Bookkeepers Ashton-in-Makerfield Greater Manchester (WN4): For anyone in Ashton-in-Makerfield who operates a small business, acts as a sole trader or runs an online store, it is their sole responsibility to keep "true and fair", accurate accounting and financial records for at least 6 years. This is according to the Companies Act (2006). If you can't produce this information you might face a hefty fine and possible Company Director disqualification. The trade magazine Accounting Today says that over forty percent of small businesses spend over 80 hours each year doing their accounts, so whilst you can accomplish these financial recordings on your own, it can pay you to use a professional accountant or bookkeeper to do them for you.
If you are filled with panic just thinking about the possiblility of compiling balance sheets, creating profit, loss and fiscal reports, tracking assets and liabilities or filling out ledgers, then the time to get in touch with a bookkeeper in Ashton-in-Makerfield for advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
For many people in Ashton-in-Makerfield, an obvious question when facing this challenge is "What is the distinction between an accountant and a bookkeeper?" To be honest, due to improvements in software over the past decade many accountancy companies in the Ashton-in-Makerfield area will undertake the task of bookkeeping, which was previously regarded as beneath their qualifications, skill-sets and experience. For many accounting companies it is now fairly common to charge a fixed rate for bookkeeping services, so that they are in line with the usual fees of an independent bookkeeper in Ashton-in-Makerfield. Because it provides a wider range of competition within this sector, this is excellent news for small businesses in Ashton-in-Makerfield, making their bookkeeping much more affordable than it was previously.
When thinking about the main difference between a bookkeeper and an accountant in Ashton-in-Makerfield, it is the level of training and qualification that's necessary for each discipline. Normally holding an accounting degree, a professional accountant should also have had additional training in tax preparation and have qualifications in business and financial management. Whilst likely not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Ashton-in-Makerfield will invariably have a fair grasp of all these skills.
RESPONSIBILITIES OF A BOOKKEEPER
Put simply, the act of bookkeeping is the recording of the day by day transactions of any business or enterprise in Ashton-in-Makerfield. This can include;
- Documenting invoices received and ensuring payment is completed on time.
- Payroll services.
- VAT recording and submissions.
- Making sure that accounting and double-entry bookkeeping practices are implemented.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Documenting of all financial incomings; including electronic, card and cash payments.
- Monthly reconciliation and reports.
- The billing of clients for work completed or goods.
Dependant upon service level you require, a bookkeeper may only be needed to periodically double-check your records, if you're happy to do a large majority of your own bookkeeping work. This should really be from month to month as a bare minimum, as this allows for any problems or mistakes to be detected and corrected swiftly. If you're able to stay on top of your everyday trading and financial transactions, this compromise can often be the most affordable solution.
Whatever your situation, if you are thinking of hiring a bookkeeper it's a good bet that you may be stressed with the financial recording aspects of your small business in Ashton-in-Makerfield. Offering advice and guidance on everything from invoicing, stocktaking and producing expense reports, a professional bookkeeping service will also be able to guide you through the process of linking your accounts with the latest software program to facilitate the seamless processing of your business's financial data.
Being able to reconcile cash flow with accounts payable, is an extremely important aspect of good bookkeeping. Which means that by optimising the payment of bills to a time when your accounts are in good shape, your bookkeeper will avoid the mistake that most small businesses in Ashton-in-Makerfield are guilty of i.e. paying an outstanding bill right away, or waiting on an overdue notice. Together with keeping your business enterprise on a secure financial footing, this also keeps you in the good books of service providers and suppliers. This is a juggling act that can be challenging to accomplish on your own when you are mostly focussed on running your company.
Employing a qualified bookkeeper in Ashton-in-Makerfield, for your small business or if you're a sole trader also gives them the opportunity to cast a critical eye over your business affairs. It might be that business patterns and trends that you may have disregarded could therefore be highlighted. A scenario where a clever bookkeeper flags an area of the business which is decreasing in profits, or spots an opportunity which could prove lucrative, is by no means an unheard of occurrence. It's vital for the success of any business in Ashton-in-Makerfield, to spot these KPI's (key performance indicators).
If invoices are sent out by your business it can sometimes be awkward having to chase up a late payment. Having a person from outside your normal business situation, can take away the apprehension of visiting your customers or making that telephone call. If you've got a repeating late or non-payer there are legal options that a professional bookkeeper can use to help resolve the situation before the issue ends up in a claims court proceeding.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements for sole traders, are fairly straightforward and simple. It is stipulated that sole traders must keep a record of expenditure and income from month to month and save all receipts and invoices. Now, this does not sound too difficult does it? However, it's still recommended that you retain the services of a bookkeeping company to make certain that it is all done properly. A professional sole trader bookkeeper in Ashton-in-Makerfield will be in a position to advise you on what you might be able to claim back from HMRC as legitimate business expenses. This might include printer ink, items such as computers, stationery, rent and bills if working from home and promotional advertising. For more comprehensive advice, talk to your bookkeeper, and discover how they may be able to help your business to grow going forward.
