Bookkeepers Woking Surrey (GU21): In compliance with the Companies Act, if you are a sole trader, operate an online store or own a small business in Woking, you are responsible for keeping "true and fair", accurate financial and accounting records for at least six years. If you can't produce such records you may face thousands of pounds in fines and possible Company Director disqualification. There's a large investment of time involved with compiling these financial records on your own, and it can be more cost-effective to use a professional bookkeeper or accountant, particularly when you consider the fact that according to Accounting Today magazine over forty percent of small business owners spend eighty hours plus each year on their bookkeeping.
If you are filled with panic merely thinking about the possiblility of writing out ledgers, producing balance sheets, preparing profit, loss and fiscal reports or tracking assets and liabilities, then the time to contact a bookkeeper in Woking for assistance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the distinction between a bookkeeper and an accountant?" Is a question that is asked by most people in Woking. The truth is that while in the past the process of bookkeeping, was regarded as beneath the skill set, qualifications and experience of an accountant, because of improvements in software over the past decade or so, a lot of accountancy companies in the Woking area will now consider taking on bookkeeping. It's now common practice for accountancy companies to have a fixed fee for bookkeeping services in line with a dedicated bookkeeper's fee. This makes the cost of bookkeeping cheaper than it was previously, and is fantastic news for small businesses in Woking since it gives a wider variety of competition within the industry.
The biggest difference of an accountant over a bookkeeper is the level of training and qualification that is required. At least a degree in accounting with specialist training in the field of taxes and other fiscal and business management, will typically be held by an accountant. A bookkeeper in Woking may not necessarily hold the qualifications or levels of experience and training, but should still have an understanding of these procedures.
RESPONSIBILITIES OF A BOOKKEEPER IN WOKING
The bookkeeping process in simple terms, is to record the day by day transactions (financial) of any business enterprise in Woking. This is likely to include, but is in no way limited to;
- Monthly reporting and reconciliations.
- Billing of clients for goods or work completed.
- VAT recording and submissions.
- Documenting the receipt of invoices and ensuring that payment is completed by the due date.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Logging of all financial incomings; including card, cash and electronic payments.
- Payroll services.
- Ensuring double-entry bookkeeping and accounting practices are followed.
While it depends on the kind of service you are looking for, if you are prepared to undertake a large majority of your own bookkeeping work, a bookkeeper may only be needed to double check your records periodically. To allow for any mistakes or problems to be found and corrected promptly, this should be done every month as a bare minimum. This may be an extremely cost-effective trade-off, providing that it is possible to stay in control of your monetary transactions without compromising your everyday trading tasks.
Whatever the situation is with your company or small business, if you are seriously looking to hire a bookkeeping service in Woking, it's fairly likely that you could be getting stressed about the process of recording your financial data. To enable the seamless sorting of financial data, a good bookkeeping company will help you link the most up-to-date software program to your accounts, and will provide guidance and advice on stuff like stocktaking, invoicing and generating expense reports.
The reconciliation of cash flow with accounts payable is one of the most vital elements of a good bookkeeping service. Which means that your bookkeeper will schedule the payment of bills to times when your accounts are in the best possible position, rather than paying an outstanding bill right away, or waiting on a final notice, which most small businesses in Woking are guilty of doing. This does not just keep your business enterprise on a good financial footing, but keeps you in good stead with suppliers and those businesses who provide you with services. When you are firmly focussed on running your company, this is a balancing act that you may find tough to accomplish on your own.
Having someone who is unconnected to the business cast an eagle eye over your financial dealings, is another added advantage of using a competent bookkeeper in Woking if you are a sole trader, or for your small business. It is quite possible that an unprejudiced evaluation such as this will showcase business patterns and trends that have been missed previously. It is not uncommon for a bookkeeper to recognise a new opportunity or flag an area of the business where profits are decreasing. These key performance indicators are vital in driving growth for any business enterprise in Woking.
It can sometimes be rather embarrassing to pursue a late payment if your company sends out invoices. Some of that apprehension can be removed by having a professional outside your normal business bubble make that telephone call or visit to your customer. There are legal options that a bookkeeper can use, if you've got problems with a repeating late or non-payer, and they can help to clear up the issue before the situation winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some fairly basic sole trader bookkeeping requirements, that are set out in law. This involves retaining all invoices and receipts in relation to the business, and tracking income and expenditure from month to month. While this might sound easy it is still good practice to retain the expertise of a competent bookkeeper. When preparing your Self-Assessment tax returns, a dedicated sole trader bookkeeper in Woking will be able to give you advice on what your legitimate business expenses are, and claim these back from HMRC. This might include stationery goods, consumables, items such as laptops, advertising expenses and rent and bills if working from home. If you'd like to get more detailed advice, and see how your business can develop and grow moving forward, chat to a trusted bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are some business niches where a specialist bookkeeping service might be necessary. By way of example, if you run an online store, you will need to employ a bookkeeper in Woking who understands cross-border and international taxes, multi-currency processing, exchange rate transfers and online payments. Overseeing inventory on a 24/7 basis is also a huge priority, if the same shop distributes goods that you produce or hold, as I'm sure you will be aware the internet never sleeps, so nor should your bookkeeping software or services.
