Dealing with banking, payroll, and the minefield of essential tax documentation can be a daunting prospect for businesses. They will often seek the help of a specialist bookkeeper or accountant to deal with these matters. Outsourcing to a dedicated professional allows a business to take advantage of a new skill set that is not always available in-house.
What is accounting?
Accountants are regulated professionals who deal with specialist financial matters. They have undertaken a high level of education and training.
Accounting provides a clear picture of business performance by recording, classifying and summarising financial transactions. It is essential for monitoring what is coming in and what is going out, and provides the framework for essential tax returns.
What is bookkeeping?
Bookkeepers have always been involved in keeping track of everyday transactions and banking, reconciling the bank, and balancing the books and VAT returns.
With the latest provisions in online tax filing facilities which directly link up to office software, bookkeepers are now able to offer a variety of specialist services that were historically only available through an accountant. With many bookkeepers being qualified in ICB level 4 tax and compliance, their scope of work has increased to include trust and company services provision, accounting set-up and support, and setting up daily systems and workflows.
Tasks such as payroll, self-assessment tax, corporation tax and financial statements for Companies House were all traditionally completed by enlisting the services of an accountant. However, ICB level 4 qualified bookkeepers may also carry out these roles.
Sourcing a bookkeeper
If you require bookkeepers Hereford and the surrounding areas, they can be sourced through professional agencies such as office support. The benefits of working with a dedicated office support business are that they have the time and dedication to help you with the day-to-day running of your business and offer a wide range of services from bookkeeping to software support.
When enlisting a bookkeeper to take care of your business needs, ensure that you share a common goal of wanting your business to succeed.
