Posts from February 2019

Rubbing out 'un' in unqualified
A bookkeeper can give you back valuable time to spend on your business.  
How do you decide which bookkeeper to choose? 
Firstly, and most importantly, your bookkeeper should have formal business and accounting qualifications and accreditations. These can include: 
Association of Accounting Technicians (AAT) Diploma 
International Association of Bookkeepers (IAB) Diploma in Bookkeeping - At least levels 1 and 2 from the Association of Chartered Certified Accountants (ACCA) or Chartered Institute of Management Accountants (CIMA). 
Institute of Certified Bookkeepers (ICB) – Level 3 Certification. 
5 reasons why hiring a bookkeeper is beneficial for your business: 
1) It is more time efficient as they can do it faster 
2) It is cost effective because companies can spend the time working on their business 
3) It is accurate – they know what you can and can’t claim for 
4) Record keeping is done properly – HMRC can issue fines if they find inaccurate records 
5) VAT is recorded correctly for the VAT return to be accurate again saving the risk of fines. 
So who do you know who would benefit from any of these things!? 
Whether you are self-employed, a sole trader or running a small limited company, you don’t have to work with a bookkeeper or an accountant. 
The important question you need to ask yourself - ‘Is it a good use of my time to do my own accounts, self-assessment tax return and VAT returns?’ 
As most small business owners know, our time is precious. We need to decide what we need to prioritise. 
When it comes to keeping our accounts up to date, the answer is usually easy. Ask a qualified professional to do it. 
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