Bookkeepers Witney Oxfordshire (OX28): For anyone in Witney who runs a small business, operates an online store or acts as a sole trader, it's their sole responsibility to keep "true and fair", accurate financial and accounting records for a minimum of 6 yrs. This is according to the Companies Act (2006). If you cannot produce these records you might face a fine of thousands of pounds and possibly disqualification as a Company Director. There is a significant time investment involved with compiling these financial records yourself, and it can be more cost-effective to use a professional bookkeeping company or accountant, as according to Accounting Today magazine over forty percent of small businesses spend at least 80 hours every year on their accounts.
If you're filled with terror simply thinking about the possiblility of writing out ledgers, producing balance sheets, creating profit, loss and financial statements or tracking assets and liabilities, then the time to get in touch with a bookkeeper in Witney for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
The very first question that many small business owners ask is "What exactly is the difference between an accountant and a bookkeeper?" The fact is, due to software improvements over the past 10 yrs many accountancy firms in the Witney area will consider taking on the task of bookkeeping, which was previously considered to be beneath their qualifications, skill-sets and experience. It is now fairly common for accountancy firms to charge a fixed rate for bookkeeping services as per a dedicated bookkeeper's fee. Business owners are now cashing in on this, as it generates a wider variety of competition within the marketplace and can make bookkeeping much more manageable than it would have been in the past.
The level of training and qualification that's required is the big difference between an accountant and a bookkeeper. An accountant will usually a least hold a degree in accounting with further training in the field of taxation and other financial and business management. Whilst probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Witney will still have a fair grasp of all these fiscal skills.
RESPONSIBILITIES OF A BOOKKEEPER
In the simplest of terms, the bookkeeping process involves the logging of day to day fiscal transactions of any business in Witney. This may include;
- Making sure that accounting and double-entry bookkeeping practices are followed.
- The billing of clients for work completed or goods.
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Logging invoices received and making certain that payment is completed by the due date.
- VAT recording and submissions.
- Payroll services.
- Monthly reconciliations and reporting.
- Logging of all financial incomings; including electronic, card and cash payments.
While it depends on the extent of the service you're looking for, if you are prepared to carry out most of bookkeeping work yourself, a bookkeeper may just be needed to double check your records periodically. This should be from month to month at the bare minimum, as this allows for any mistakes or problems to be discovered and rectified quickly. If you're able to stay up-to-date with your everyday financial transactions and trading, this trade-off can sometimes be the most affordable option.
Whatever the scenario is with your business, if you are seriously looking at hiring a bookkeeper in Witney, it is fairly likely that you may be getting stressed about the process of financial recording and taxes. A decent bookkeeping service will be able to offer assistance with everything from invoicing, stocktaking and preparing expense reports, to linking the most suitable software application with your business accounts to enable the seamless arrangement of transactional data.
An extremely crucial element of a good bookkeeper is the ability to reconcile accounts payable with cash flow. Which means that rather than paying off a bill straight away, or waiting for an overdue notice, which many small businesses in Witney are guilty of, your bookkeeper will optimise bill payments to a time when your accounts are buoyant. This does not just keep your enterprise or business financially secure, but keeps you in favour with suppliers and those who provide you with services. This is one of those juggling acts that can be tough to accomplish when you're mainly focussed on the streamlined running of your day to day business activities.
For your small business enterprise, or if you're a sole trader, employing an experienced bookkeeper in Witney, gives you the opportunity to have an impartial eye cast over your financial situation. This objective assessment can allow them to notice business patterns and trends that you may have disregarded. It is not unusual for a bookkeeper to spot a new opportunity or flag an area of the business which is plummeting in profits. For ensuring the growth of any enterprise in Witney, it is essential that these key performance indicators (KPI's) are spotted early.
