Bookkeepers Bangor Northern Ireland (BT19): In accordance with the Companies Act, if you run an online store, are a sole trader or own a small business in Bangor, you are responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 yrs. If you're unable to produce such information you could face a fine of thousands of pounds and possible Company Director disqualification. You can perform these financial recordings on your own, however when you think about the fact that according to the trade magazine Accounting Today over forty percent of small business owners spend 80 plus hours annually doing their accounts, it can be more cost-effective to employ a professional accountant or bookkeeping service.
If the very thought of tracking assets and liabilities, producing balance sheets, filling out ledgers or preparing profit, loss and fiscal reports fills you with a sense of panic, then the time has come to get in touch with a bookkeeper in Bangor for advice and guidance.
BOOKKEEPER OR ACCOUNTANT?
The first question that most small business owners ask is "Just what is the distinction between a bookkeeper and an accountant?" The fact is that while at one time the bookkeeping process, was deemed beneath the qualifications, skill set and experience of an accountant, because of improvements in software over the past decade, many accountancy companies in Bangor will now take on bookkeeping tasks. Most accounting firms now charge a flat rate for bookkeeping services, to keep them consistent with what a typical bookkeeper in Bangor would generally charge. Business owners are now cashing in on this, since it provides a wider variety of competition within the industry and can mean that the cost of bookkeeping is much more affordable than it would previously have been.
It is basically the standard of training and qualification that's needed for each of these disciplines, that reflects the big difference between an accountant and a bookkeeper in Bangor. An accountant will, at the very least, hold a degree in accounting, and will have also had specialist training in financial and business management, and taxes. A bookkeeper in Bangor will undoubtedly have a pretty good understanding of these disciplines, but may not have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The bookkeeping process in the simplest of terms, is the recording of the daily transactions of any business enterprise in Bangor. This will include, but is not limited to;
- Logging of all financial incomings; card, electronic and cash payments included.
- VAT recording and submissions.
- Payroll services.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Recording invoices received and making certain that payment is completed promptly.
- Billing of customers for work completed or goods.
- Ensuring double-entry bookkeeping and accounting practices are implemented.
- Monthly reports and reconciliations.
Subject to service level you require, a professional bookkeeper may only be needed to periodically double-check your accounts, if you are happy to carry out most of your own bookkeeping work. At the bare minimum this should really be done from month to month, to facilitate the swift detection and correction of any problems or mistakes. If it's possible to stay on top of your day to day trading and financial transactions, this trade-off can often be the most cost-effective compromise.
Whatever the circumstances are with your business or company, if you're currently thinking of hiring a bookkeeping service in Bangor, it is fairly likely that you could be having problems with the process of financial records and taxes. To enable the seamless sorting of financial data, a professional bookkeeper will help you link the latest software program to your business accounts, and will offer advice and guidance on such things as stocktaking, invoicing and preparing expense reports.
One of the most important elements of good bookkeeping practice, is the ability to effectively reconcile cash flow with accounts payable. This means that rather than paying off a bill straight away, or waiting for an overdue notice, which many small businesses in Bangor are guilty of at some time or other, your bookkeeper will organise the payment of bills to a time when your finances are buoyant and in good shape. This does not just keep your business enterprise on a sound financial footing, but keeps you in the good books of suppliers and those people who supply services to you. This is a juggling act that can be challenging to perform on your own when you're mainly focussed on the operation of your business.
Employing a qualified bookkeeper in Bangor, if you're a sole trader, or for your small business also gives them the chance to cast an unrelated eye over your financies. It may be that business patterns and trends that you have overlooked will therefore be highlighted. It isn't uncommon for a bookkeeper to recognise a new opportunity or flag an area of the business where profits are dropping. For the success of any business enterprise in Bangor, it is vital that these key performance indicators (KPI's) are spotted early on.
If invoices are sent out by your business it can sometimes be uncomfortable to pursue late payments. By having someone outside your business situation visit your clients or make that telephone call, some of that embarrassment can be eliminated. A bookkeeper can use legal techniques to take care of a consistent late or non-payer, and without the need for a claims court proceeding, help to clear up the issue.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the requirements for bookkeeping, as set out in law, are quite straightforward. A sole trader is expected to keep a record of income and expenditure on a monthly basis and retain all receipts and invoices. While this might sound easy it is still advisable to hire the expert services of a bookkeeper. Advising you on what genuine business expenses you are able to claim back, a dedicated sole trader bookkeeper in Bangor will deal with HMRC on your behalf. This may include bills and rent if working from home, items such as computing equipment, advertising, stationery and consumables. Speak to your local bookkeeper for more detailed advice and see how they can help your business to grow.
