Bookkeepers Sittingbourne Kent (ME9): For anyone in Sittingbourne who operates a small business, acts as a sole trader or runs an online store, it's their sole responsibility to keep "true and fair", accurate financial and accounting records for at least 6 years. This is outlined by the 2006 Companies Act. If you can't produce such records, you could be disqualified as a Company Director and face thousands of pounds in fines. There's a large time investment involved with keeping these financial recordings on your own behalf, and it can be more economical to use a professional accountant or bookkeeper, because according to Accounting Today over 40% of small business owners spend eighty hours plus per year doing their bookkeeping activities.
It is time to get in touch with a bookkeeper in Sittingbourne for guidance, if the very thought of preparing profit, loss and fiscal reports, tracking liabilities and assets, compiling balance sheets or filling out ledgers fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
The very first question many folks ask is "What exactly is the distinction between an accountant and a bookkeeper?" The fact is that whilst at one time the bookkeeping process, was considered beneath the skill-sets, qualifications and experience of an accountant, because of software improvements over the past decade, most accountancy companies in the Sittingbourne area will now consider taking on bookkeeping tasks. A lot of accounting firms now have a flat rate for bookkeeping services, to keep them in line with what a dedicated bookkeeper in Sittingbourne would routinely charge. Business owners in Sittingbourne are now cashing in on this, since it gives a wider variety of competition within the industry and can make bookkeeping much more manageable than it would have been in the past.
The big difference of an accountant over a bookkeeper is the amount of qualification and training required. An accountant will, at a minimum, hold a degree in accounting, and should have also had additional training in business and financial management, and taxes. A bookkeeper in Sittingbourne might not necessarily hold the qualifications or levels of training and experience, but will still have a good grasp of these fiscal procedures.
RESPONSIBILITIES OF A BOOKKEEPER
Essentially, the bookkeeping process is to record the day by day fiscal transactions of any business in Sittingbourne. This is likely to include, but is in no way limited to;
- Monthly reconciliation and reports.
- Payroll services.
- Recording invoices received and ensuring payment is completed on time.
- VAT recording and submissions.
- Logging of all financial incomings; cash, electronic and card payments included.
- The billing of customers for work completed or goods.
- Making sure that accounting and double-entry bookkeeping practices are followed.
- Highlighting and rectifying any discrepancies in the financial accounts.
Depending on service level you're looking for, e.g. you're in a position to perform a large majority of bookkeeping work; a professional bookkeeper might only be necessary for double-checking your accounts every once in a while. To make certain that any problems or mistakes can be found and corrected promptly, as a bare minimum, this should be from month to month. If you are confident of keeping on top of your day by day financial transactions and trading activities, this trade-off can sometimes be the most affordable compromise.
It's fairly likely that if you're considering hiring a bookkeeping company, you are currently having problems with the financial recording side of your small business in Sittingbourne. To enable the seamless organisation of transactional data, a professional bookkeeper will help you link the most suitable computer software to your business accounts, and will give advice on procedures like preparing expense reports, stocktaking and invoicing.
Being able to reconcile accounts payable with cash flow, is an especially crucial element of good bookkeeping. This means that by optimising bill payments to a time when your finances are in good shape and buoyant, your bookkeeper will avoid the mistake that most small businesses in Sittingbourne are guilty of doing i.e. paying off a bill straight away, or waiting for an overdue notice. This isn't just to make sure that your business is financially secure all the time, but also to keep you in good stead with those who supply your materials or services. This is a juggling act that you may find hard to perform as an individual when you are primarily focussed on running your company.
If you're a sole trader, or run a small business, employing an experienced bookkeeper in Sittingbourne, also gives them the chance to cast an unrelated eye over the financial dealings of your business. Business trends and patterns that might have gone unnoticed may be pinpointed by this kind of objective assessment. It's not unusual for a bookkeeper to recognise a new opportunity or flag an area of the business which is falling in profits. For the success of any small business in Sittingbourne, it is essential that such key performance indicators (KPI's) are spotted early.