BOOKKEEPING FOR ONLINE TRADERS
Certain small businesses that work in niche markets, may need to use a specialised bookkeeping service. If, for example, you run an online store, you are going to need a bookkeeper in Ashton-in-Makerfield who is familiar with exchange rate transfers, cross-border and international taxes, multi-currency processing and online payments. If the same store sells goods that you hold or produce, then overseeing stock on a 24 hours a day basis is a major priority, as I'm sure you'll realise the internet doesn't sleep, therefore neither should your bookkeeping services and software.
In combination with bookkeeping services, a virtual office can also be provided. This is valuable in allowing an online only business or sole trader to have a phone service and postal address to provide a physical connection to their client base. It's worth discussing this possibility if it's needed, although not all bookkeeping businesses in Ashton-in-Makerfield will offer this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Diploma and Certificate level, and it's not mandatory for a professional bookkeeper in Ashton-in-Makerfield to have a degree in accounting. There are a growing array of online courses available, although bookkeeping qualifications can still be obtained through further education universities and colleges.
Certification and training for bookkeepers is mostly provided by 2 major organisations:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB, a certified member of the AAT (Association of Accounting Technicians) will have undergone advanced qualifications and a training schedule in bookkeeping. This assures a decent standard of service to their clients which is backed up by the organisation, and allows them to become a registered AAT bookkeeper. To preserve the integrity of the AAT membership, a bookkeeper who is affiliated with the AAT can be subject to tribunal and disciplinary processes if it is found that they have contravened the code of conduct or have had a complaint made against them.
The ICB or Institute of Certified Bookkeepers: Providing accreditation to qualified bookkeepers, in addition to training and reference material to keep their associated members up-to-date with the latest trends, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world.
By visiting their respective websites, you are able to check the register of AAT or ICB members, to verify the qualifications of any bookkeeper in Ashton-in-Makerfield. It is wise to carry out this check, before hiring the services of any bookkeeper in Ashton-in-Makerfield.
Bookkeeping services are available for those living in Ashton-in-Makerfield and also in nearby places like: Haydock, Wigan, Golborne, Marus Bridge, Edge Green, Haresfinch, Garswood, Bryn, Stubshaw Cross, New Boston, Barnfurlong, Bickershaw, Billinge, Newton-le-Willows, Blackbrook, Winstanley, and in these postcodes WN4 0ED, WN4 0SP, WN4 0LN, WN4 0TZ, WN4 0QD, WN4 0RR, WN4 0ET, WN4 0QG, WN4 0XU, and WN4 0SJ. Locally based Ashton-in-Makerfield bookkeeping services will likely have the phone code 01942 and the postcode WN4. Verifying this should confirm that you access local bookkeepers. Ashton-in-Makerfield sole traders and business owners will be able to benefit from these and countless other comparable services.
What Are the Main Advantages of Using a Bookkeeper in Ashton-in-Makerfield Instead of an Accountant?
There are a few benefits to using a bookkeeper instead of an accountant, including:
- Time Management: By outsourcing bookkeeping, small business owners can save a bit of time and concentrate on other vital areas of their business for example sales and marketing.
- Cost: Bookkeeping services are normally less costly than accounting services. This makes them a cost-effective choice for sole traders, small businesses and start-ups.
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereas accountants might have a more general approach.
- Availability: Bookkeepers are generally more accessible and on hand to answer questions and provide support in comparison to an accountant, who may sometimes be hard to reach.
- Expertise: Bookkeepers often have a more specialised focus on day-to-day financial record-keeping and transaction management, which can make them more effective and efficient in these tasks.
That being said, it's vital to note that while bookkeepers can provide valuable support, they might not have the same level of qualifications or expertise as an accountant in certain aspects such as financial planning or tax preparation. In these instances, it may be necessary to go to an accountant for more specialist services.
Outsourced Bookkeeping Ashton-in-Makerfield
Outsourced bookkeeping is becoming a more popular option for small and medium-sized businesses in Ashton-in-Makerfield, providing a flexible and cost-effective alternative to in-house accounting. By choosing to outsource, companies can concentrate on their main activities without the stress of keeping accurate financial records. This approach also removes the necessity of hiring and training full-time bookkeeping staff, which can often be time-consuming and expensive, particularly for businesses with tighter budgets.
One key benefit of outsourced bookkeeping is gaining access to professional expertise. These services often employ experienced accountants who stay current with the latest regulations and best practices, ensuring your books are accurate and compliant with current standards. This expertise results in fewer errors, improved reporting, and peace of mind for Ashton-in-Makerfield business owners seeking reliable financial insights without the hassle of managing it themselves.
