Bookkeepers Wigan Greater Manchester (WN1): Regardless of whether you run an online store, operate a small business or are a sole trader in Wigan, you're responsible for maintaining "true and fair", accurate financial and accounting records for at least 6 years in compliance with the Companies Act. If you cannot produce such records, you might be disqualified as a Company Director and face a fine of thousands of pounds. There's a substantial time investment involved with compiling such financial records yourself, and it's often more cost-effective to employ a professional bookkeeping company or accountant, since according to the trade magazine Accounting Today over forty percent of small business owners spend at least eighty hours every year on their bookkeeping.
The time has come to get in touch with a bookkeeper in Wigan for assistance, if the very thought of writing out ledgers, tracking assets and liabilities, creating profit, loss and fiscal reports or compiling balance sheets fills you with a sense of terror.
BOOKKEEPER OR ACCOUNTANT?
For many small business owners in Wigan, the first question that springs to mind when facing this challenge is "Exactly what is the distinction between an accountant and a bookkeeper?" The truth is that while in the past many accountants considered the task of bookkeeping to be beneath their skill-sets, experience and qualifications, a lot of accountancy firms in the Wigan area will now take on bookkeeping, due to software developments over the past 10 yrs or so. To make certain their bookkeeping services are commensurate with an independent bookkeeper's fee, it is now quite common for accounting companies to charge a flat rate for such services. This is great news for business owners in Wigan as it generates a wider range of competition within this sector and can make your bookkeeping far more affordable than initially thought.
When you are considering the differences between a bookkeeper and an accountant in Wigan, the most notable one is the amount of training and qualification that is required for each of these disciplines. At least a degree in accounting with additional training in the field of taxes and other fiscal and business management, will generally be held by an accountant. While having a good grasp of such disciplines, a bookkeeper in Wigan might not have these qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
Essentially, the act of bookkeeping is the recording of the day by day monetary transactions of any business or enterprise in Wigan. This can include, but isn't limited to;
- Monthly reconciliations and reporting.
- Logging of all financial incomings; including card, cash and electronic payments.
- Billing of clients for work completed or goods.
- Payroll services.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Highlighting and rectifying any discrepancies in financial accounts.
- VAT recording and submissions.
- Documenting the receipt of invoices and making sure that payment is completed promptly.
If you're prepared to do the larger part of your bookkeeping work yourself; a bookkeeper might just be needed to double check your accounts on a fixed schedule. To allow for any mistakes or problems to be detected and rectified quickly, this ought to be done every month as a bare minimum. If it's possible to stay on top of your day by day trading and financial transactions, this trade-off can sometimes be the most affordable option.
If you're presently looking at hiring a bookkeeping company in Wigan, whatever your circumstances are, it is a good bet that you may be fretting over your financial and tax procedures. A professional bookkeeping company will be able to assist you in linking your accounts with the most suitable software to enable the seamless arrangement of financial data, and will offer advice on procedures like stocktaking, invoicing and producing expense reports.
The ability to reconcile accounts payable with cash flow, is an especially crucial aspect of a good bookkeeper. This means that rather than waiting on a final notice, which many small businesses in Wigan are guilty of at some time or other, or paying an outstanding bill right away, your bookkeeper will optimise bill payments to times when your finances are buoyant and in good order. This doesn't just keep your business or enterprise on a good financial footing, but keeps you in the good books of suppliers and those who supply you with services. This is just one of those juggling acts that can be difficult to perform when you're mostly focussed on the smooth running of your day to day business activities.
Having somebody who is not associated with the business cast an impartial eye over your financial affairs, is another benefit of using a certified bookkeeper in Wigan for your small business or if you're a sole trader. It might be that business patterns and trends that might have gone unnoticed could therefore be highlighted. It is not uncommon for a bookkeeper to recognise a new opportunity or flag up an area which is decreasing in profits. For the future growth of any business enterprise in Wigan, it is important that such key performance indicators are spotted early on.
