Bookkeepers Willingdon East Sussex (BN20): You're responsible for keeping accurate, "true and fair" financial and accounting records for at least six years, if you run an online store, operate a small business or are a sole trader in Willingdon, as stated by the 2006 Companies Act. Failure to produce these records could leave you facing a fine of thousands of pounds and potential disqualification as a Company Director. According to Accounting Today over 40% of small businesses spend at least eighty hours each year on their accounts, so although you can undertake these financial records on your own behalf, it is often better to employ a professional accountant or bookkeeping service to do them for you.
The time has come to get in touch within Willingdon for guidance and advice, if just the thought of filling out ledgers, tracking assets and liabilities, producing balance sheets or creating profit, loss and fiscal reports brings you feelings of panic.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Willingdon, an obvious question when facing this dilemma is "What is the difference between a bookkeeper and an accountant?" To be honest, because of software improvements over the past 10 years or so many accountancy firms in the Willingdon area will undertake the task of bookkeeping, which was at one time considered beneath their qualifications, skill-sets and experience. For many accounting companies it's now fairly common to charge a fixed fee for bookkeeping services, to keep them in line with the standard charges of a dedicated bookkeeper in Willingdon. Since it generates a greater variety of competition within this sector, this is great news for small businesses in Willingdon, making their bookkeeping costs cheaper than they previously were.
When considering the big difference between a bookkeeper and an accountant, it is the amount of qualification and training that is required for each discipline. Typically holding a degree in accounting, a professionalshould also have had training in tax essentials and additional qualifications in business and financial management. While in Willingdon will have a pretty good understanding of these disciplines, they might not necessarily have the same levels of training and experience in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER
The recording of daily financial transactions of any business enterprise in Willingdon, describes the act of bookkeeping in simple terms. This will include, but is not limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- Payroll services.
- Recording the receipt of invoices and ensuring payment is completed promptly.
- Recording of all financial incomings; including electronic, card and cash payments.
- VAT recording and submissions.
- Ensuring accounting and double-entry bookkeeping practices are observed.
- Monthly reconciliations and reports.
- The billing of customers for goods or work completed.
Whilst it is dependent on the type of service you're looking for, if you're happy to undertake the vast majority of the bookkeeping work yourself, a professional bookkeeper might only be needed to periodically double-check your accounts. At the bare minimum this ought to be done monthly, to enable the rapid detection and correction of any problems or mistakes. This could be the most cost-effective trade-off, provided that you are confident of remaining in control of your financial transactions without compromising your daily business operations.
It's a good bet that if you're considering hiring a bookkeeper in Willingdon, you're currently having problems with the financial recording aspects of your small business. A good bookkeeping company will be able to offer guidance and advice on everything from stocktaking, generating expense reports and invoicing, to linking the most up-to-date software with your business accounts to facilitate the seamless pull-through of transactional data.
The reconciliation of accounts payable with cash flow is one of the most vital aspects of good bookkeeping. Which means that by arranging the payment of bills to a time when your accounts are in the best possible position, your bookkeeper will avoid the mistake that most small businesses in Willingdon are guilty of at some time or other i.e. paying an outstanding bill immediately, or waiting on an overdue notice. This not only keeps you in the good books of suppliers and those people who supply services to you, but also makes sure that your enterprise or business is on a good financial footing. When you're mainly focussed on running your business, this is a balancing act that you may find challenging to perform as an individual.
Having somebody who's unconnected to the business cast an eye over your financial affairs, is another added benefit of employing an experienced bookkeeper in Willingdon if you are a sole trader, or for your small business. Business patterns and trends that might have otherwise gone unnoticed might be highlighted by this type of nonpartisan appraisal. It isn't unheard of for a bookkeeper to spot an opportunity or flag an area where profits are dropping. Spotting such key performance indicators (KPI's) is crucial for the success and growth of any business in Willingdon.
