Bookkeepers Newtownards Northern Ireland (BT22): You are responsible for maintaining accurate, "true and fair" financial and accounting records for at least six years, if you run a small business, are a sole trader or operate an online store in Newtownards, to comply with the Companies Act (2006). If you are unable to produce these records you may face thousands of pounds in fines and possible Company Director disqualification. It can be more cost-effective to use a professional accountant or bookkeeping company to undertake this for you, given that according to the magazine Accounting Today over 40% of small business owners spend over eighty hours annually on their bookkeeping, which is a substantial time investment, and may be more effectively spent on your key business activities.
If the thought of filling out ledgers, creating profit, loss and financial statements, producing balance sheets or tracking assets and liabilities brings you feelings of dread, then it is high time to contact a bookkeeper in Newtownards for guidance and advice.
BOOKKEEPER OR ACCOUNTANT?
The very first question that a lot of folks ask is "Just what is the distinction between a bookkeeper and an accountant?" In the past it was normally considered to be beneath the qualifications, experience and skill-sets of an accountant to do bookkeeping, however because of tremendous improvements in software over the past decade, many bookkeeping duties will now be taken on by accountancy firms in Newtownards. A lot of accounting firms now have a set rate for bookkeeping services, to keep them commensurate with what a typical bookkeeper in Newtownards would routinely charge. This means that the cost of bookkeeping is far more affordable than it previously was, and is good news for business owners in Newtownards because it offers a wider range of competition within the industry.
When you're thinking about the differences between an accountant and a bookkeeper in Newtownards, the main one is the amount of qualification and training that is necessary for each of these disciplines. An accountant will, at the minimum, hold an accounting degree, and should have also had additional training in business and financial management, and taxes. Whilein Newtownards will have an understanding of such disciplines, they may not have the same levels of experience and training in this field, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN NEWNewtownardsARDS
Put simply, the process of bookkeeping is the recording of the day to day transactions of any business in Newtownards. This may include, but isn't limited to;
- Highlighting any discrepancies in financial accounts and rectifying them.
- Payroll services.
- The billing of clients for goods or work completed.
- VAT recording and submissions.
- Monthly reconciliation and reports.
- Documenting of all financial incomings; card, electronic and cash payments included.
- Making sure that double-entry bookkeeping and accounting practices are observed.
- Recording the receipt of invoices and making certain payment is completed on time.
Whilst it is dependent on the extent of the service you are interested in, if you are able to do the bulk of bookkeeping work yourself, a professional bookkeeper may just be needed to double check your records periodically. This ought to be from month to month at the bare minimum, as this allows for any mistakes or problems to be detected and amended promptly. If it is possible to stay in control of your day by day trading and financial transactions, this trade-off can sometimes be the most cost effective.
Whatever your current situation is, if you are looking at hiring a bookkeeper in Newtownards, there is a fair chance that you may be stressed with the financial recording aspects of your small business. A good bookkeeping company will help you out with everything from stocktaking, producing expense reports and invoicing, to linking the latest software application with your accounts to seamlessly of your data.
The ability to reconcile cash flow with accounts payable, is an especially important element of effective bookkeeping. Which means that instead of waiting on an overdue notice, which many small businesses in Newtownards are guilty of at some time or other, or paying an outstanding bill immediately, your bookkeeper will optimise the payment of bills to times when your accounts are buoyant. This doesn't just keep you in good stead with suppliers and the businesses who supply you with services, but also makes certain that your business or enterprise is on a secure financial footing. When, as an individual, you're inevitably focussed on the operation of your daily business activities, this can be a balancing act that is tough to perform.
Having someone who is unconnected to the business cast an unrelated eye over your financial dealings, is another good thing about using a professional bookkeeper in Newtownards if you are a sole trader, or for your small business. It is quite possible that an independent evaluation such as this will pinpoint business patterns and trends that have been missed previously. A scenario where a keen eyed bookkeeper flags up an area where profits are plummeting, or identifies an opportunity that may be lucrative, is not at all an unheard of occurrence. For the success of any business enterprise in Newtownards, it is important that these KPI's (key performance indicators) are spotted early.
