Bookkeepers Plymouth Devon (PL1): You are entirely responsible for keeping "true and fair", accurate financial and accounting records for a minimum of six years, if you own a small business, operate an online store or are a sole trader in Plymouth, in compliance with the Companies Act (2006). If you can't produce these records, you may be disqualified as a Company Director and face a fine of thousands of pounds. There's a considerable investment of time involved with preparing these financial recordings on your own behalf, and it can pay to employ a professional accountant or bookkeeping company, especially when you consider the fact that according to the magazine Accounting Today over forty percent of small businesses spend at least 80 hours each year doing their bookkeeping.
If you are filled with a sense of terror just thinking about filling out ledgers, compiling balance sheets, preparing profit, loss and financial statements or tracking liabilities and assets, then the time to get in touch with a bookkeeper in Plymouth for help and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
The very first question that many people ask is "What exactly is the difference between a bookkeeper and an accountant?" In former days it was normally deemed to be beneath the experience, skill-sets and qualifications of an accountant to do bookkeeping, however because of improvements in software over the past 10 years, many bookkeeping procedures will now be carried out by accountancy firms in Plymouth. For many accounting firms it's now common practice to charge a flat rate for bookkeeping services, to keep them in line with the usual fees of a typical bookkeeper in Plymouth. This is good news for business owners because it provides a wider range of competition within this sector and can make your bookkeeping much more affordable than initially thought.
The standard of training required is the big difference between a bookkeeper and an accountant. An accountant will normally hold at least an accounting degree with specialist training in the field of taxes and other financial and business management. A bookkeeper in Plymouth will have a good understanding of these disciplines, but may not necessarily hold the qualifications or levels of experience and training.
A BOOKKEEPER'S RESPONSIBILITIES
Put simply, the process of bookkeeping is the recording of the day by day transactions of any business in Plymouth. This could include;
- Highlighting any discrepancies in the financial accounts and rectifying them.
- Logging the receipt of invoices and making sure payment is completed on time.
- VAT submissions and recording.
- Monthly reconciliations and reporting.
- Documenting of all financial incomings; including electronic, cash and card payments.
- The billing of customers for goods or work completed.
- Payroll services.
- Making sure that accounting and double-entry bookkeeping practices are observed.
Whilst it depends on the type of service you're looking for, if you're able to carry out the bulk of your own bookkeeping work, a bookkeeper might only be needed to periodically double-check your figures. As a bare minimum this should really be done monthly, to enable the quick detection and rectifying of any mistakes or problems. If you're confident of staying in control of your everyday financial transactions and trading activities, this trade-off can sometimes be the most affordable compromise.
It is fairly likely that if you're thinking of hiring a bookkeeping service in Plymouth, you're currently struggling with the financial recording aspects of your small business. A decent bookkeeping service will help you out with everything from invoicing, stocktaking and preparing expense reports, to linking your business accounts with the latest software program to seamlessly of your data.
An especially important aspect of a good bookkeeper is being able to reconcile cash flow with accounts payable. Which means that by organising the payment of bills to a time when your accounts are in good shape, your bookkeeper will avoid the mistake that most small businesses are guilty of i.e. paying an outstanding bill immediately, or waiting on an overdue notice. This not only keeps your business enterprise on a sound financial footing, but keeps you in good stead with suppliers and those who provide you with services. When, as an individual, you're inevitably focussed on the smooth running of your daily business activities, this is a juggling act that can be challenging to perform.
For your small business enterprise, or if you're a sole trader, employing an experienced bookkeeper in Plymouth, gives you an opportunity to have an eagle eye cast over your financies. This unprejudiced evaluation can allow them to notice business trends and patterns that might have otherwise gone unnoticed. It is not at all unheard of for an astute bookkeeper to flag up an area of the business which is falling in profits, or spot an opportunity which may be lucrative. It is important for enabling growth in any business in Plymouth, to spot such KPI's (key performance indicators).