If you send out invoices in your business operations, having to chase up a late payment can be quite humiliating. If that visit to your customer or telephone call is done by someone outside your business situation, it's possible for some of that awkwardness to be taken away. If you've got a persistent late payer there are legal techniques 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
If you're a sole trader the bookkeeping requirements, as set out in law, start off comparatively straightforward. It's stipulated that sole traders must monitor income and expenditure on a monthly basis and save all invoices and receipts. Now, this does not seem too difficult does it? Yet, it's still a good idea to hire the services of a competent bookkeeper to ensure that it is all done accurately. A specialist sole trader bookkeeper in Sittingbourne will be able to advise you on what you may be able to claim back from HMRC as business expenses. This may include printer ink, items such as computing equipment, stationery, bills and rent if you work from home and promotional advertising. For more comprehensive advice, talk to your local bookkeeper, and discover how they may be able to help your small business to grow in the future.
ONLINE TRADERS IN SITTINGBOURNE
There are certain niche areas in bookkeeping where the skills of a specialist could be necessary. If online payment procedures, exchange rate transfers, cross-border and international taxes and multi-currency processing are involved, for instance if you operate an online store, you will want to hire a bookkeeper in Sittingbourne who understands these operations. Controlling stock on a 24/7 basis is also a major priority, if the same shop sells goods that you produce or hold, after all the internet doesn't sleep, so nor should your bookkeeping software or services.
It is also possible to establish a virtual office, which can be used in combination with your bookkeeping package. This enables an online only business or sole trader to offer a physical link with their customers, via a postal address and telephone service. If this sort of service could be useful, it is certainly worth discussing, although this solution will not be supplied by all bookkeeping companies in Sittingbourne.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A number of the bookkeeping qualifications are at Certificate and Diploma level, and it isn't mandatory for a certified Sittingbourne bookkeeper to have an accounting degree. There are an ever-growing number of online courses available, although bookkeeping qualifications can still be gained via further education universities and colleges.
There are basically two primary organisations that provide certification and training for bookkeepers:
The Association of Accounting Technicians (AAT): Able to use the letters AATQB after their name, a certified member of the Association of Accounting Technicians (AAT) will have undergone advanced qualifications and training in bookkeeping practice. This then permits them to become a accredited AAT bookkeeper and assures a certain standard of service which is backed by the association. If a bookkeeper who's associated with the AAT is found to have violated the code of practice or has a complaint filed against them, they can be liable to tribunal and disciplinary processes to protect the values and integrity of aat membership.
The Institute of Certified Bookkeepers or ICB: The largest bookkeeping organisation on the planet is the the Institute of Certified Bookkeepers (ICB), and it supplies accreditation to bookkeepers, along with reference material and training to ensure their members are informed about the latest trends and developments.
The qualifications of any professional Sittingbourne bookkeeper can be checked on the register of AAT or ICB members on their websites. Before using the services of any professional bookkeeper in Sittingbourne it is strongly advised to carry out this check.
Bookkeeping services are available for people living in Sittingbourne and also nearby in: Tonge, Chalkwell, Milstead, Murston, Borden, Bobbing, Upchurch, Rodmersham, Snipeshill, Kemsley, Chestnut Street, Rainham, Tunstall, Highsted, Rodmersham Green, Bapchild, Milton Regis, Oad Street, together with these postcodes ME10 1JS, ME10 1DF, ME10 1RS, ME10 1HZ, ME10 1PL, ME10 1QY, ME10 1EH, ME10 1AQ, ME10 1DY, and ME10 1DB. Local Sittingbourne bookkeeping services will probably have the phone code 01795 and the postcode ME9. Checking this can ensure you access local bookkeepers. Sittingbourne sole traders and business owners will be able to utilise these and various other comparable services.
Outsourced Bookkeeping Sittingbourne
For small and medium-sized businesses in Sittingbourne, outsourced bookkeeping is becoming an increasingly popular option, offering a cost-effective and flexible alternative to managing accounting in-house. By outsourcing their bookkeeping, businesses can concentrate on their main operations without needing to handle their financial records directly. It also removes the need to hire and train full-time bookkeeping staff, which can be both time-consuming and expensive for companies working with limited budgets.
The main benefit of outsourcing your bookkeeping is gaining access to professional expertise. Many of the outsourced services use experienced accountants who keep up with the latest regulations and best practices. This ensures that your records are accurate and compliant with current standards. For business owners in Sittingbourne, this means fewer mistakes, enhanced reporting, and the reassurance of reliable financial insights, without the need to manage the bookkeeping themselves.
