Bookkeepers Windlesham Surrey (GU20): Irrespective of whether you run an online store, are a sole trader or operate a small business in Windlesham, you're entirely responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years in compliance with the Companies Act (2006). You could face disqualification as a Company Director and get a fine of thousands of pounds, if you cannot produce these records. The trade magazine Accounting Today reports that over forty percent of small businesses spend over eighty hours every year doing their bookkeeping activities, therefore while you can perform these financial records on your own behalf, it can pay you to employ a professional accountant or bookkeeper to do them instead.
If the thought of creating profit, loss and financial statements, tracking liabilities and assets, writing out ledgers or compiling balance sheets fills you with terror, then it's time to get in touch with a bookkeeper in Windlesham for help and advice.
BOOKKEEPER OR ACCOUNTANT?
For many business owners in Windlesham, the first question that springs to mind when faced with this predicament is "Precisely what is the difference between a bookkeeper and an accountant?" The reality is that whilst at one time the bookkeeping process, was considered beneath the skill set, experience and qualifications of an accountant, due to significant improvements in software over the past 10 years or so, many accountancy firms in the Windlesham area will now take on bookkeeping tasks. For many accounting companies it's now common practice to charge a flat rate for bookkeeping services, so that they're in line with the normal charges of a typical bookkeeper in Windlesham. This is excellent news for business owners in Windlesham as it offers a wider variety of competition within the marketplace and can make your bookkeeping much more affordable than previously thought.
When you're looking at the differences between an accountant and a bookkeeper in Windlesham, the main one is the level of training and qualification that's necessary for each discipline. At least a degree in accounting with additional training in the field of taxation and other financial and business management, will generally be held by an accountant. A bookkeeper in Windlesham will definitely have a decent understanding of these fiscal skills, but might not have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN WINDLESHAM
The bookkeeping process put in the simplest of terms, is the recording of the day by day transactions (financial) of any business or enterprise in Windlesham. This will include;
- The billing of customers for work completed or goods.
- VAT submissions and recording.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Recording the receipt of invoices and ensuring payment is completed promptly.
- Monthly reconciliation and reports.
- Recording of all financial incomings; including cash, card and electronic payments.
- Payroll services.
- Highlighting any discrepancies in the financial accounts and rectifying them.
Whilst it depends on the extent of the service you're interested in, if you're prepared to do a large majority of your own bookkeeping work, a professional bookkeeper may only be needed to periodically double-check your figures. This should be monthly as a bare minimum, as this will allow any mistakes or problems to be identified and corrected speedily. So long as it is possible to stay in control of your monetary transactions without negatively affecting your day to day business activities, this solution can be an extremely cost-effective trade-off.
It's a good bet that if you are looking at hiring a bookkeeping company, you are currently getting stressed about the financial recording side of your business in Windlesham. A good bookkeeping service will be able to help you to link the latest software with your business accounts to facilitate the seamless processing of transactional data, and will offer guidance and advice on things like creating expense reports, invoicing and stocktaking.
Being able to reconcile cash flow with accounts payable, is an extremely important element of good bookkeeping. Which means that your bookkeeper will optimise bill payments to a time when your accounts are in the best possible position, rather than paying an outstanding bill straight away, or waiting for a final notice, which most small businesses are guilty of. As well as keeping your business or enterprise on a good financial footing, this also stands you in good stead with suppliers and service providers. When, as an individual, you're mainly focussed on the smooth running of your business, this can be a balancing act that's tricky to accomplish.
If you are a sole trader, or operate a small business, employing a competent bookkeeper in Windlesham, also gives them the opportunity to cast an impartial eye over the financial dealings of your business. It may be that business trends and patterns that might have otherwise gone unnoticed could thus be highlighted. It is not unusual for a bookkeeper to recognise an opportunity or flag an area of the business where profits are decreasing. For driving the growth of any enterprise in Windlesham, it is vital that such KPI's (key performance indicators) are spotted early on.
If your business sends out invoices it can sometimes be embarrassing to chase up late payments. If that phone call or visit to your clients is carried out by an independent person from outside your normal business situation, it is possible for some of that awkwardness to be taken away. If you have a consistent late or non-payer there are legal procedures a bookkeeper can make use of to help resolve the issue before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for a sole trader, are pretty straightforward and simple. It is stated that sole traders must keep records of expenditure and income on a monthly basis and keep all receipts and invoices. It's still recommended that you retain the expertise of a bookkeeping company, even though this might sound simple. A specialist sole trader bookkeeper in Windlesham can give you advice on what you may be able to claim back from HMRC as bonafide business expenses. This could include printer ink, stationery, advertising expenses, bills and rent if working from home and items such as computing equipment. Talk to your local bookkeeper for more comprehensive advice and learn how they can help your business to prosper and grow.
BOOKKEEPING FOR ONLINE TRADERS IN WINDLESHAM
There are particular niche businesses where a specialist bookkeeping service may be essential. You'll require a bookkeeper in Windlesham who is familiar with cross-border and international taxes, multi-currency processing, exchange rate transfers and online payment procedures, if you run an online store for instance. Because the internet doesn't sleep, if the same store sells goods you hold or produce then overseeing your inventory on a 24 hours a day basis is a massive priority which will have to be dealt with.