Having to chase up a late payment can be a fairly awkward situation for you, if you send out invoices in your business operations. By having an independent person outside your business bubble make that telephone call or visit to your client, some of that apprehension can be eliminated. To help deal with the matter, if you are troubled with a persistent late or non-payer, there are legal solutions that can be employed by a professional bookkeeper, so that legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you're a sole trader the bookkeeping requirements, as set out in law, are quite straightforward. In essence, sole traders should keep all invoices and receipts, and keep a record of expenditure and income from month to month. It's still recommended that you hire the expertise of a bookkeeper, even if this might sound easy. When dealing with your income tax returns, a dedicated sole trader bookkeeper in Witney can give you advice on what your legitimate business expenses are, and claim these back from HMRC. This might include items such as laptops, advertising, printer ink, bills and rent if working from home and stationery goods. If you'd like to get more comprehensive advice, and see how your small business can grow and develop going forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are a number of business niches where a specialist bookkeeper could be needed. You will need a bookkeeper in Witney who's familiar with online payments, multi-currency processing, exchange rate transfers and international and cross-border taxes, if you run an online store for example. If the same shop sells goods that you hold or produce, then controlling your inventory and stock on a 24 hours a day basis is a vital priority, after all the internet does not sleep, therefore neither should your bookkeeping services and software.
It's also possible to establish a remote virtual office, that can be used in combination with your bookkeeping package. This enables an online only business or sole trader to have a postal address and phone service to provide a physical connection to their buyers. It is definitely worth talking about this possibility if it is something that could benefit you, although not all Witney bookkeepers will supply this solution.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping sector qualifications are at Certificate or Diploma level, and it is not necessary for a professional bookkeeper in Witney to have an accounting degree. Although there are a choice of bookkeeping courses available online, qualifications can still be obtained via further education universities and colleges, if that is the preferred route.
There are basically two key organisations that offer training and certification to bookkeepers:
The Association of Accounting Technicians (AAT): Providing a training schedule with advanced qualifications, the Association of Accounting Technicians or AAT, allows a fully trained member to use the letters AATQB. They then become registered AAT bookkeepers, backed up by this reputable organisation, which guarantees a high standard of service for their clients. To safeguard the integrity and values of AAT membership, a bookkeeper who's associated with the AAT can be liable to tribunal and disciplinary procedures if they are found to have contravened the code of conduct or have had a complaint against them.
The Institute of Certified Bookkeepers or ICB: The largest organisation of its kind on the planet is the the Institute of Certified Bookkeepers (ICB), and it offers accreditation to certified bookkeepers, together with reference material and training to keep their members up-to-date with the latest trends and developments.
By going to their respective websites, it's possible to check out the qualifications of any bookkeeper in Witney on the register of ICB or AAT members. Before you use the services of any professional bookkeeper in Witney it is advisable to implement this check.
Bookkeeping services are available for those living in in Witney and also in nearby places like: Curbridge, New Yatt, Freeland, Ramsden, Tower Hill, Long Hanborough, High Cogges, Crawley, Ducklington, Finstock, Swinbrook, Hailey, Newland, Minster Lovell, South Leigh, Eynsham, Little Minster, Cogges, together with these postcodes OX28 1EJ, OX28 1JH, OX28 1DH, OX28 1HG, OX28 1PQ, OX28 1YE, OX28 1FF, OX28 1YG, OX28 1FD, OX28 1EW. Locally based Witney bookkeeper services will most likely have the postcode OX28 and the telephone code 01993. Checking this out will confirm that you access local bookkeepers. Witney sole traders and business owners are able to benefit from these and countless other related services.
Witney Bookkeeper Tasks
Most bookkeepers in Witney will be able to offer you the following bookkeeping services: franchise bookkeeping Witney, bookkeeping for tradesmen, Sage bookkeeping, bookkeeping services, bookkeeping and accounting services Witney, tax return preparation, Quickbook bookkeeping, bookkeeping for shops, bookkeeping services for self-employed people, bookkeeping for clubs, bookkeeping for limited companies, bookkeeping prices in Witney, mobile bookkeeping services in Witney, profit & loss reports in Witney, payment services in Witney, personal tax returns Witney, cash flow analysis, corporation tax returns, PAYE & wages, bookkeeping services for organisations, bookkeeping for charities, general bookkeeping services, independent bookkeeping services, professional bookkeeping services Witney, bookkeeping services for startups Witney, bookkeeping services for freelancers, double-entry bookkeeping in Witney, partnership returns, charity bookkeeping Witney, VAT returns in Witney, and more. These are just a handful of the tasks that are performed by local bookkeepers. Witney professionals will be delighted to keep you abreast of their whole range of services. If there are some other Witney bookkeeper requirements that you want but can't see here, you can list them on the QUOTE FORM provided. We'll be in touch with details just as soon as we are able.
