Bookkeepers Eastleigh Hampshire (SO50): Whether you are a sole trader, operate an online store or run a small business in Eastleigh, you are entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least six years in compliance with the 2006 Companies Act. If you can't produce such information, you may be disqualified as a Company Director and face a hefty fine. There is a considerable investment of time involved with preparing such financial recordings on your own, and it's often more cost-effective to employ a professional bookkeeper or accountant, particularly if you consider the fact that according to the magazine Accounting Today over forty percent of small businesses spend at least eighty hours each year doing their bookkeeping tasks.
It is high time to get in touch with a bookkeeper in Eastleigh for advice, if the thought of creating profit, loss and fiscal reports, producing balance sheets, tracking liabilities and assets or writing ledgers brings you feelings of dread.
BOOKKEEPER OR ACCOUNTANT?
What exactly is the difference between a bookkeeper and an accountant is the first question that springs to mind for many small business owners in Eastleigh. While in the past many accountants considered the task of bookkeeping to be beneath their skill-sets, qualifications and experience, a lot of accountancy companies in Eastleigh will now take on bookkeeping, due to huge improvements in software over the past ten years. To ensure their bookkeeping services are commensurate with a typical bookkeeper's fee, it is now common practice for many accountancy companies to charge a flat rate for these services. Business owners in Eastleigh are now benefiting from this, as it gives a greater variety of competition within the marketplace and can mean that the cost of bookkeeping is much more affordable than it would previously have been.
The amount of training required is the biggest difference between an accountant and a bookkeeper. Usually holding an accounting degree, a professional accountant should also have had training in tax preparation and further qualifications in financial and business management. A bookkeeper in Eastleigh may not have the same levels of training and experience, or hold these qualifications, but should still have a good grasp of these procedures.
A BOOKKEEPER'S RESPONSIBILITIES
To explain in the simplest of forms, bookkeeping involves the recording of daily monetary transactions of any enterprise or business in Eastleigh. This may include, but isn't limited to;
- Documenting of all financial incomings; cash, card and electronic payments included.
- Payroll services.
- The billing of customers for work completed or goods.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Monthly reconciliations and reporting.
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- VAT submissions and recording.
- Recording invoices received and making certain that payment is completed promptly.
Based upon the level of service you require, e.g. you're prepared to perform the majority of your bookkeeping work; a professional bookkeeper may just be necessary for double-checking your records every once in a while. This should be done each month at the bare minimum, as this will allow any problems or mistakes to be uncovered and rectified promptly. Provided that you're able to stay in control of your monetary transactions without having a negative impact on your day by day trading activities, this trade-off can be the most economical solution.
Whatever the situation is with your company or business, if you're seriously looking at hiring a bookkeeper in Eastleigh, there is a fair chance that you may be fretting over the process of recording your financial information. A good bookkeeping company will be able to provide guidance and advice on everything from invoicing, stocktaking and generating expense reports, to linking your accounts with the most suitable software program to enable the seamless processing of financial data.
The ability to reconcile accounts payable with cash flow, is an extremely crucial aspect of a good bookkeeper. This means that instead of waiting on an overdue notice, which many small businesses in Eastleigh are guilty of at some time or other, or paying an outstanding bill immediately, your bookkeeper will arrange bill payments to a time when your accounts are in good order. This is not just to make sure that your business or enterprise is on a good financial footing at all times, but also to keep you in the good books of the businesses who supply your services or materials. When, as an individual, you are primarily focussed on the smooth running of your everyday business activities, this can be a juggling act that is difficult to perform.
For your small business, or if you are a sole trader, employing a certified bookkeeper in Eastleigh, gives you the chance to have an independent eye cast over your financies. It's quite possible that an independent evaluation like this will showcase business trends and patterns that you haven't previously noticed. It is not at all uncommon for a clever bookkeeper to flag up an area of the business which is falling in profits, or spot a brand new opportunity that may prove lucrative. These KPI's (key performance indicators) are vital in driving growth for any enterprise in Eastleigh.
If invoices are sent out by your business it can sometimes be uncomfortable having to chase up a late payment. If that visit to your clients or phone call is made by an individual from outside your normal business bubble, it's possible for most of that embarrassment to be taken away. There are legal options a professional bookkeeper can make use of, if you have a repeating late or non-payer, and these can help to resolve the issue before the matter ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some reasonably straightforward sole trader bookkeeping requirements, which are set out in law. It's required that a sole trader should keep track of income and expenditure on a monthly basis and retain all invoices and receipts. Whilst this may at first sound simple it is still a wise move to retain the services of a competent bookkeeper. So that you will be able to claim back all valid business expenses from HMRC, a specialised sole trader bookkeeper in Eastleigh will be in a position to advise you on what you need to do. This may include bills and rent if working from home, advertising expenses, printer ink, items such as computers and stationery goods. To discover how they can help your business to grow, chat to your bookkeeper for more comprehensive advice and guidance.
ONLINE TRADERS
Some business enterprises that work in niche areas, may need to use a specialised bookkeeper. For example, if you run a store online, you'll need to employ a bookkeeper in Eastleigh who understands online payments, cross-border and international taxes, multi-currency processing and exchange rate transfers. As the internet doesn't sleep, if the same store sells goods that you produce or hold then supervising inventory on a 24/7 basis is a massive concern which will need to be managed.
In combination with bookkeeping services, a remote virtual office can also be provided. This allows an online only business or sole trader to have a postal address and telephone service to offer a physical link with their customers. It's worth discussing this possibility if it's needed, although not all bookkeepers in Eastleigh will provide this service.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Eastleigh bookkeeper needn't hold a university degree and many this sector's qualifications are at Diploma or Certificate level. There is an ever-growing selection of online courses available, although bookkeeping qualifications can still be obtained via further education universities and colleges.