If your business sends out invoices it can often be awkward to pursue late payments. If that visit to your client or telephone call is made by a person outside your business bubble, it's possible for most of that awkwardness to be removed. If you've got a persistent late payer there are legal techniques a professional bookkeeper can make use of to help to clear up the situation before the issue winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The bookkeeping requirements for a sole trader, as laid out by law, are pretty uncomplicated and easy to understand. This involves keeping all receipts and invoices relating to the business, and tracking income and expenditure from month to month. Whilst this might sound simple enough it is still a wise move to retain the expertise of a bookkeeping company. So that you will be able to claim back all bonafide business expenses from HMRC, a dedicated sole trader bookkeeper in Plymouth will be able to give you advice on what needs to be done. This could include promotional advertising, printer ink, items such as computers, bills and rent if working from home and stationery. To see how they can help your business to prosper and grow, talk to your bookkeeper for more detailed advice and guidance.
BOOKKEEPING FOR ONLINE TRADERS IN PLYMOUTH
There are niche areas in bookkeeping where the skills of a specialist might be essential. You're going to need a bookkeeper in Plymouth who's familiar with international and cross-border taxes, online payment procedures, exchange rate transfers and multi-currency processing, if you operate a store online for instance. Keeping track of your stock on a 24/7 basis is also a vital concern, if the same outlet distributes goods that you produce or hold, after all the internet doesn't sleep, therefore neither should your bookkeeping services and software.
A virtual office can also be supplied in combination with your bookkeeping service. This enables a sole trader or online only business to provide a physical link with their clients, via a postal address and telephone service. Although this option might not be offered by all Plymouth bookkeepers, it's definitely worth a discussion if this service is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't necessary for a qualified Plymouth bookkeeper to hold a university degree, and a lot of the bookkeeping industry qualifications are held at Diploma or Certificate level. Bookkeeping qualifications can be obtained through further education universities and colleges but there's also a growing array of courses available online.
Training and certification for bookkeepers is mostly provided by 2 key organisations:
The ICB or Institute of Certified Bookkeepers: Providing accreditation to certified bookkeepers, together with training and reference material to ensure their members are up-to-speed with the latest trends and developments, the ICB or Institute of Certified Bookkeepers is the largest bookkeeping organisation anywhere in the world.
The AAT or Association of Accounting Technicians: With fully trained bookkeepers being able to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides a training schedule with advanced qualifications. They can then become certified AAT bookkeepers, approved by this well-respected organisation, which promises a decent standard of service for their customers. To protect the credibility of the AAT membership, if a bookkeeper who is associated with the AAT is found to have contravened the code of conduct or has a complaint against them, they can be liable to tribunal and disciplinary processes.
By going to their respective websites, you are able to check out the register of ICB or ATT members, to verify the qualifications of any professional Plymouth bookkeeper. Before employing any professional bookkeeper in Plymouth it is recommended that you carry out this check.
Bookkeeping Plymouth - Outsourcing Options
All businesses in Plymouth should understand the significance of bookkeeping. It helps business people monitor the sum total of their assets and liabilities, their incomings and outgoings, the money left in the bank, and so on. With the business owner having to contend with a lot of concerns and issues while operating a business, the task of carrying out the bookkeeping is frequently outsourced to freelance bookkeepers or a bookkeeping company in Plymouth.
If a company in Plymouth hires a bookkeeper so as to become an employee, the company will need to pay out a considerable sum of money in training the person for the purpose of working on the bookkeeping tasks. In addition to that, there's no guarantee that he or she will stay after the training is finished. In circumstances like that, the company will lose a considerable amount of money. As well as that, firms will need to look for solutions to provide benefits and incentives to keep the fully trained employee there. These are just a handful of the reasons behind companies enlisting the services of professional bookkeepers and bookkeeping companies in Plymouth.
With the advent of new technology there's no need for business owners to stick to a freelance bookkeeper who might continue with outdated accounting practices. Again, they're not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial sector. You'll find many companies offering financial bookkeeping services catering to all kinds of clients and industries in Plymouth. A majority of these companies promise and deliver quality service. It is important for a business to look into the track record of these Plymouth bookkeeping companies when it comes to employing a third party company for bookkeeping purposes.
These specialist bookkeeping companies in Plymouth should be able to customise their bookkeeping services with that of the client company's existing bookkeeping system. They should be able to ask for assistance from these bookkeepers as and when they need the required back-up and support.