It can sometimes be embarrassing to pursue a late payment if your business sends out invoices. By having an individual outside your business situation visit your clients or make that telephone call, some of that embarrassment can be taken away. To help with resolving the issue, if you've got a repeating late or non-payer, there are legal techniques that can be employed by a professional bookkeeper, so legal proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
If you are a sole trader the requirements for bookkeeping, as laid out by law, start off comparatively straightforward. Sole traders are required to keep a record of expenditure and income from month to month and keep all invoices and receipts. It is still a good idea to retain the expertise of a competent bookkeeper, although this may sound simple. A specialised sole trader bookkeeper in Newtownards will be able to give you advice on what you might be able to claim back from HMRC as legitimate business expenses. This may include rent and bills if working from home, items such as computing equipment, consumables, advertising and stationery goods. For more comprehensive advice, speak to your bookkeeper, and discover how they can help your business to flourish and grow in the future.
ONLINE TRADERS IN NEWNewtownardsARDS
Specialistare needed from time to time for specific niches in bookkeeping. You'll need a bookkeeper in Newtownards who's familiar with online payments, international and cross-border taxes, exchange rate transfers and multi-currency processing, if you manage a store online for instance. Supervising inventory on a 24/7 basis is also a huge concern, if that same shop sells goods that you produce or hold, after all the internet doesn't sleep, therefore neither should your bookkeeping software or services.
It is also possible to establish a virtual office, that can be utilised in combination with your bookkeeping services and package. This allows a sole trader or online only business to have a phone service and postal address to offer a physical link with their clients. Not all Newtownards bookkeepers will be in a position to supply this service, however it is worthwhile talking about if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the qualifications in the bookkeeping industry are at Diploma or Certificate level, and a qualified Newtownards bookkeeper doesn't need to hold a degree. If the preferred route to qualification is through further education universities and colleges, this option is still available, although there there's an ever-increasing selection of bookkeeping courses available online.
There are essentially 2 key organisations that provide certification and training for bookkeepers:
The ICB or Institute of Certified Bookkeepers: The largest organisation anywhere in the world is the the Institute of Certified Bookkeepers or ICB, and it supplies accreditation to qualified bookkeepers, along with reference material and training to ensure their members are informed about the latest trends.
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB, a certified member of the AAT or Association of Accounting Technicians will have undergone advanced qualifications and training in bookkeeping. They're then entitled to become certified AAT bookkeepers, which promises their clients a minimum level of service which is backed by the organisation. If an AAT bookkeeper is found to have broken the code of practice or has a complaint against them, they could be liable to tribunal and disciplinary procedures to preserve the values and integrity of the aat membership.
By viewing the register of AAT or ICB members on their respective websites, you can determine the qualifications of any bookkeeper. Undertaking these checks is usually advisable before you actually hire any local bookkeeper in Newtownards.
Bookkeeping services are available for those living in in Newtownards and also nearby in: Groomsport, Belfast, Bangor, Crawfordsburn, Dundonald, Castlereagh, Carrowdore, Holywood, Ballywater, Ballygowan, Donaghee, Greyabbey, Helens Bay, Scrabo Tower, Conlig, Comber, Millisle, as well as in these postcodes BT23 4GB, BT23 4LT, BT23 4FS, BT23 4GF, BT23 4HZ, BT23 4PF, BT23 4NN, BT23 4EX, BT23 4QH, BT23 4GY. Locally based Newtownards Bookkeepers will most likely have the postcode BT22 and the dialling code 02891. Verifying this will make sure that you access local bookkeepers. Newtownards sole traders and business owners are able to utilise these and numerous other bookkeeping related services.
Newtownards Bookkeeper Questions
Last Monday I was looking at the typical questions that people in Newtownards ask in regard to bookkeeping. Many of you have emailed noteworthy questions that are relevant to this post. The ones which leaped out are, How can I get bookkeeper in Newtownards? What are the benefits to hiring a bookkeeper? How is bookkeeping differentiated to accounting? Can bookkeeping be done remotely? Why do I need a bookkeeper? What does a bookkeeper do? How much would a bookkeeper charge? What does bookkeeping mean? Should a bookkeeper be bonded? I hope nearly all of these questions have been covered in the preceding article, and if some remain unanswered a bookkeeping "Questions and Answers" section is something we'll be introducing in the near future. My thanks go out to the following people for taking the time to raise their questions; Ellis Anderson, Ernest Cole, Yaseen Holt and Andrea Short. Contributions were also put forward by Piper Franklin in Belfast, Jesus Charlton in Dundonald and Eliana Marks in Donaghee.
