Bookkeepers Folkestone Kent (CT18): For anyone in Folkestone who acts as a sole trader, runs an online store or owns a small business, it's their sole responsibility to keep accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is outlined by the Companies Act (2006). You might face disqualification as a Company Director and receive a hefty fine, if you're unable to produce such information. According to the magazine Accounting Today over 40% of small business owners spend 80 plus hours every year on their bookkeeping activities, therefore while you can undertake these financial records on your own behalf, it is often better to use a professional bookkeeper or accountant to do them for you.
If you're filled with a sense of terror simply thinking about tracking liabilities and assets, producing balance sheets, filling out ledgers or preparing profit, loss and financial statements, then the time to get in touch with a bookkeeper in Folkestone for advice and guidance has arrived.
BOOKKEEPER OR ACCOUNTANT?
"What is the difference between an accountant and a bookkeeper?" Is a question that's asked by a lot of people in Folkestone. In former days it was often considered to be beneath the skill set, experience and qualifications of an accountant to do bookkeeping, however because of massive software improvements over the past 10 yrs, many bookkeeping tasks will now be undertaken by accountancy companies in the Folkestone area. To make sure their bookkeeping services are commensurate with an independent bookkeeper's fee, it's now common practice for many accounting companies to charge a fixed fee for such services. This makes the cost of bookkeeping more manageable than it once was, and is great news for business owners in Folkestone as it gives a wider range of competition within the industry.
The main difference between a bookkeeper and an accountant is the level of training needed. At least an accounting degree with specialist training in the field of taxation and other business and financial management, will typically be held by an accountant. Although probably not having this level of experience and training, or holding the same financial qualifications, a bookkeeper in Folkestone will still have a decent understanding of all these procedures.
RESPONSIBILITIES OF A BOOKKEEPER
In simple terms, the act of bookkeeping is the recording of the day to day transactions (financial) of any business or enterprise in Folkestone. This will likely include, but is in no way limited to;
- Ensuring double-entry bookkeeping and accounting practices are followed.
- Monthly reports and reconciliation.
- VAT recording and submissions.
- Recording of all financial incomings; cash, electronic and card payments included.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Billing of customers for work completed or goods.
- Payroll services.
- Recording the receipt of invoices and ensuring payment is completed on time.
Depending on service level you're looking for, e.g. whether you're in a position to undertake most of bookkeeping work; a bookkeeper might just be necessary for double-checking your figures on a fixed schedule. As a bare minimum this should really be done each month, to facilitate the rapid identification and rectifying of any problems or mistakes. If it is possible to stay in control of your everyday trading and financial transactions, this trade-off can often be the most affordable option.
If you're presently thinking of hiring a bookkeeper in Folkestone, whatever your situation, it's fairly likely that you might be fretting over your financial recording procedures. A professional bookkeeper will be able to help you to link the most up-to-date software program with your business accounts to facilitate the seamless pull-through of financial data, and will give advice on things such as invoicing, stocktaking and producing expense reports.
One of the most vital elements of good bookkeeping, is being able to efficiently reconcile accounts payable with cash flow. Which means that instead of paying a bill straight away, or waiting for a final notice, which most small businesses are guilty of at some time or other, your bookkeeper will schedule the payment of bills to a time when your finances are in good shape and buoyant. This is not just to ensure your enterprise or business is financially secure all the time, but also to keep you in good stead with those who provide your materials or services. This is just one of those balancing acts that can be challenging to perform when you're purely focussed on the streamlined running of your everyday business operation.
For your small business enterprise, or if you're a sole trader, employing an experienced bookkeeper in Folkestone, presents you with the opportunity to have an unrelated eye cast over your financies. It is entirely possible that an unbiased assessment like this will showcase business trends and patterns that have been missed previously. A situation where a clever bookkeeper flags up an area which is decreasing in profits, or spots an opportunity which may be worthwhile, is by no means an uncommon occurrence. Spotting such key performance indicators is important for enabling growth in any enterprise in Folkestone.