Furthermore, outsourced bookkeeping services often utilise advanced software to streamline the process, offering businesses real-time access to their financial data. This setup enables Sittingbourne business owners to make informed decisions quickly, assured that their financial information is accurate and readily available. All in all, outsourcing bookkeeping can be an efficient and reliable way to manage finances while concentrating on business growth. (Tags: Outsourced Bookkeeping Sittingbourne)
What Are the Main Advantages of Using a Bookkeeper in Sittingbourne Over an Accountant?
The following are some reasons why you might choose to use a bookkeeper in Sittingbourne, as opposed to an accountant:
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants whose approach may be more general.
- 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 such tasks.
- Accessibility: Bookkeepers are normally more available to provide support and answer questions on a regular basis than an accountant, who may only be available at certain times of the year.
- Cost-Effectiveness: Bookkeeping services are typically more cost-efficient in comparison to accounting services, which makes them a smart choice for sole traders, startups and small businesses looking to save on expenditure.
- Time Savings: By outsourcing their bookkeeping tasks, small business owners can save time and concentrate on other aspects of their business, for example sales and marketing.
It is important to note that whilst bookkeepers offer valuable support, they may not have quite the same level of expertise or qualifications as an accountant in aspects such tax preparation or financial planning. In cases like this, seeking the specialised services of an accountant may be essential.
Tax Returns
Self-employed people or those with small businesses in the UK may be required to file a self-assessment tax return. The process can make this task challenging, especially if you aren't acquainted with it. A qualified bookkeeper can help you keep your records in order and prepare your tax return on time and accurately.
Employing a bookkeeper for your tax returns has numerous benefits. They'll ensure 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 stress, time and hassle. You can concentrate on your business while they take care of all of the paperwork and calculations. Thirdly, a bookkeeper in Sittingbourne can provide you with essential advice on tax planning. This enables you to reduce your tax burden and increase your bottom line. (47265 - Tax Returns Sittingbourne)
Coming Articles:
Bookkeeping for charities (article 1364).
Sittingbourne Bookkeeping Tasks
Most bookkeepers in Sittingbourne will be ready to provide you with the following services: invoice processing, bookkeeping for the self-employed, double-entry bookkeeping, cheap bookkeeping services, letting agent bookkeeping services, payroll bookkeeping, management accounts in Sittingbourne, bookkeeping for home-based businesses, bookkeeping for freelancers, off-site bookkeeping services in Sittingbourne, bookkeeping services for charities in Sittingbourne, charity bookkeeping services, general bookkeeping services, independent bookkeeping services, profit & loss reports, accounting and bookkeeping services, tax preparation, VAT returns, bookkeeping services for retail outlets, bookkeeping prices, bookkeeping services for sole traders, cash books, bookkeeping for societies, financial statement preparation in Sittingbourne, bookkeeping services for organisations in Sittingbourne, bank reconciliations in Sittingbourne, small business tax returns, Kashflow bookkeeping in Sittingbourne, franchise bookkeeping, bookkeeping for clubs, and more. These are just a selection of the tasks that are carried out by local bookkeepers. Sittingbourne companies will be delighted to keep you abreast of their full range of services. If there are different Sittingbourne bookkeeper requirements that you want but can't see here, you can easily list them on the QUOTE FORM provided. We'll get back to you with information as soon as we can.
Bookkeepers Near Sittingbourne
Also find: Oad Street bookkeepers, Rodmersham bookkeepers, Chalkwell bookkeepers, Kemsley bookkeepers, Murston bookkeepers, Rainham bookkeepers, Bobbing bookkeepers, Milton Regis bookkeepers, Milstead bookkeepers, Borden bookkeepers, Tonge bookkeepers, Snipeshill bookkeepers, Bapchild bookkeepers, Tunstall bookkeepers, Chestnut Street bookkeepers, Upchurch bookkeepers, Rodmersham Green bookkeepers, Highsted bookkeepers and more. Near to all these areas, there are companies offering bookkeeping services. Such accessibility guarantees that both businesses and individuals can effortlessly locate the financial assistance required to effectively manage their accounts. Clicking here allows area residents to receive bookkeeping price quotes.
TOP - Bookkeepers Sittingbourne
Small Business Bookkeeping Sittingbourne - Bookkeepers Near Sittingbourne - Small Business Bookkeepers Sittingbourne - Cheap Bookkeeping Sittingbourne - Bookkeeping Services Sittingbourne - Bookkeeper Sittingbourne - Sole Trader Bookkeepers Sittingbourne - Bookkeepers Sittingbourne - Bookkeeping Quotes Sittingbourne