In addition, many outsourced bookkeeping services leverage advanced software to optimise the process, giving businesses real-time access to their financial data. As a result, business owners in Ashton-in-Makerfield can make informed decisions quickly, reassured that their financial information is accurate and accessible. All in all, outsourcing bookkeeping can be a practical and trustworthy way to oversee finances while focusing on the growth of the business. (Tags: Outsourced Bookkeeping Ashton-in-Makerfield)
VAT Returns
Getting your VAT returns done by a bookkeeper in Ashton-in-Makerfield can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. All aspects of your VAT return, including determining the amount of VAT you owe or are owed, filing your return with HMRC, and keeping accurate records of your transactions, can be efficiently managed by a bookkeeper. In addition, a bookkeeper can provide you with valuable guidance on how to minimize your VAT liability and ensure that you are taking advantage of all eligible VAT claims. A bookkeeper can ensure that your VAT returns are dealt with accurately and effectively, which can help you feel secure and allow you to invest more time in the development of your business in Ashton-in-Makerfield. A bookkeeper can provide you with a cost-effective solution as it can help you evade any HMRC penalties or fines arising from incorrect vat returns or late submissions, which may help you save money over time.
Tax Returns
If you're self-employed or have a small business in the United Kingdom, you may have to file a self-assessment tax return. This task can be especially challenging if you are not acquainted with the process. To keep your records in order and prepare your tax return accurately and on time, a qualified bookkeeper can help you.
Many benefits can be gained by employing a bookkeeper to do your tax returns. They'll make sure that your return is completed correctly, with their experience and expertise. This will help you to stay clear of interest charges or penalties from HMRC. Secondly, the use of a bookkeeper can save you a lot of hassle, stress and time. They will take care of all of the calculations and paperwork, so you can concentrate on your business. Third, Ashton-in-Makerfield bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This can enable you to minimise your tax liability and maximise your profits. (47265 - Tax Returns Ashton-in-Makerfield)
Coming Articles:
Bookkeeping for charities (article 1364).
Ashton-in-Makerfield Bookkeeping Tasks
Most Ashton-in-Makerfield bookkeepers will be ready to offer you the following bookkeeping and accounting services: bookkeeping services for tradesmen, company cash books, bank reconciliation in Ashton-in-Makerfield, bookkeeping for home-based businesses, corporation tax returns, management reports, bookkeeping for restaurants, management accounts, general bookkeeping services in Ashton-in-Makerfield, bookkeeping for startups, bookkeeping services for limited companies, bookkeeping for societies, wages & PAYE, credit control, payment services, off-site bookkeeping services, bookkeeping for self-employed people, payroll bookkeeping, letting agent bookkeeping, tax returns, financial statement preparation, bookkeeping services for shops, bookkeeping for clubs, bookkeeping services for freelancers, VAT returns, assistance with registering for self-employment, business bookkeeping in Ashton-in-Makerfield, bookkeeping and accounting services, invoice processing, Xero bookkeeping services, and more. Listed are just a handful of the duties that are performed by local bookkeepers. Ashton-in-Makerfield professionals will be delighted to keep you abreast of their full range of bookkeeping services. If there happen to be some other Ashton-in-Makerfield bookkeeper requirements that you need but don't see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with details as soon as we are able.
Bookkeepers Near Ashton-in-Makerfield
Also find: Winstanley bookkeepers, Billinge bookkeepers, Wigan bookkeepers, Edge Green bookkeepers, Garswood bookkeepers, Barnfurlong bookkeepers, New Boston bookkeepers, Haydock bookkeepers, Bryn bookkeepers, Newton-le-Willows bookkeepers, Marus Bridge bookkeepers, Bickershaw bookkeepers, Haresfinch bookkeepers, Stubshaw Cross bookkeepers, Golborne bookkeepers, Blackbrook bookkeepers and more. Professionals specialising in bookkeeping services are accessible across all of these towns and villages. Such accessibility guarantees that both individuals and businesses can effortlessly locate the financial assistance needed to effectively manage their accounts. For bookkeeping price quotes, residents and businesses in the area simply need to click here
Bookkeeping Services Ashton-in-Makerfield
- Self-Assessment Bookkeeping
- Cash Flow Solutions
- Double-Entry Bookkeeping
- Payroll Services
- Small Business Bookkeeping
- Bookkeeping Estimates
- Profit and Loss Reports
- Wages PAYE and CIS
- Cheap Bookkeeping
- VAT Returns
- Tax Preparation
- Credit Control
- Tax Returns
- Accountancy Packages
Bookkeeper Ashton-in-Makerfield
Bookkeeping Services Near Ashton-in-Makerfield
Bookkeeping Ashton-in-MakerfieldIf you want local info regarding Ashton-in-Makerfield, Greater Manchester take a look here
Bookkeepers in WN4 area, and dialling code 01942.
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