In combination with your bookkeeping service, a remote virtual office can also be provided. This allows a sole trader or online only business to offer a physical connection to their customers, via a postal address and phone service. Not all Windlesham bookkeepers will supply this option, however it's worthwhile discussing the possibilities if it's something that could be of benefit.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Certificate or Diploma level, and it isn't mandatory for a qualified bookkeeper in Windlesham to have a degree in accounting. Although there's an ever-increasing selection of online bookkeeping courses available, qualifications can still be obtained through further education colleges and universities, if that is the preferred route.
There are basically 2 main organisations that provide certification and training for bookkeepers:
The Institute of Certified Bookkeepers or ICB: The largest organisation of its kind anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, along with reference material and training to keep their members current with the latest trends and developments.
The Association of Accounting Technicians or AAT: Entitled to use the letters AATQB, a fully trained member of the Association of Accounting Technicians or AAT will have been provided with advanced qualifications and training in bookkeeping. They then become authorised AAT bookkeepers, backed up by this reputable organisation, which promises a level of service for their customers. If an AAT bookkeeper has a complaint filed against them or is found to have broken the code of practice they will be liable to tribunal and disciplinary processes to preserve the integrity of AAT membership.
It's possible to check the accreditations of any professional Windlesham bookkeeper on the register of ICB or ATT members on their websites. Performing this check is widely recommended before getting involved with any bookkeeper in Windlesham.
Bookkeeping services are available in Windlesham and also in nearby places like: Castle Green, Mimbridge, Horsell, Donkey Town, Bisley, Owlsmoor, Burrowhill, Cheapside, West End, Longcross, Lyne, and in these postcodes GU20 6JX, GU20 6DN, SL5 9RU, GU20 6NA, GU20 6JN, GU20 6YW, GU20 6JE, GU20 6LW, GU20 6UY, and GU20 6AP. Locally based Windlesham bookkeeping services will likely have the postcode GU20 and the telephone code 01276. Checking this can make sure that you're accessing local bookkeepers. Windlesham sole traders and business owners are able to benefit from these and numerous other bookkeeping related services.
What Are the Main Advantages of Using a Bookkeeper in Windlesham Instead of an Accountant?
There are numerous benefits to using a bookkeeper rather than an accountant, including:
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient compared to accounting services, which makes them a smart choice for startups, sole traders and small businesses looking to save on costs.
- Expertise: Bookkeepers sometimes have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more effective and efficient in such tasks.
- Time: By choosing to outsource bookkeeping, business owners can save time and concentrate on other crucial aspects of their business for example marketing and sales.
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who may only be available at certain times.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants may have a more general approach.
It is important to note that whilst bookkeepers offer valuable support, they may not have quite the same level of qualifications or expertise as an accountant in aspects such tax preparation or financial planning. In these cases, seeking the specialist services of an accountant may be essential.
Tax Returns
If you're self-employed or have a small business in Windlesham, you may be required to file a self-assessment tax return. The process can make this task challenging, especially if you aren't acquainted with it. A bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records organised.
Using a bookkeeper to do your tax returns has many benefits. They will make sure that your return is completed correctly, with their experience and expertise. This can help you avoid interest charges or penalties from HMRC. Secondly, a lot of time and hassle can be saved by a bookkeeper. So that you can focus on running your business, they'll take care of all of the paperwork and calculations. Third, a bookkeeper in Windlesham can provide you with valuable advice on tax planning. This enables you to minimise your tax liability and maximise your profits. (83543 - Tax Returns Windlesham)
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Windlesham Bookkeeping Tasks
Most Windlesham bookkeepers will be ready to offer you the following bookkeeping services: maintaining fixed asset registers, bookkeeping services for tradesmen, bookkeeping rates, landlord bookkeeping services, bookkeeping for clubs, bookkeeping services for pubs, double-entry bookkeeping, Kashflow bookkeeping in Windlesham, bookkeeping and accounting services in Windlesham, Quickbook bookkeeping, profit & loss reports, independent bookkeeping services, bookkeeping services for charities, VAT returns, PAYE & wages, business bookkeeping, bookkeeping for limited companies, bookkeeping for payroll, small business tax returns in Windlesham, bookkeeping for small businesses, bookkeeping for organisations, bookkeeping for home-based businesses, payment services, Sage bookkeeping services, cheap bookkeeping services, bookkeeping for freelancers, tax preparation in Windlesham, personal tax returns, management accounts, financial statement preparation, and more. These are just some of the activities that are handled by local bookkeepers. Windlesham companies will be happy to inform you of their full range of bookkeeping services. If there happen to be other Windlesham bookkeeper requirements that you want but cannot see here, you can list them on the QUOTE FORM provided. We will get back to you with information as soon as we are able.
Bookkeepers Near Windlesham
Also find: Lyne bookkeepers, Castle Green bookkeepers, Mimbridge bookkeepers, Burrowhill bookkeepers, Donkey Town bookkeepers, West End bookkeepers, Owlsmoor bookkeepers, Longcross bookkeepers, Horsell bookkeepers, Bisley bookkeepers, Cheapside bookkeepers and more. Companies offering bookkeeping services serve the majority of these places. With this level of accessibility, finding the required financial support to manage accounts effectively becomes easy for both individuals and businesses. Bookkeeping estimates are available to area residents with a click here.
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