In combination with bookkeeping service, it's also possible to establish a virtual office. This enables a sole trader or online only business to offer a physical connection to their buyers, via a postal address and phone service. Not all bookkeeping companies in Woking will be able to provide this service, however it's worthwhile discussing if it's required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Woking bookkeeper need not have a university degree and most qualifications for the industry are at Certificate and Diploma level. If the preferred route to qualification is via further education universities and colleges, this possibility is still available, whereas there there is an ever-increasing array of bookkeeping courses available online.
There are essentially 2 primary organisations that provide certification and training for bookkeepers:
The AAT or Association of Accounting Technicians: Able to use the letters AATQB after their name, a certified member of the AAT (Association of Accounting Technicians) will have been provided with a training schedule and advanced qualifications in bookkeeping practice. This then allows them to become a accredited AAT bookkeeper and assures a certain level of service which is backed by the organisation. To safeguard the integrity of the AAT, a bookkeeper who is associated with the AAT can be subject to tribunal and disciplinary procedures if it's found that they have contravened the code of practice or have had a complaint filed against them.
The ICB or Institute of Certified Bookkeepers: Keeping their members current with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest bookkeeping organisation on the planet, providing accreditation to qualified bookkeepers, along with training and reference material.
By visiting their respective websites, it's possible to check out the qualifications of any professional bookkeeper on the register of AAT or ICB members. Before you hire the services of any local bookkeeper in Woking it's generally a good idea to perform this check.
Bookkeeping services are available for those living in in Woking and also in: Stonehill, Hook Heath, Woodham, Ottershaw, Maybury, West Byfleet, Pyrford, Mimbridge, Goldsworth Park, Old Woking, Send, Wisley, Mayford, Horsell, as well as in these postcodes GU21 3NL, GU21 3RX, GU21 3DW, GU21 3AT, GU21 3RA, GU21 3NX, GU21 3RN, GU21 3PG, GU21 3LD, GU18 5ZS. Local Woking bookkeeper services will most likely have the postcode GU21 and the telephone code 01483. Checking this out should ensure you access locally based bookkeepers. Woking sole traders and business owners are able to utilise these and various other comparable services.
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Woking Bookkeeper Tasks
Most bookkeepers in Woking will be able to provide you with the following services: bookkeeping services for restaurants, QUOTE FORM provided. We'll get back to you with specifics just as soon as we can.in Woking, bank reconciliations in Woking, cash flow analysis, Woking, Kashflow bookkeeping services, bookkeeping services for limited companies, bookkeeping services for sole traders, bookkeeping for home-based businesses, small business bookkeeping, VAT returns Woking, off-site bookkeeping, general bookkeeping services Woking, accountancy packages, Xero bookkeeping services in Woking, landlord bookkeeping Woking, bookkeeping for payroll in Woking, bookkeeping for clubs, maintaining fixed asset registers, Self-Assessment tax returns, bookkeeping for tradesmen, charity bookkeeping Woking, bookkeeping for pubs, bookkeeping prices in Woking, payment services, bookkeeping services, bookkeeping services for freelancers in Woking, bookkeeping services for charities, and more. These are just some of the activities that are undertaken by local bookkeepers. Woking professionals will be happy to tell you about their full range of bookkeeping services. If there are other Woking bookkeeper requirements that you need but cannot see here, you can easily mention them on the
Bookkeepers Near Woking
Also here.: Mayford bookkeepers, Stonehill bookkeepers, West Byfleet bookkeepers, Pyrford bookkeepers, Send bookkeepers, Wisley bookkeepers, Hook Heath bookkeepers, Old Woking bookkeepers, Maybury bookkeepers, Horsell bookkeepers, Woodham bookkeepers, Goldsworth Park bookkeepers, Ottershaw bookkeepers, Mimbridge and more. Most of these areas are served by local bookeepers. Woking traders and businesses can get pricing for bookkeeping services by clicking
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Bookkeepers Around Woking: People who live in the following Woking areas and streets have just recently requested bookkeeping services - Achilles Place, St Fillans, St Anns, Strawberry Close, Burnt Common Lane, Christchurch Way, Barrens Park, The Larches, The Spinney, Stainton Walk, Bonners Close, Cranley Place, Ashley Road, Turfhouse Lane, Drakes Way, Dorset Drive, Conista Court, St Pauls Road, Claremont Avenue, Brynford Close, Tolvaddon Close, Brook Green, St Denys Close, Blackbridge Road, Cavenham Close, Beaufort Close, Broomhall Lane, Albert Drive, Bridge Court, Brookfield, as well as the following local Woking postcodes: GU21 3NL, GU21 3RX, GU21 3DW, GU21 3AT, GU21 3RA, GU21 3NX, GU21 3RN, GU21 3PG, GU21 3LD, GU18 5ZS.
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Bookkeepers in GU21 area, and dialling code 01483.
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