Being self-employed can have many benefits such as working the hours that suit you, not having to answer to an employer and taking holidays to fit in with the family however most people in this position would have to admit that one of the disadvantages is the bookkeeping and filing of tax returns.
Employing an accountant is a wise choice as they can often reduce your tax bill by claiming for everything that you are entitled to claim for, but the month by month bookkeeping is usually completed by the self-employed person or their secretary.
The accounts need not be over-complicated, and a series of spreadsheets are usually sufficient. The first spreadsheet ought to show income with a record of the date the invoice was given to the client, invoice number and amount. A further column will show the date the invoice was paid and the method of payment.
The second spreadsheet will show expenditure. This will include columns showing the date, amount paid, method of payment and recipient. A further spreadsheet or an area on the expenditure sheet can be used for vehicle expenses.
It is wise to bring these sheets up to date on a monthly basis as it is more manageable overall.
The job of a bookkeeper requires a certain set of skills and as you gain experience you will find a number of other opportunities may arise.
There is no legal requirement to have a certain qualification to be a bookkeeper, but if you are looking for employment in this area you will often find that you are more likely to be accepted for a job if you do. Most people start off by doing a bookkeepers or accountancy course at college. You will usually need to have 2 or more GCSEs at grades 9 to 3 (A* to D) for a level 2 course.
You can train yourself to become a bookkeeper or learn whilst on the job, which will allow you to keep study costs down and work at the same time but if you are planning of becoming self-employed then it is important that you ensure you know exactly what you are doing before offering your services to clients. You may have some family members who are self-employed and you may start off by doing their books for them. This will also give you experience that you to add to your CV to make you a more viable candidate when it comes to applying for jobs.
Financial data is an essential element of any business. It is necessary to maintain financial data to enhance the growth of your business. As a business person, it is advisable to hire someone who will do the work for you flawlessly. Look for best bookkeeping Northampton services to let everything flow well with your business. Read More