If invoices are sent out by your company it can sometimes be humiliating to chase up a late payment. By having somebody outside your normal business situation visit your customers or make that phone call, some of that embarrassment can be taken away. There are legal techniques that a professional bookkeeper can employ, if you are troubled with a persistent late payer, and these can help to clear up the situation before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are comparatively uncomplicated and easily understood. A sole trader is expected to track expenditure and income from month to month and save all receipts and invoices. It is still a wise move to retain the expertise of a bookkeeping company, even though this may sound easy. When working through your income tax returns, a dedicated sole trader bookkeeper in Wigan will be able to give you advice on what your valid business expenses are, and claim these back from HMRC every year. This could include stationery, promotional advertising, bills and rent if you work from home, items such as laptops and printer ink. If you would like to get more in-depth advice, and discover how your small business can develop and grow moving forward, talk to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
Certain businesses that operate in niche markets, might need to employ a specialist bookkeeper. You will need a bookkeeper in Wigan who is familiar with exchange rate transfers, online payments, international and cross-border taxes and multi-currency processing, if you operate a store online for example. Overseeing your stock on a 24/7 basis is also an important priority, if the same store sells goods that you produce or hold, as I'm sure you will be aware the internet does not sleep, therefore nor should your bookkeeping software or services.
In conjunction with your bookkeeping service, a virtual office can also be supplied. This enables a sole trader or online only business to offer a physical connection to their buyers, via a postal address and telephone service. If this type of service could be helpful, it's definitely worth discussing the possibilities, although this option will not be provided by all Wigan bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping sector qualifications are at Diploma and Certificate level, and it's not necessary for a qualified bookkeeper in Wigan to hold an accounting degree. There is an ever-growing range of online courses available, although bookkeeping qualifications can still be gained through further education colleges and universities.
To provide training and certification for bookkeepers, there are basically 2 key organisations of interest:
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers (ICB) is the largest on the planet and provides accreditation to certified bookkeepers, together with reference material and training to keep their associated members up-to-date.
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians or AAT will have completed advanced qualifications and training in bookkeeping. This guarantees a certain level of service to their clients which is backed by the organisation, and entitles them to become a licensed AAT bookkeeper. If an AAT bookkeeper has a complaint against them or is found to have violated the code of practice they could be subject to tribunal and disciplinary processes to protect the values and integrity of the AAT membership.
You can check the accreditations of any bookkeeper in Wigan on the register of AAT or ICB members on their websites. It is always a good idea to carry out this check, before using the services of any professional bookkeeper in Wigan.
What Are the Main Advantages of Using a Bookkeeper in Wigan Over an Accountant?
The following are some reasons why you might opt to use a bookkeeper in Wigan, instead of an accountant:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in these tasks.
- Cost: Bookkeeping services are usually less expensive than accounting services. This makes them a cost-effective option for startups and small businesses.
- Time: By choosing to outsource bookkeeping, small business owners can save time and concentrate on other important aspects of their business for instance sales and marketing.
- Availability: Bookkeepers are usually more accessible and on hand to provide support and answer questions in comparison to an accountant, who might only be reachable during certain times of the year.
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who might have a more standard approach.
It's important to note that although bookkeepers offer some amazing services, they may not have quite the same level of expertise or qualifications as an accountant in areas such tax preparation or financial planning. In cases like this, seeking the specialist services of an accountant may be essential.
Outsourced Bookkeeping Wigan
All businesses in Wigan should understand the significance of bookkeeping. It helps business people monitor the total value of their assets and liabilities, their incomings and outgoings, the money left in the bank account, and more. With the business owner having to deal with a lot of concerns and issues while operating a business, the task of doing the bookkeeping is often outsourced to a bookkeeping company or freelance bookkeepers in Wigan.
If a company in Wigan hires a bookkeeper so as to join their ranks, the company will have to commit a substantial amount of money in training that individual for the purpose of working on the bookkeeping duties. Moreover, there is no guarantee that the person will stay for long in the company. In that case, the company can lose a significant amount of money. Aside from that, businesses will have to seek out ways and means to provide incentives and benefits to keep the fully trained employee in place. These are a few of the reasons why businesses often enlist the services of professional bookkeepers and bookkeeping companies in Wigan.
These specialist bookkeeping companies in Wigan should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required support and backup.