If you send out invoices in your business operations, having to pursue late payments can be quite awkward. If that visit to your clients or telephone call is done by somebody outside your normal business situation, it is possible for some of that awkwardness to be eliminated. There are legal strategies that a bookkeeper can use, if you've got a persistent late or non-payer, and these can help to clear up the situation before the issue ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as set out in law, are comparatively uncomplicated and easily understood. Essentially, sole traders should retain all invoices and receipts, and keep a record of expenditure and income on a monthly basis. It's still good practice to retain the expertise of a competent bookkeeper, even though this may sound easy. When working through your tax returns, a dedicated sole trader bookkeeper in Willingdon will be in a position to advise you on what your legitimate business expenses are, and make certain these are claimed back from HMRC each year. This may include stationery, items such as laptops, consumables, advertising expenses and bills and rent if you work from home. If you'd like to get more comprehensive advice, and see how your business can develop and grow moving forward, speak to your bookkeeper.
Some small businesses that operate in niche areas, may need to hire a specialist bookkeeping service. If you run an online store for instance, you are going to require a bookkeeper in Willingdon who understands international and cross-border taxes, exchange rate transfers, online payments and multi-currency processing. If you produce or hold the goods that you distribute with that store, then it's going to be an important concern for your bookkeeping services and software to manage your inventory on a 24/7 basis, because of course, the internet does not sleep.
In conjunction with your bookkeeping services, a virtual office can also be supplied. This allows a sole trader or online only business to have a postal address and phone service to offer a physical connection to their customers. Not all bookkeepers in Willingdon will be willing to provide this option, but it's worth discussing if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the field of bookkeeping are at Diploma and Certificate level, and a qualified Willingdon bookkeeper need not hold a degree. If the chosen route to qualification is through further education universities and colleges, this is still a possibility, although there there is an ever-increasing variety of bookkeeping courses available online.
There are two primary training and certification organisations which represent bookkeepers:
The AAT or Association of Accounting Technicians: The AAT or Association of Accounting Technicians provides a training schedule with advanced qualifications enabling fully trained bookkeepers to use the letters AATQB. This then entitles them to become a licensed AAT bookkeeper and guarantees a minimum level of service which is backed up by the organisation. To preserve the credibility of the AAT membership, a bookkeeper who is affiliated with the AAT can be liable to disciplinary and tribunal processes if they have a complaint against them or are found to have breached the code of conduct.
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-date with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation anywhere in the world, providing accreditation to qualified bookkeepers, along with training and reference material.
The accreditations of any professional bookkeeper can be verified on the register of ICB or ATT members on their websites. Implementing this check is widely recommended before retaining the services of any bookkeeper in Willingdon.
What Are the Main Advantages of Using a Bookkeeper in Willingdon Rather Than an Accountant?
There are several benefits to using a bookkeeper as opposed to an accountant, including:
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in such tasks.
- Availability: Bookkeepers are often more accessible and readily available to answer questions and provide support in comparison to an accountant, who may sometimes be hard to reach.
- Affordability: Bookkeeping services are often more budget-friendly compared to accounting services, making them an inexpensive option for startups, small businesses and sole traders.
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Time Savings: By choosing to outsource their bookkeeping tasks, small business owners can save a bit of time and focus on other areas of their business, like sales and marketing.
That being said, it's important to note that whilecan provide valuable support, they may not have the same level of expertise or qualifications as an in certain aspects such as financial planning or tax preparation. In these cases, it may be necessary to go to an accountant for more specialist services.
Willingdon Bookkeeper Tasks
Most bookkeepers in Willingdon will be prepared to provide you with the following bookkeeping services: bookkeeping services for startups Willingdon, bookkeeping for home-based businesses, bookkeeping services for retail outlets, PAYE & wages, QUOTE FORM provided. We will be in touch with information just as soon as we can., profit & loss reports Willingdon, professional bookkeeping services, accountancy packages Willingdon, bookkeeping for self-employed, maintaining fixed asset registers in Willingdon, bookkeeping services for organisations in Willingdon, charity bookkeeping Willingdon, , bookkeeping for limited companies Willingdon, Xero bookkeeping Willingdon, bookkeeping for payroll, landlord bookkeeping, bookkeeping services for sole traders in Willingdon, letting agent bookkeeping, VAT returns, business bookkeeping in Willingdon, tax returns, management reports, bookkeeping for shops in Willingdon, payment services, bookkeeping services for tradesmen Willingdon, cash flow analysis in Willingdon, corporation tax returns, Self-Assessment tax returns, bookkeeping for societies in Willingdon, and more. These are just a handful of the duties that are handled by local bookkeepers. Willingdon providers will be happy to inform you of their entire range of services. If there are different Willingdon bookkeeper requirements that you need but cannot see here, you can list them on the
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