bookkeeping service will be able to help you to link your business accounts with the most up-to-date software program to facilitate the seamless processing of financial data, and will offer assistance with stuff like producing expense reports, stocktaking and invoicing.
One of the most important elements of good bookkeeping, is the ability to efficiently reconcile cash flow with accounts payable. This means that instead of waiting on an overdue notice, which many small businesses are guilty of, or paying a bill immediately, your bookkeeper will schedule the payment of bills to a time when your finances are in good shape. This doesn't just keep you in favour with suppliers and those who supply you with services, but also ensures your enterprise or business is financially sound. This is a balancing act that you may find tricky to accomplish on your own when you are focussed on the operation of your business.
If you are a sole trader, or own a small business, using a qualified bookkeeper in Westbury, also gives them the opportunity to cast an eagle eye over the financial dealings of your business. Business trends and patterns that you might have disregarded may be pinpointed by this sort of nonpartisan evaluation. A situation where a smart bookkeeper flags up an area where profits are falling, or identifies a new opportunity which could be lucrative, is not at all an unusual occurrence. For ensuring the growth of any enterprise in Westbury, it is essential that these key performance indicators (KPI's) are spotted early.
If invoices are sent out by your business it can sometimes be humiliating to pursue a late payment. Having a professional outside your normal business bubble, can take the apprehension away from visiting your clients or making that phone call. If you've got problems with a persistent late or non-payer there are legal techniques that a bookkeeper can make use of to help to clear up the situation before the issue winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably basic sole trader bookkeeping requirements, which are set out in law. Essentially, sole traders should save all invoices and receipts, and keep a record of income and expenditure on a month by month basis. Whilst this may sound simple it is still recommended that you hire the expertise of a bookkeeping company. A dedicated sole trader bookkeeper in Westbury will be able to give you advice on what you are able to claim back from HMRC as business expenses. This might include rent and bills if you work from home, items such as computers, promotional advertising, stationery and consumables. Talk to your bookkeeper for more in-depth advice and learn how they can help your small business to grow.
ONLINE TRADERS
There are niches in bookkeeping where the skills of a specialist might be needed. If exchange rate transfers, multi-currency processing, cross-border and international taxes and online payment procedures are involved, for example if you manage an online store, you'll want to hire a bookkeeper in Westbury who understands these practices. If you produce or hold the goods that you sell through that outlet, then it is going to be a crucial priority for your bookkeeping software or services to deal with your inventory on a 24/7 basis, given that the internet does not sleep.
In conjunction with bookkeeping services, a remote virtual office can also be supplied. Offering a physical connection to their customers, this enables an online only business or sole trader to have a telephone service and postal address. If this kind of service is needed, it's certainly worth talking about the possibilities, although this solution won't be offered by all bookkeepers in Westbury.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified bookkeeper in Westbury need not have a university degree and most this sector's qualifications are at Diploma and Certificate level. Although there is an ever-increasing choice of online bookkeeping courses available, qualifications can still be gained via further education universities and colleges, if that's the preferred route.
Representing bookkeepers, there are two key certification and training organisations:
The AAT or Association of Accounting Technicians: With certified bookkeepers entitled to use the letters AATQB, the AAT (Association of Accounting Technicians) provides advanced qualifications and a training schedule. This then enables them to become a accredited AAT bookkeeper and assures a high standard of service which is backed by the organisation. To preserve the integrity and values of AAT membership, a bookkeeper who's associated with the AAT can be liable to tribunal and disciplinary processes if it is found that they have contravened the code of practice or have had a complaint filed against them.
The ICB or Institute of Certified Bookkeepers: The Institute of Certified Bookkeepers or ICB is the largest in the world and provides certification for qualified bookkeepers, together with reference material and training to keep their associated members up-to-date.
The qualifications of any bookkeeper can be checked on the register of ICB or ATT members on their websites. Performing such checks is always advisable before you actually employ any bookkeeper in Westbury.
VAT Returns by a Bookkeeper
Getting your VAT returns done by a bookkeeper in Westbury can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. When you engage a bookkeeper, they can manage every detail of your VAT return, such as computing your VAT liability or refund, preparing and submitting your return to HMRC, and maintaining precise records of your transactions. On top of that, a local bookkeeper can supply you with valuable insights on how to decrease your VAT responsibility and guarantee that you are claiming all the admissible VAT that you are entitled to. With a bookkeeper on your team, you can be at ease knowing that your VAT returns are being managed with accuracy and efficiency, freeing up more of your time to focus on the growth of your business in Westbury. Employing a bookkeeper can provide you with a cost-effective solution as it can help you avoid any HMRC penalties or fines caused by incorrect VAT returns or late submissions, which can lead to significant savings in the future.
