Bookkeepers Derry Northern Ireland (BT47): As stated by the 2006 Companies Act, if you run an online store, are a sole trader or operate a small business in Derry, you are entirely responsible for keeping accurate, "true and fair" accounting and financial records for a minimum of 6 years. Failing to produce these detailed records may leave you facing Company Director disqualification, along with thousands of pounds in fines. According to the magazine Accounting Today over 40% of small business owners spend at least eighty hours each year doing their bookkeeping, therefore while you can complete these financial recordings on your own behalf, it can be more cost-effective to use a professional accountant or bookkeeping service to do them instead.
The time has come to contact a bookkeeper in Derry for guidance, if you're filled with a sense of panic simply thinking about filling out ledgers, compiling balance sheets, tracking assets and liabilities or creating profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
"What exactly is the difference between an accountant and a bookkeeper?" Is a question which is asked by many small business owners in Derry. The fact is, because of significant software improvements over the past 10 years many accountancy companies in Derry will consider taking on bookkeeping, which was at one time considered beneath their skill set, qualifications and experience. Most accounting companies now charge a set fee for bookkeeping services, to keep them in line with what an independent bookkeeper in Derry would usually charge. This means that the cost of bookkeeping is far more affordable than it was previously, and is good news for small business owners in Derry as it generates a greater variety of competition within this sector.
The standard of training and qualification required is the biggest difference between an accountant and a bookkeeper. Typically holding a degree in accounting, a professional accountant should also have had additional training in tax essentials and have qualifications in financial and business management. While having an understanding of such disciplines, a bookkeeper in Derry may not have these qualifications or levels of training and experience.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day to day financial transactions of any business in Derry, describes the act of bookkeeping in simple terms. This will likely include, but is in no way limited to;
- Documenting of all financial incomings; including card, cash and electronic payments.
- Recording the receipt of invoices and making certain payment is completed punctually.
- Making sure that accounting and double-entry bookkeeping practices are observed.
- Payroll services.
- The billing of customers for work completed or goods.
- Monthly reconciliation and reports.
- Highlighting and rectifying any discrepancies in the financial accounts.
- VAT submissions and recording.
If you are happy to undertake the vast majority of bookkeeping work yourself; a bookkeeper might only be needed to double check your accounts on a fixed schedule. At the bare minimum this needs to be on a monthly basis, to enable the swift detection and correcting of any problems or mistakes. This trade-off can sometimes be the most cost-effective option if you're confident of remaining in control of your daily trading and financial transactions.
Whatever the situation is with your business or company, if you are seriously thinking of hiring a bookkeeping company in Derry, there's a fair chance that you might be having problems with the process of financial records and tax returns. To facilitate the seamless processing of financial data, a professional bookkeeping company will help you link the most up-to-date software application to your business accounts, and will give advice and guidance on things like invoicing, producing expense reports and stocktaking.
An extremely crucial aspect of effective bookkeeping is the ability to reconcile accounts payable with cash flow. This means that instead of paying a bill right away, or waiting on an overdue notice, which many small businesses are guilty of at some time or other, your bookkeeper will schedule the payment of bills to times when your finances are in the best possible position. This not only keeps you in favour with suppliers and those who supply services to you, but also ensures your enterprise or business is on a secure financial footing. Sadly, this is just one of those balancing acts that can be hard to perform when you are focussed on the smooth running of your everyday business activities.
If you are a sole trader, or operate a small business, using a competent bookkeeper in Derry, also gives them the opportunity to cast an expert eye over the operation of your business. It might be that business trends and patterns that you have overlooked will therefore be highlighted. It's not unusual for a bookkeeper to spot a new opportunity or flag up an area where profits are dropping. Such KPI's (key performance indicators) are vital in driving growth for any business enterprise in Derry.
If your business sends out invoices it can often be uncomfortable to pursue late payments. Having someone outside your normal business situation, can take away the embarrassment of visiting your customer or making that phone call. To help with resolving the matter, if you have a persistent late or non-payer, there are legal procedures that can be employed by a bookkeeper, so court proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you're a sole trader, are pretty straightforward and simple. It's required that sole traders must monitor expenditure and income from month to month and keep all invoices and receipts. Whilst this may sound simple it is still recommended that you hire the expert services of a competent bookkeeper. When preparing your income tax returns, a specialised sole trader bookkeeper in Derry can give you advice on what your genuine business expenses are, and ensure these are claimed back from HMRC every year. This might include stationery goods, printer ink, items such as computing equipment, promotional advertising and bills and rent if you work from home. Talk to your bookkeeper for more detailed advice and see how they might help your small business to prosper and grow.