Newtownards Bookkeeper Tasks
Most bookkeepers in Newtownards will be prepared to offer you the following bookkeeping and accounting services: bookkeeping services for retail outlets in Newtownards, profit & loss reports in Newtownards, bookkeeping and accounting, QUOTE FORM provided. We will be in touch with information as soon as we are able.in Newtownards, accountancy packages, bookkeeping services for self-employed, bookkeeping prices, off-site bookkeeping, personal tax returns Newtownards, double-entry bookkeeping in Newtownards, bookkeeping for small business in Newtownards, bookkeeping services for restaurants, bookkeeping services Newtownards, bookkeeping and accounting services Newtownards, tax return preparation, professional bookkeeping services Newtownards, partnership returns, Xero bookkeeping services Newtownards, bookkeeping for organisations Newtownards, bookkeeping services for tradesmen, business bookkeeping, Kashflow bookkeeping, cash books, payment services, bookkeeping services for limited companies Newtownards, invoice processing, management reports in Newtownards, credit control, bookkeeping services for startups Newtownards, charity bookkeeping Newtownards, and more. Listed are just an example of the duties that are performed by local bookkeepers. Newtownards providers will let you know their entire range of bookkeeping services. If there happen to be additional Newtownards bookkeeper requirements that you need but don't see here, you can easily mention them on the
Bookkeepers Near Newtownards
Also here.: Belfast bookkeepers, Groomsport bookkeepers, Ballywater bookkeepers, Millisle bookkeepers, Holywood bookkeepers, Conlig bookkeepers, Donaghee bookkeepers, Greyabbey bookkeepers, Castlereagh bookkeepers, Carrowdore bookkeepers, Crawfordsburn bookkeepers, Dundonald bookkeepers, Ballygowan bookkeepers, Helens Bay bookkeepers, Comber bookkeepers, Scrabo Tower bookkeepers, Bangor and more. Most of these areas are catered for by local bookeepers. Newtownards traders and businesses can get rates for bookkeeping services by going
- Newtownards PAYE Wages and CIS
- Newtownards Tax Returns
- Newtownards Tax Preparation
- Newtownards VAT Returns
- Newtownards Small Business Bookkeeping
- Newtownards Payroll Services
- Newtownards Cheap Bookkeeping
- Newtownards Cash Flow Analysis
- Newtownards Bookkeeping Quotations
- Newtownards Bookkeeping Services
- Newtownards Double-Entry Bookkeeping
- Newtownards Self-Assessment Bookkeeping
- Newtownards Credit Control
- Newtownards Profit and Loss Reports
Bookkeepers Around Newtownards: People who live in these Newtownards streets and roads have just recently enquired about bookkeeping services - Court Street, Newtown Vale, Ten Acre Estate, Thornleigh Crescent, Cranmore Avenue, Cairndore Grange, Aldergrange Avenue, Zion Place, Pinecroft Avenue, Cambourne Park, Wyndell Court, Cronstown Cottage Grove, Shiralee Drive, Millers Lane, Audleys Drive, Valencia Way South, Trasnagh Drive, Abbot Link Mews, Tullynagardy Road, Stirling Avenue, Larksborough Close, Glenmount Park, Greenwell Mews, Binnian Avenue, Mountpleasant Drive, Bladon Avenue, Beverley Crescent, South Street, River Hill Drive, as well as these local Newtownards postcodes: BT23 4GB, BT23 4LT, BT23 4FS, BT23 4GF, BT23 4HZ, BT23 4PF, BT23 4NN, BT23 4EX, BT23 4QH, BT23 4GY.
If you're interested in local Newtownards information check here
Bookkeepers in BT22 area, 02891.
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