Bookkeeping Westbury - Outsourcing Options
All businesses in Westbury should understand the significance of bookkeeping. It helps business people monitor their payables/receivables, the money left in their bank account, the total value of their liabilities and assets, and more. With the business owner having to contend with the concerns and issues of operating a business, the task of performing the bookkeeping is typically outsourced to freelance bookkeepers or a bookkeeping company in Westbury.
If a company in Westbury hires a bookkeeper in order to become an employee, the company will be required to commit a substantial sum of money in training the person for the purpose of performing the bookkeeping work. In addition, there's no guarantee that the individual will stay after the training is finished. In that situation, the company will lose a significant sum of money. Aside from that, businesses will have to seek out ways and means to offer benefits and incentives to keep the employee within the business. These are a few of the reasons behind business organisations enlisting the services of bookkeeping companies and professional bookkeepers in Westbury.
The business owner in Westbury can look for the following options with the bookkeeping company that offers outsourcing services. Find out and check how much savings he can enjoy by outsourcing the bookkeeping work. Seeing as the expenses relating to hiring and training the in-house staff is an enormous concern, it would be sensible on the part of business owner in Westbury to look for 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 important to get high quality accounting services and greater security for your financial data. By quality, we mean precise, reliable, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Westbury should have a well protected system that can be trusted and relied on.
What Are the Main Advantages of Using a Bookkeeper in Westbury Instead of an Accountant?
There are numerous advantages to using a bookkeeper rather than an accountant, including:
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
- Availability: Bookkeepers are generally more accessible and readily available to answer questions and provide support compared to an accountant, who may sometimes be hard to reach.
- Affordability: Bookkeeping services are often more budget-friendly in comparison to accounting services, meaning they are a cheaper option for sole traders, small businesses and startups.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants whose approach may be more general.
- Time: By outsourcing bookkeeping, business owners can save a bit of time and focus on other important aspects of their business for instance marketing and sales.
That being said, you need to note that while bookkeepers can provide invaluable support, they may not have the same level of expertise or qualifications as an accountant in certain areas such as financial planning or tax preparation. In these cases, it might be necessary to go to an accountant when more specialised services are needed.
Tax Returns
The United Kingdom requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. If you aren't acquainted with the process, this task can be especially challenging. A decent bookkeeper can help you to prepare your tax return accurately and on time, as well as keeping your records in order.
There are a number of benefits to using a bookkeeper to complete your tax returns. Firstly, the correct completion of your return is ensured by their expertise and experience. This should help you avoid any penalties or interest that HMRC may charge. Second, bookkeepers can save you a lot of time and hassle. You can leave the paperwork and calculations to them so you can focus your attention on your business. Third, invaluable advice on tax planning can be provided by a bookkeeper in Westbury. This can enable you to minimise your tax liability and maximise your profits. (70193)
Bookkeepers Near Westbury
Also find: Upton Scudamore bookkeepers, Westbury Leigh bookkeepers, Hawkeridge bookkeepers, North Bradley bookkeepers, Old Dilton bookkeepers, Dilton Marsh bookkeepers, Bratton bookkeepers, Berkley bookkeepers, Standerwick bookkeepers, Yarnbrook bookkeepers and more. Practically all of these villages and towns has access to companies providing bookkeeping services. This accessibility ensures that individuals and businesses alike can easily find the financial support they need to effectively manage their accounts. For bookkeeping quotations, residents and businesses in the area simply need to click here
Westbury Bookkeeper Tasks
Most Westbury bookkeepers will be willing to offer you the following accounting and bookkeeping services: maintaining fixed asset registers, Sage bookkeeping, Kashflow bookkeeping services, bookkeeping services, general bookkeeping services, cash flow analysis in Westbury, personal tax returns in Westbury, mobile bookkeeping services, tax return preparation, bookkeeping services for societies, bank reconciliations, profit & loss reports, tax returns in Westbury, bookkeeping prices, Quickbook bookkeeping Westbury, invoice processing, professional bookkeeping services Westbury, accounting and bookkeeping services in Westbury, wages & PAYE, bookkeeping for pubs, payment services, bookkeeping services for retail outlets, VAT returns in Westbury, Xero bookkeeping in Westbury, business bookkeeping, bookkeeping for tradesmen Westbury, cheap bookkeeping services, charity bookkeeping Westbury, management accounts, bookkeeping for home-based businesses, and more. Listed are just a handful of the tasks that are accomplished by local bookkeepers. Westbury professionals will inform you of their entire range of bookkeeping services. If there happen to be other Westbury bookkeeper requirements that you want but can't see here, you can list them on the QUOTE FORM provided. We will be in touch with details as soon as we are able.
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