BOOKKEEPING FOR ONLINE TRADERS
Specialised bookkeepers are needed from time to time for particular bookkeeping niches. You'll need a bookkeeper in Derry who's familiar with exchange rate transfers, online payments, cross-border and international taxes and multi-currency processing, if you run an online store for instance. Since the internet doesn't sleep, if that same shop sells goods that you hold or produce then keeping track of your stock on a 24/7 basis is a major concern which will need to be managed.
It is also possible to establish a remote virtual office, that can be used in combination with your bookkeeping service. This can be useful in enabling an online only business or sole trader to have a postal address and phone service to offer a physical connection to their client base. Not all Derry bookkeeping companies will be in a position to provide this solution, but it is worthwhile talking about the possibilities if it is something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Derry bookkeeper needn't hold a university degree and many qualifications in this sector are at Certificate and Diploma level. There is an ever-growing selection of online courses available, although bookkeeping qualifications can still be gained via further education colleges and universities.
There are essentially 2 key organisations that provide training and certification for bookkeepers:
The AAT (Association of Accounting Technicians): Providing advanced qualifications and a training schedule, the Association of Accounting Technicians (AAT), entitles a fully certified member to use the letters AATQB after their name. This then allows them to become a approved AAT bookkeeper and assures a standard of service which is backed by the association. To safeguard the credibility of AAT membership, an AAT bookkeeper can be liable to tribunal and disciplinary processes if it is found that they've breached the code of practice or have had a complaint filed against them.
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-speed with the latest trends and developments, the Institute of Certified Bookkeepers (ICB) is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, together with reference material and training.
You can check the accreditations of any bookkeeper on the register of AAT or ICB members on their websites. Undertaking these checks is generally advised before actually retaining the services of any local bookkeeper in Derry.
Bookkeeping services are available in Derry and also in nearby places like: Limavady, Eglinton, Ardmore, Claudy, Strathfoyle, Draperstown, Greysteel, Portstewart, Drumahoe, Dunnamanagh, Derry, Strabane, Feeny, Dungiven, Castlerock, New Buildings, Ballykelly, and in these postcodes BT47 3SL, BT47 2LA, BT47 2QA, BT47 3FH, BT47 2DU, BT47 2QB, BT47 2AR, BT47 2HX, BT47 2GA, BT47 2EW. Local Derry Bookkeepers will likely have the postcode BT47 and the telephone code 028. Checking this out can confirm that you're accessing local bookkeepers. Derry sole traders and business owners can utilise these and various other comparable services.
Derry Bookkeeper Questions
A couple of months ago I thought I would go through the questions people ask in regard to bookkeeping in Derry. A couple of our visitors sent in justifiable questions which are worth a mention here. The ones that I picked out were, What makes a great bookkeeper? Can a bookkeeper be held liable? Is bookkeeping and accounting the same? Can a bookkeeper prepare tax returns? What does bookkeeping mean? Should a bookkeeper have insurance? How much do bookkeepers charge per hour? When should I hire a bookkeeper? What are the advantages of a bookkeeper over an accountant? We hope nearly all of these enquiries have been answered in the preceding article, and if some still need to be dealt with we will shortly be adding a bookkeeping "Questions and Answers" feature. Many thanks to Liam Harrison, Sean Ryan, Percy Higgins and Ashley Bolton from Derry, for raising these great questions. Appropriate queries were likewise received from Jayla Pollard in Draperstown, Evan Hood in Drumahoe and Kimberly Guest in Greysteel.