It can sometimes be rather embarrassing to pursue a late payment if your business sends out invoices. By having someone outside your normal business situation make that telephone call or visit to your customer, some of that apprehension can be eliminated. To help deal with the situation, if you've got problems with a consistent late payer, there are strategies that can be used by a professional bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are relatively straightforward and basic. This involves retaining all receipts and invoices concerning the business, and keeping track of income and expenditure on a month by month basis. Now, this does not seem too hard does it? Yet, it is still recommended that you retain the expertise of a bookkeeper to make sure that it's all done accurately. Advising you on what genuine business expenses you may be able to claim back, a professional sole trader bookkeeper in Folkestone will deal with HMRC on your behalf. This could include stationery, items such as computing equipment, rent and bills if working from home, advertising and printer ink. If you'd like to get more in-depth advice, and learn how your small business can grow and develop moving forward, speak to your bookkeeper.
BOOKKEEPING FOR ONLINE TRADERS
There are niche areas in bookkeeping where the skills of a specialist might be necessary. You'll require a bookkeeper in Folkestone who understands multi-currency processing, exchange rate transfers, cross-border and international taxes and online payment procedures, if you operate a store online for example. Monitoring stock on a 24/7 basis is also a massive priority, if that same store distributes goods that you produce or hold, as I'm sure you'll be aware the internet does not sleep, so neither should your bookkeeping software or services.
It is also possible to establish a virtual office, that can be used together with your bookkeeping package. This can be useful in enabling an online only business or sole trader to have a postal address and phone service to offer a physical connection to their client base. Although this solution might not be provided by all bookkeeping businesses in Folkestone, it's certainly worth a discussion if this service is something which is needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Folkestone needn't hold a university degree and a number of this sector's qualifications are at Diploma and Certificate level. If the chosen route to qualification is via further education universities and colleges, this possibility is still available, although there there's an ever-increasing choice of bookkeeping courses available online.
Bookkeepers are represented by 2 principal training and certification organisations:
The Institute of Certified Bookkeepers (ICB): The Institute of Certified Bookkeepers or ICB is the largest in the world and offers certification for qualified bookkeepers, in addition to reference material and training to keep their members up-to-date.
The AAT or Association of Accounting Technicians: Entitled 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. This then allows them to become a approved AAT bookkeeper and promises a certain level of service which is backed by the association. If a bookkeeper who's associated with the AAT is found to have contravened the code of conduct or has a complaint filed against them, they could be subject to disciplinary and tribunal procedures to protect the integrity of the aat.
By going to their respective websites, it's possible to confirm the accreditations of any Folkestone bookkeeper on the register of ICB or AAT members. It is advised to implement this check, before hiring any local bookkeeper in Folkestone.
Bookkeeping services are available for those living in Folkestone and also in nearby places like: Lower Standen, Elham, Capel le Ferne, West Hougham, Densole, Etchinghill, Cheriton, Saltwood, Alkham, Sandgate, Seabrook, Palmarsh, Church Hougham, Hawkinge, Lyminge, Hythe, Stanford, as well as in these postcodes CT19 4NE, CT19 4DE, CT19 4JF, CT19 4JE, CT19 4EX, CT19 4AZ, CT19 4HA, CT18 7EQ, CT19 4AG, and CT19 4DZ. Local Folkestone bookkeepers will most likely have the phone code 01303 and the postcode CT18. Checking this out should guarantee that you are accessing locally based bookkeepers. Folkestone sole traders and business owners are able to benefit from these and lots of other comparable services.
What Are the Main Advantages of Using a Bookkeeper in Folkestone Over an Accountant?
There are numerous benefits to using a bookkeeper as opposed to an accountant, including:
- Customisation: Tailored services can be provided by a bookkeeper, unlike accountants who might have a more standard approach.
- Specialisation: Bookkeepers tend to have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater efficiency and effectiveness in these tasks.
- Availability: Bookkeepers are generally more accessible and on hand to provide support and answer questions compared to an accountant, who may sometimes be hard to reach.
- Affordability: Bookkeeping services are normally more budget-friendly in comparison to accounting services, meaning that they are an inexpensive option for startups, sole traders and small businesses.
- Time: By outsourcing bookkeeping, businesses can save a bit of time and focus on other important aspects of their business like sales and marketing.
It's vital to note that although bookkeepers offer valuable support, they may not have the same level of qualifications or expertise as an accountant in areas such tax preparation or financial planning. In cases like this, seeking the services of an accountant may be essential.