ONLINE TRADERS IN BANGOR
There are certain niche areas in bookkeeping where the expertise of a specialist may be required. By way of example, if you run an online store, you will be wise to employ a bookkeeper in Bangor who understands online payments, exchange rate transfers, multi-currency processing and international and cross-border taxes. Regulating stock on a 24/7 basis is also an important concern, if that same shop distributes goods that you hold or produce, after all the internet never sleeps, therefore nor should your bookkeeping software or services.
It is also possible to provide a remote virtual office, which can be utilised in combination with your bookkeeping package. This allows an online only business or sole trader to have a phone service and postal address to offer a physical connection to their clients. If this kind of service could be useful, it is certainly worth talking about the possibilities, although this solution will not be provided by all Bangor bookkeepers.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
It isn't mandatory for a certified Bangor bookkeeper to have a university degree, and many of the bookkeeping sector qualifications are held at Diploma and Certificate level. Although there are an ever-increasing number of bookkeeping courses available online, qualifications can still be obtained via further education universities and colleges, if that is the chosen route.
Training and certification for bookkeepers is mostly provided by 2 organisations:
The Institute of Certified Bookkeepers or ICB: Offering certification for qualified bookkeepers, along with reference material and training to ensure their members are current with the latest trends and innovations, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind on the planet.
The Association of Accounting Technicians (AAT): Providing advanced qualifications and a training schedule, the Association of Accounting Technicians or AAT, allows a fully certified bookkeeper to use the letters AATQB after their name. They then become authorised AAT bookkeepers, backed up by this association, which guarantees a certain level of service for their clients. To protect the trustworthiness of AAT membership, if an AAT bookkeeper has a complaint filed against them or is found to have violated the code of conduct they could be liable to disciplinary and tribunal processes.
The qualifications of any professional Bangor bookkeeper can be verified on the register of AAT or ICB members on their websites. Before using the services of any professional bookkeeper in Bangor it's advisable to carry out this check.
Bookkeeping services are available in Bangor and also in nearby places like: Tregarth, Port Penryn, Llanllechid, Abergwyngregyn, Bethesda, Anglesey, Llanberis, Bethel, Menai Bridge, Tal-y-bont, Llandygai, Llanfairfechan, Beaumaris, Llandegfan, together with these postcodes BT19 1RU, BT19 1PE, BT19 1QR, BT19 1PH, BT19 1BS, BT19 1RF, BT19 1QN, BT19 1ND, BT19 1ER, BT19 1HF. Local Bangor Bookkeepers will most likely have the postcode BT19 and the phone code 028. Checking this out will guarantee that you access locally based bookkeepers. Bangor sole traders and business owners are able to benefit from these and various other comparable services.
Bookkeeping Bangor - Outsourcing Options
All businesses in Bangor should understand the significance of bookkeeping. It helps business people monitor their incomings and outgoings, the sum total of their liabilities and assets, the money left in the bank, and the like. With the owner of the business having to deal with the issues and concerns of running a business, the task of undertaking the bookkeeping is normally outsourced to a bookkeeping company or freelance bookkeepers in Bangor.
If a company in Bangor employs a bookkeeper in order to join their ranks, the company will be required to spend a considerable sum of money in training that person for the purpose of carrying out the bookkeeping tasks. Moreover, there is no guarantee that he or she will stay after the training is finished. In that case, the company will lose a substantial amount of money. Apart from that, businesses will need to look for solutions to offer benefits and incentives to keep the trained employee there. These are a few of the reasons why companies often enlist the services of professional bookkeepers and bookkeeping companies in Bangor.
With the advent of new technology and the internet there is no need for business owners to stick to a freelance bookkeeper who may continue with outdated accounting practices. Again, they are not under pressure to hire and retain some in-house bookkeepers. Bookkeeping outsourcing is becoming increasingly common in the financial domain. One will find a lot many companies offering financial bookkeeping services catering to all kinds of clients and industries in Bangor. A majority of these companies promise and deliver quality service. It assumes importance for a business to look into the track record of these Bangor bookkeeping companies when it comes to hiring a third party company for bookkeeping purposes.