Cash Flow Analysis
A significant tool that businesses must use to understand their financial wellbeing is cash flow analysis. A cash flow analysis is an essential task that bookkeepers need to perform for businesses. The process involves monitoring the cash movement of the company within a specific period, normally a month or a quarter. The bookkeeper can support the business owner in understanding their current financial standing, identifying any cash flow problems, and preparing for the future by doing so.
Categorizing and reconciling all cash transactions, such as investments, expenses and sales, is part of the analysis that creates a clear picture of the company's financial health. Additionally, cash flow analysis can also entail forecasting cash flow for the upcoming months or years to assist the company in making educated decisions and avoiding cash flow difficulties.
In addition, the bookkeeper can provide recommendations to improve cash flow, including reassessing the pricing strategy or adopting more efficient payment methods. A comprehensive and accurate cash flow analysis is an indispensable tool for any business that wishes to manage their finances effectively.
Tax Returns
If you're self-employed or have a small business in Wigan, you may have to file a self-assessment tax return. This task can be daunting, especially if you're not acquainted with the process. Keeping your records organised and preparing your tax return on time and accurately are both things that a good bookkeeper can help you with.
Using a bookkeeper for your tax returns can be beneficial in a number of ways. Your return will be completed correctly, thanks to their experience and expertise. This can help you avoid interest charges or penalties from HMRC. Secondly, the use of a bookkeeper can save you a lot of hassle, stress and time. You can focus on your business while they take care of all of the paperwork and calculations. Thirdly, invaluable advice on tax planning can be provided by bookkeepers in Wigan. This can enable you to increase your profits and reduce your tax liability. (70193)
Wigan Bookkeeper Tasks
Most bookkeepers in Wigan will be prepared to offer you the following services: Self-Assessment tax returns, personal tax returns, accounting and bookkeeping, off-site bookkeeping services, bookkeeping for charities, bookkeeping for pubs, double-entry bookkeeping, charity bookkeeping Wigan, bookkeeping services, business bookkeeping, bookkeeping services for clubs, bookkeeping for tradesmen, general bookkeeping services Wigan, professional bookkeeping services, franchise bookkeeping, bookkeeping services for retail outlets Wigan, bookkeeping services for sole traders, PAYE & wages, Xero bookkeeping services Wigan, assistance with registering for self-employment in Wigan, bookkeeping for startups, maintaining fixed asset registers, invoice processing Wigan, management accounts, tax returns, bookkeeping for organisations Wigan, tax preparation, payroll bookkeeping, cheap bookkeeping services, profit & loss reports, and more. These are just a handful of the activities that are carried out by local bookkeepers. Wigan professionals will tell you about their whole range of services. If there happen to be different Wigan bookkeeper requirements that you need but cannot see here, you can easily mention them on the QUOTE FORM provided. We'll be in touch with information just as soon as we are able.
More Wigan Services: Of course, whenever you're in need of a bookkeeper in Wigan, Greater Manchester, you will probably be in need of all sorts of different services and as well as a bookkeeper in Wigan, Greater Manchester, you might also need network, database & IT support in Wigan, business consulting in Wigan, promotional videos in Wigan, card processing in Wigan, web design in Wigan, social media marketing in Wigan, Ecommerce assistance in Wigan, financial advice in Wigan, PPC advertising in Wigan, a marketing agency in Wigan, EPOS in Wigan, HR consulting in Wigan, telemarketing in Wigan, cloud & hosting services in Wigan, telephone system services in Wigan, an accountant in Wigan, digital marketing services in Wigan, and other different Wigan specialists.
Bookkeepers Near Wigan
Also find: Goose Green bookkeepers, Pennington Green bookkeepers, Swinley bookkeepers, Kitt Green bookkeepers, Marylebone bookkeepers, Scholes bookkeepers, Pemberton bookkeepers, Poolstock bookkeepers, New Springs bookkeepers, Whelley bookkeepers, Spring View bookkeepers, Marus Bridge bookkeepers, Haigh bookkeepers and more. In all of these villages and towns, companies that offer bookkeeping services are available. With this level of accessibility, finding the required financial support to manage accounts successfully becomes easy for both businesses and individuals. By clicking here, residents in the area can obtain quotes for bookkeeping.
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