Representing bookkeepers, there are two primary training and certification organisations:
The ICB or Institute of Certified Bookkeepers: Keeping their associated members up-to-speed with the latest trends and developments, the Institute of Certified Bookkeepers (ICB) is the largest organisation anywhere in the world, providing accreditation to certified bookkeepers, along with reference material and training.
The Association of Accounting Technicians or AAT: With fully trained bookkeepers entitled to use the letters AATQB after their name, the Association of Accounting Technicians (AAT) provides advanced qualifications and training. This then enables them to become a certified AAT bookkeeper and promises a decent standard of service which is backed by the organisation. If a bookkeeper who's associated with the AAT has a complaint against them or is found to have contravened the code of practice they could be liable to tribunal and disciplinary procedures to preserve the integrity and values of the AAT membership.
It is possible to check the accreditations of any professional Eastleigh bookkeeper on the register of ICB or ATT members on their respective websites. Before you retain the services of any bookkeeper in Eastleigh it is a good idea to implement this check.
Bookkeeping services are available for those living in Eastleigh and also in nearby places like: Chandlers Ford, Horton Heath, Fair Oak, Otterbourne, Portswood, Rownhams, Colden Common, Shawford, Ampfield, Bishopstoke, Fishers Pond, West End, North Baddesley, Chilworth, Shirley, together with these postcodes SO50 4JD, SO50 0LJ, SO50 4BP, SO50 0JS, SO50 0HR, SO50 0JH, SO50 4GS, SO21 2HT, SO50 0JY, and SO21 2HX. Local Eastleigh bookkeepers will probably have the postcode SO50 and the telephone code 023. Verifying this should make certain that you're accessing locally based bookkeepers. Eastleigh sole traders and business owners can benefit from these and numerous other related services.
Outsourced Bookkeeping Eastleigh
Outsourced bookkeeping has quickly become a favoured choice for Eastleigh’s small and medium-sized businesses, providing a flexible and cost-effective option compared to in-house accounting. By outsourcing, companies are free to focus on their core activities without the pressure of managing financial records. It also spares them from hiring and training dedicated bookkeeping staff, which can take time and add costs, especially for businesses with smaller budgets.
One of the main advantages of outsourced bookkeeping is access to expert accountants. These professionals stay updated on the latest regulations and best practices, ensuring your books are accurate and compliant. This means better reporting, fewer errors, and peace of mind for Eastleigh business owners who want reliable financial insights without the hassle.
Additionally, outsourced bookkeeping services often employ advanced software to streamline the process, giving businesses real-time access to their financial data. This setup enables Eastleigh business owners to make informed decisions quickly, knowing their financial information is accurate and readily available. All in all, outsourcing bookkeeping can be an efficient and reliable way to manage finances while focusing on business growth. (Tags: Outsourced Bookkeeping Eastleigh)
Tax Returns
The UK requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. If you are not familiar with the process, this task can be especially daunting. A decent bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records in order.
Using a bookkeeper for your tax returns has numerous benefits. They'll make sure that your return is completed correctly, with their expertise and experience. This will help you avoid any penalties or interest that HMRC may charge. Second, the use of a bookkeeper can save you a lot of stress, hassle and time. They'll look after all of the calculations and paperwork, so you can focus your attention on your business. Third, Eastleigh bookkeepers can provide you with valuable advice on tax planning and other financial matters. This can help you to lower your tax liability and boost your profits. (47265 - Tax Returns Eastleigh)
Coming Articles:
Bookkeeping for charities (article 1364).
Eastleigh Bookkeeping Tasks
Most bookkeepers in Eastleigh will be willing to provide you with the following services: landlord bookkeeping services, PAYE & wages, bookkeeping services, independent bookkeeping services, company cash books, double-entry bookkeeping, accounting and bookkeeping, corporation tax returns, tax preparation, management reports, Kashflow bookkeeping in Eastleigh, bookkeeping services for retail outlets, partnership returns, assistance with registering for self-employment in Eastleigh, personal tax returns, bookkeeping for clubs, bookkeeping for restaurants, invoice processing, financial statement preparation, franchise bookkeeping, small business tax returns, accountancy packages, Self-Assessment tax returns, bookkeeping for limited companies, Xero bookkeeping, charity bookkeeping services, bookkeeping for charities, maintaining fixed asset registers, cash flow analysis, cheap bookkeeping services, and more. These are just a handful of the duties that are undertaken by local bookkeepers. Eastleigh professionals will inform you of their full range of services. If there happen to be other Eastleigh bookkeeper requirements that you want but cannot see here, you can list them on the QUOTE FORM provided. We will be in touch with specifics as soon as we can.
Bookkeepers Near Eastleigh
Also find: Chilworth bookkeepers, Ampfield bookkeepers, North Baddesley bookkeepers, Fair Oak bookkeepers, Horton Heath bookkeepers, Rownhams bookkeepers, Portswood bookkeepers, Colden Common bookkeepers, Shawford bookkeepers, Otterbourne bookkeepers, Chandlers Ford bookkeepers, West End bookkeepers, Shirley bookkeepers, Bishopstoke bookkeepers, Fishers Pond bookkeepers and more. Near to almost all of these villages and towns, there are companies offering bookkeeping services. Such accessibility guarantees that both individuals and businesses can effortlessly locate the financial assistance necessary to effectively manage their accounts. By clicking here, residents and businesses in the area can obtain quotes for bookkeeping.
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