VAT Returns
A bookkeeper based in Folkestone can offer small business owners a reliable and time-saving solution for their VAT returns, freeing them up to concentrate on other important aspects of their business. When you engage a bookkeeper, they can manage every detail of your VAT return, such as computing your VAT liability or refund, preparing and submitting your return to HMRC, and maintaining precise records of your transactions. Furthermore, a local bookkeeper can provide you with valuable recommendations on how to reduce your VAT liability and make certain that you are availing all the admissible VAT that you are eligible for. 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 Folkestone. 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.
Outsourced Bookkeeping Folkestone
Outsourced bookkeeping has grown in popularity among small and medium-sized businesses in Folkestone, offering a flexible and economical alternative to in-house accounting. By outsourcing, companies can dedicate their attention to core activities without worrying about keeping accurate financial records. It also removes the need to recruit and train full-time bookkeeping staff, which can be both time-consuming and costly, particularly for businesses with limited budgets.
One of the significant benefits of outsourced bookkeeping is access to professional expertise. Many outsourced services hire experienced accountants who stay abreast of the latest regulations and best practices, ensuring your books are accurate and compliant with current standards. This expertise leads to better reporting, fewer errors, and peace of mind for business owners in Folkestone looking for reliable financial insights without the hassle of managing it themselves.
On top of that, outsourced bookkeeping services often make use of advanced software to facilitate the process, granting businesses real-time access to their financial data. This setup enables business owners in Folkestone to make quick, informed decisions, knowing that their financial information is both accurate and easily accessible. In essence, outsourcing bookkeeping is an efficient and reliable approach to managing finances while allowing a focus on business growth. (Tags: Outsourced Bookkeeping Folkestone)
Tax Returns
If you're self-employed or have a small business in the UK, you may be required to file a self-assessment tax return. If you are not acquainted with the process, this task can be especially challenging. Keeping your records in order and preparing your tax return on time and accurately are both things that a decent bookkeeper can help you with.
To do your tax returns, employing a bookkeeper can be beneficial in several ways. They'll have expertise and experience to ensure the correct completion of your return. This should help you to avoid penalties from HMRC, as well as interest charges. Secondly, the use of a bookkeeper can save you a lot of time, stress and hassle. They will look after all of the paperwork and calculations, so you can concentrate on running your business. Third, a bookkeeper in Folkestone can provide you with essential advice on tax planning. This can enable you to minimise your tax bill and maximise your earnings. (47265 - Tax Returns Folkestone)
Coming Articles:
Bookkeeping for charities (article 1364).
Bookkeepers Near Folkestone
Also find: Church Hougham bookkeepers, Lyminge bookkeepers, Seabrook bookkeepers, Stanford bookkeepers, Cheriton bookkeepers, Capel le Ferne bookkeepers, Sandgate bookkeepers, West Hougham bookkeepers, Alkham bookkeepers, Palmarsh bookkeepers, Saltwood bookkeepers, Hawkinge bookkeepers, Hythe bookkeepers, Etchinghill bookkeepers, Elham bookkeepers, Lower Standen bookkeepers, Densole bookkeepers and more. Individuals offering bookkeeping services serve all these places. By means of this accessibility, the financial support essential for effective account management is readily available to both businesses and individuals. Bookkeeping estimates are available to area residents and businesses with a click here.
Folkestone Bookkeeping Tasks
Most bookkeepers in Folkestone will be ready to provide you with the following accounting and bookkeeping services: profit & loss reports in Folkestone, bank reconciliation, maintaining fixed asset registers, bookkeeping for freelancers, management reports, bookkeeping for organisations in Folkestone, bookkeeping services for charities, personal tax returns, bookkeeping services for startups, independent bookkeeping services, tax preparation, bookkeeping services for the self-employed, bookkeeping services, business bookkeeping in Folkestone, wages & PAYE, cheap bookkeeping services, assistance with registering for self-employment, mobile bookkeeping services, Xero bookkeeping services, bookkeeping services for shops, Self-Assessment tax returns, cash books, bookkeeping and accounting services, bookkeeping services for societies, Kashflow bookkeeping, bookkeeping for small business, tax returns, bookkeeping for pubs, bookkeeping services for clubs, credit control, and more. These are just a few of the tasks that are undertaken by local bookkeepers. Folkestone providers will inform you of their entire range of bookkeeping services. If there are additional Folkestone bookkeeper requirements that you want but can't see here, you can mention them on the QUOTE FORM provided. We'll be in touch with specifics as soon as we can.
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