Bookkeeper Northern Ireland
In the Northern Ireland area you'll additionally find: Kilrea bookkeeper, Maghera bookkeeping, Keady bookkeeping accountants, Markethill bookkeeping services, Antrim bookkeeper, Gilford bookkeeping accountants, Ballykelly bookkeeper, Cookstown bookkeeping accountants, Saintfield bookkeepers, Annalong bookkeeping, Dungiven bookkeeping accountants, Downpatrick bookkeepers, Broughshane accounts services, Rathfriland bookkeeping accountants, Donaghadee bookkeeping accountants, Kilkeel bookkeeping, Cullybackey bookkeeping services, Moira accounts services, Donaghadee bookkeeping, Glenavy bookkeeping accountants, Ahoghill accounts services, Castlederg bookkeeping, Crossgar bookkeeping accountants, Warrenpoint bookkeeping accountants, Richhill bookkeeping, Ahoghill bookkeeping services, Annalong accounts services, Bessbrook bookkeeping, Richhill bookkeepers. All over Northern Ireland you'll be able to locate bookkeepers who'll offer quality services for all your security needs. If you're unable to identify a suitablein Derry itself you should be able to uncover one somewhere nearby.
Derry Bookkeeper Tasks
Most Derry bookkeepers will be able to offer you the following accounting and bookkeeping services: bookkeeping for home-based businesses Derry, profit & loss reports, bookkeeping for sole traders, bookkeeping services, Self-Assessment tax returns, bookkeeping services for startups, PAYE & wages, cheap bookkeeping services, bookkeeping services for the self-employed, bookkeeping services for charities, bookkeeping for limited companies, bookkeeping services for societies, bookkeeping for clubs, personal tax returns Derry, bank reconciliation, letting agent bookkeeping Derry, bookkeeping rates, bookkeeping services for tradesmen, bookkeeping and accounting services, tax return preparation, bookkeeping services for pubs, bookkeeping for organisations, credit control, Kashflow bookkeeping services, off-site bookkeeping services, management reports, landlord bookkeeping Derry, company cash books, and more. Listed are just a small portion of the tasks that are handled by local bookkeepers. Derry providers will be delighted to keep you abreast of their entire range of bookkeeping services. If there are some other Derry bookkeeper requirements that you need but can't see here, you can mention them on the QUOTE FORM provided. We will get back to you with details as soon as we can.
Bookkeepers Near Derry
Also here.: Strathfoyle bookkeepers, Limavady bookkeepers, Dungiven bookkeepers, Derry bookkeepers, Castlerock bookkeepers, Portstewart bookkeepers, Dunnamanagh bookkeepers, Strabane bookkeepers, Ardmore bookkeepers, Claudy bookkeepers, Drumahoe bookkeepers, Eglinton bookkeepers, Greysteel bookkeepers, Feeny bookkeepers, Ballykelly bookkeepers, Draperstown bookkeepers, New Buildings and more. The majority of these villages and towns are served by local bookeepers. Derry people can get quotes for bookkeeping services by clicking
- Derry Small Business Bookkeeping
- Derry Invoice Processing
- Derry Double-Entry Bookkeeping
- Derry Self-Assessment Bookkeeping
- Derry Bookkeeping Price Quotes
- Derry VAT Returns
- Derry Credit Control
- Derry Bookkeeping Services
- Derry Cash Flow Analysis
- Derry PAYE and Wages
- Derry Tax Returns
- Derry Payroll Services
- Derry Sole Trader Bookkeeping
- Derry Tax Preparation
Bookkeepers Around Derry: People living in these Derry roads and areas have recently enquired about bookkeeping services - Marlborough Terrace, Heathfield, Glenaden Mews, Lindenwood Park, Glenmore Park, Papworth Avenue, Greenwood, Dervock Place, Grafton Street, Ridgeway Drive, Gartan Square, Durrow Park, Cranford Crescent, Foylesprings Road, Pinetrees, Foyle Street, Manor Hill, Market Street, Rosecourt, Elmwood Terrace, Tarnreagh Park, Gort na Si Close, Brunswick Road, North Meadows, Alexandra Place, Longtower Street, Talbot Park, Greenhaw Crescent, Ashcroft, Eskaheen View, as well as these local Derry postcodes: BT47 3SL, BT47 2LA, BT47 2QA, BT47 3FH, BT47 2DU, BT47 2QB, BT47 2AR, BT47 2HX, BT47 2GA, BT47 2EW.
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Bookkeeping Jobs Derry: Find bookkeeping jobs in Derry by going here: Bookkeeping Jobs Derry
Bookkeepers in BT47 area, phone code 028.
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