Witney Bookkeeper Questions
The other weekend I was studying the sorts of questions that people ask with regards to bookkeepers in Witney. A couple of our web visitors submitted useful queries that I thought would be worthy of mentioning. The ones which I singled out are, How much does bookkeeping cost? Is bookkeeping and accounting the same? Does a bookkeeper need insurance? Why do Witney businesses need a bookkeeper? How can I get bookkeeper in Witney? What does a bookkeeper do? Can bookkeeping be done remotely? When should I outsource bookkeeping? What are the advantages of a bookkeeper? Hopefully most of those questions have been answered in this short article, and if some still need to be dealt with a bookkeeping "Questions and Answers" feature is presently being developed. Our thanks go out to the following folks for taking time out to pose these excellent questions; David Anderson, Enzo Burgess, Drew O'neill and Julianna Schofield. Relevant questions were likewise received from Sofia Marsden in Little Minster, Ryder Horne in New Yatt and Valeria Goodall in Tower Hill.
Bookkeepers Near Witney
Also here.: South Leigh bookkeepers, Newland bookkeepers, Swinbrook bookkeepers, Hailey bookkeepers, Ramsden bookkeepers, Minster Lovell bookkeepers, Curbridge bookkeepers, Cogges bookkeepers, Little Minster bookkeepers, Crawley bookkeepers, Finstock bookkeepers, Long Hanborough bookkeepers, Freeland bookkeepers, High Cogges bookkeepers, Ducklington bookkeepers, Eynsham bookkeepers, New Yatt bookkeepers, Tower Hill and more. All of these locations are covered by local bookeepers. Witney businesses and traders can get fees for bookkeeping services by going
- Witney Small Business Bookkeeping
- Witney Profit and Loss Reporting
- Witney Bookkeeping Quotations
- Witney Tax Preparation
- Witney PAYE and Wages
- Witney Tax Returns
- Witney Double-Entry Bookkeeping
- Witney Cash Flow Analysis
- Witney Cheap Bookkeeping
- Witney Bookkeeping Services
- Witney Sole Trader Bookkeeping
- Witney Bank Reconciliations
- Witney VAT Returns
- Witney Self-Assessment Bookkeeping
Bookkeepers Around Witney: People who live in these Witney streets and areas have just recently requested bookkeeping services - Sunnyside Row, Church Road, Blakes Avenue, Busby Close, Common Close, St Kenelms Close, Crawley Dry Lane, Combe Gate, The Glebe, Bridge Street, Swan Lane, Stanton Harcourt Road, Bibury Close, Davenport Road, Chatter Pie Lane, Dry Lane, Bell Close, Bourton Close, Buttermilk Lane, Broadway Close, Stow Avenue, Charlbury Road, Schofield Gardens, Sealham Road, Abbey Street, Tilgarsley Road, Bishops Meadow, Steadys Lane, Tar Road, as well as the following local Witney postcodes: OX28 1EJ, OX28 1JH, OX28 1DH, OX28 1HG, OX28 1PQ, OX28 1YE, OX28 1FF, OX28 1YG, OX28 1FD, OX28 1EW.
To get local Witney information check here
Bookkeepers in OX28 area, 01993.
Bookkeeping Services Witney - Small Business Bookkeepers Witney - VAT Returns Witney - Bookkeeping Quotations Witney - 01993 - Sole Trader Bookkeepers Witney - Bookkeeper Witney - Cheap Bookkeeping Witney - Self-Assessment Tax Returns Witney