What Are the Main Advantages of Using a Bookkeeper in Plymouth Rather Than an Accountant?
The following are some reasons why you may opt to use a bookkeeper in Plymouth, instead of an accountant:
- Customisation: Tailored services can often be provided by a bookkeeper, unlike accountants who may have a more standard approach.
- Affordability: Bookkeeping services are generally more budget-friendly when compared with accounting services, making them an economical option for small businesses, sole traders and startups.
- Time Management: By choosing to outsource bookkeeping, small business owners can save a bit of time and concentrate on other crucial areas of their business for example marketing and sales.
- Expertise: Bookkeepers sometimes have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more efficient and effective in such tasks.
- 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 of the year.
That being said, it's important to note that whilst bookkeepers can provide invaluable support, they may not have the same level of expertise or qualifications as an accountant in certain aspects such as tax preparation or financial planning. In these instances, it might be necessary to check with an accountant for more specialist services.
VAT Returns in Plymouth
If you're a small business owner in Plymouth looking to ensure tax compliance and reduce the burden of VAT return preparation, hiring a bookkeeper could be an excellent option. With the assistance of a bookkeeper, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. Furthermore, a local bookkeeper can offer you useful advice on ways to minimize your VAT obligation and ensure that you are claiming all the eligible VAT that you are entitled to. With the help of a bookkeeper, you can have peace of mind knowing that your VAT returns are being handled accurately and efficiently, giving you more time to focus on growing your business in Plymouth. All in all, small business owners in Plymouth can enjoy a reliable, cost-effective, and efficient way of managing their VAT returns by hiring a bookkeeper, which can help them stay compliant with tax regulations, reduce their tax liability, and allocate more time to growing their business.
Tax Returns
You might need to file a self-assessment tax return if you're self-employed or have a small business in the United Kingdom. This task can be challenging, especially if you are not acquainted with the process. Your records can be kept organised and your tax return can be prepared on time and accurately with the help of a bookkeeper.
Employing a bookkeeper for your tax returns has numerous benefits. Correct completion of your return is guaranteed by their experience and expertise. This will help you avoid any penalties or interest that HMRC may charge. Second, bookkeepers can save you a lot of time and effort. You can leave the paperwork and calculations to them so you can focus on your business. Third, essential advice on tax planning can be provided by bookkeepers in Plymouth. This can help you to minimise your tax bill and maximise your earnings. (70193)
Bookkeepers Near Plymouth
Also find: Peverell bookkeepers, Mutley bookkeepers, Lipson bookkeepers, Bickleigh bookkeepers, Derriford bookkeepers, Home Park bookkeepers, Plym Bridge bookkeepers, North Prospect bookkeepers, Estover bookkeepers, Keyham bookkeepers, Devonport bookkeepers, Wembury bookkeepers, Pomphey bookkeepers, Camels Head bookkeepers and more. Bookkeeping services are available in practically all of these areas. The ease of access ensures businesses and individuals alike have the capability to find the necessary financial support for effective account management. Residents in these areas can get quotes for bookkeeping projects by clicking here.
Plymouth Bookkeeper Tasks
Most Plymouth bookkeepers will be able to offer you the following services: small business tax returns, bookkeeping for organisations Plymouth, bookkeeping services for retail outlets, bookkeeping services for sole traders, bookkeeping services, bookkeeping for societies, Quickbook bookkeeping services, payment services, bookkeeping services for restaurants, Kashflow bookkeeping, bookkeeping services for tradesmen, accounting and bookkeeping services, independent bookkeeping services, company cash books, double-entry bookkeeping, bookkeeping services for limited companies, tax preparation, maintaining fixed asset registers, partnership tax returns, payroll bookkeeping, letting agent bookkeeping, tax returns Plymouth, landlord bookkeeping, bookkeeping for startups, profit & loss reports, financial statement preparation, credit control, bookkeeping for shops, general bookkeeping services in Plymouth, cash flow analysis Plymouth, and more. Listed are just a small portion of the duties that are handled by local bookkeepers. Plymouth companies will keep you informed about their whole range of services. If there happen to be different Plymouth bookkeeper requirements that you need but don't see here, you can easily mention them on the QUOTE FORM provided. We'll be in touch with details as soon as we are able.
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