The business owner in Bangor can look for the following options with the bookkeeping company that offer outsourcing services. Check and find out how much savings he can enjoy by outsourcing the bookkeeping work. Since the expenses related to hiring and training the in-house staff is a great concern, it would be wise on the part of business owner to focus on an outsourcing company that can offer good savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It is very much important to get quality accounting services and greater security for your financial data. By quality, one means reliable, precise, and real-time bookkeeping data delivered within the set time. In short, the company that offers bookkeeping services in Bangor should have a well protected system that can be relied on and trusted.
Franchise bookkeeping Bangor.
Bangor Bookkeeper Questions
Last week I was looking at the popular questions that people ask on the topic of bookkeepers in Bangor. Some of our visitors posted some interesting questions that might be relevant to this blog post. The ones which leaped out are, What do bookkeeping services charge? Can anyone do bookkeeping? What are the benefits of a bookkeeper? Why do I need a bookkeeper? How can a bookkeeper help my business in Bangor? Are accountants bookkeepers? Does bookkeeping require a degree? How do bookkeeping services work? What makes a good bookkeeper? I hope nearly all of those enquiries have been covered in this short article, and if some still need to be dealt with we'll shortly be introducing a bookkeeping "Q&A" section. A huge thank you goes to Tristan Wilkinson, Lorenzo Page, Rayaan Woodward and Aubrey Pugh, for posing these great questions. We also received enquiries from Arianna Collier in Llandygai, Aidan Wild in Llanllechid and Lauren Salmon in Llandegfan.
Bangor Bookkeeper Tasks
Most Bangor bookkeepers will be ready to provide you with the following services: bookkeeping for payroll, partnership returns, bookkeeping for self-employed, bookkeeping services, bookkeeping for restaurants, letting agent bookkeeping Bangor, bookkeeping services for societies, Kashflow bookkeeping in Bangor, bookkeeping services for organisations Bangor, independent bookkeeping services, invoice processing, tax return preparation, Self-Assessment tax returns, Xero bookkeeping services, franchise bookkeeping Bangor, professional bookkeeping services in Bangor, bookkeeping for tradesmen, mobile bookkeeping services Bangor, bookkeeping rates, charity bookkeeping Bangor, landlord bookkeeping Bangor, QUOTE FORM provided. We'll get back to you with specifics as soon as we can.in Bangor, payment services, off-site bookkeeping services, cash flow analysis in Bangor, , general bookkeeping services, maintaining fixed asset registers Bangor, and more. These are just an example of the duties that are carried out by local bookkeepers. Bangor providers will inform you of their full range of bookkeeping services. If there are some other Bangor bookkeeper requirements that you want but cannot see here, you can easily mention them on the
Bookkeepers Near Bangor
Also here.: Bethesda bookkeepers, Tregarth bookkeepers, Llandygai bookkeepers, Bethel bookkeepers, Llanllechid bookkeepers, Abergwyngregyn bookkeepers, Port Penryn bookkeepers, Llanberis bookkeepers, Llanfairfechan bookkeepers, Menai Bridge bookkeepers, Anglesey bookkeepers, Tal-y-bont bookkeepers, Beaumaris bookkeepers, Llandegfan and more. All these locations are serviced by local bookeepers. Bangor residents can get quotes for bookkeeping services by clicking
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Bookkeepers Around Bangor: People living in these nearby Bangor areas and streets have just recently enquired about bookkeeping services - Hampton Drive, Oaktree Court, Greenmount Court, Hanover Square, Abbey Mount, Stratford Court, Kerrs Road, Kinwood Drive, Springfield Road, Primrose Avenue, Rockfield Dale, Cranley Grove, Deanfield, Rathmore Road, Millicent Park, Shrewsbury Drive, Old Gransha Lane, Loverock Drive, Fernlea Park, Bells Hill Road, Mill Row, Silverstream Close, Sinclair Park, Cardy Close, Carnalea Glen, Worcester Lane, Drumglass Avenue, Stratford Grove, Brandon Grove, as well as the following local Bangor postcodes: BT19 1RU, BT19 1PE, BT19 1QR, BT19 1PH, BT19 1BS, BT19 1RF, BT19 1QN, BT19 1ND, BT19 1ER, BT19 1HF.
To find local info on Bangor, Northern Ireland click here
Bookkeepers in BT19 area, and dialling code 028.
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