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 within 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. 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.
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 whilstoffer valuable support, they may not have quite the same level of qualifications or expertise as an in aspects such tax preparation or financial planning. In these cases, seeking the specialist services of an accountant may be essential.
If you're self-employed or have a small business in Windlesham, you may have to file a self-assessment tax return. This task can be daunting, especially if you are not acquainted with the process. A bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records organised.
Many benefits can be gained by using a bookkeeper to complete your tax returns. Expertise and experience will make sure that they complete your return correctly. This can help you avoid interest charges or penalties from HMRC. Secondly, a lot of time and effort can be saved by a bookkeeper. They'll take care of all of the paperwork and calculations, so you can concentrate on running your business. Third, valuable advice on tax planning can be provided by a bookkeeper in Windlesham. This can help you to reduce your tax burden and increase your bottom line. (70193)
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Windlesham Bookkeeper Tasks
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Bookkeepers Near Windlesham
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