Bookkeepers Whitley Bay Tyne and Wear (NE25): You are responsible for keeping "true and fair", accurate financial and accounting records for at least 6 years, if you run an online store, are a sole trader or own a small business in Whitley Bay, in compliance with the Companies Act (2006). You could face thousands of pounds in fines, and possibly Company Director disqualification, if you can't produce such information. There is a substantial time investment involved with preparing these financial records on your own behalf, and it can pay you to use a professional accountant or bookkeeping service, since according to the trade magazine Accounting Today over 40% of small businesses spend eighty hours plus annually doing their accounts.
If you are overcome with a sense of panic just thinking about preparing profit, loss and fiscal reports, tracking assets and liabilities, writing ledgers or producing balance sheets, then the time to get in touch with a bookkeeper in Whitley Bay for guidance and advice has arrived.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the distinction between an accountant and a bookkeeper?" Is a question that is asked by most small business owners in Whitley Bay. In the old days it was frequently looked at as to be beneath the experience, qualifications and skill-sets of an accountant to do bookkeeping, but because of massive software improvements over the past decade, many bookkeeping duties will now be carried out by accountancy firms in the Whitley Bay area. For many accountancy companies it's now common practice to charge a flat rate for bookkeeping services, so that they're comparable to the usual fees of an independent bookkeeper in Whitley Bay. This is great news for business owners because it provides a wider variety of competition within this sector and can make the cost of your bookkeeping cheaper than previously imagined.
It is essentially the amount of training that's necessary for each discipline, that reflects the biggest difference between an accountant and a bookkeeper in Whitley Bay. An accountant will, at the very least, hold an accounting degree, and should have also had further training in business and financial management, and taxes. A bookkeeper in Whitley Bay may not have the same levels of experience and training, or hold these qualifications, but should still have a good grasp of these fiscal disciplines.
RESPONSIBILITIES OF A BOOKKEEPER IN WHITLEY BAY
In simple terms, the process of bookkeeping is to record the day to day transactions of any business enterprise in Whitley Bay. This may include;
- Highlighting and rectifying any discrepancies in financial accounts.
- Ensuring accounting and double-entry bookkeeping practices are implemented.
- Documenting of all financial incomings; including card, electronic and cash payments.
- VAT recording and submissions.
- Billing of clients for goods or work completed.
- Monthly reconciliation and reporting.
- Payroll services.
- Documenting the receipt of invoices and making certain that payment is completed promptly.
In accordance with service level you require, a bookkeeper might only be needed to double check your figures periodically, if you're willing to perform the vast majority of the bookkeeping work yourself. At the bare minimum this should really be done monthly, to enable the swift detection and rectifying of any mistakes or problems. If you are confident of remaining in control of your everyday trading and financial transactions, this trade-off can sometimes be the most affordable option.
Whatever the circumstances are with your business, if you are currently considering hiring a bookkeeping firm in Whitley Bay, it is fairly likely that you may be fretting over the process of recording your financial details. Offering advice on everything from preparing expense reports, stocktaking and invoicing, a professional bookkeeper will also be able to guide you through the process of linking your accounts with the latest software program to enable the seamless processing of all your business's data.
Being able to reconcile cash flow with accounts payable, is an especially crucial element of good bookkeeping. This means that by arranging the payment of bills to times when your finances are in good shape and buoyant, your bookkeeper will avoid the mistake that most small businesses are guilty of doing i.e. paying a bill straight away, or waiting for a final notice. This is not only to ensure that your enterprise or business is financially stable at all times, but also to keep you in the good books of those people who supply you with services or materials. Regrettably, this is just one of those juggling acts that can be challenging to accomplish when you're purely focussed on the smooth running of your daily business activities.
Having somebody who's unconnected to the business cast an eye over your financial transactions, is another added benefit of employing a certified bookkeeper in Whitley Bay if you are a sole trader, or for your small business. Business trends and patterns that you might have overlooked might be highlighted by this kind of unprejudiced assessment. It is by no means uncommon for an astute bookkeeper to flag up an area where profits are dropping off, or spot a new opportunity which may be lucrative. It's important for the success of any small business in Whitley Bay, to spot these key performance indicators.
It can sometimes be awkward to pursue late payments if your company sends out invoices. By having an independent person outside your normal business situation make that telephone call or visit to your client, some of that embarrassment can be eliminated. If you have a persistent late or non-payer there are legal options a bookkeeper can employ to help resolve the situation before the matter winds up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are comparatively straightforward and basic. It's stated that a sole trader must keep a record of expenditure and income from month to month and save all receipts and invoices. Although this might initially sound really simple, hiring the expertise of a bookkeeper is still recommended. Advising you on what genuine business expenses you might be able to claim back, a professional sole trader bookkeeper in Whitley Bay will deal with HMRC on your behalf. This could include stationery, items such as computing equipment, advertising, printer ink and rent and bills if working from home. If you would like to get more detailed advice, and discover how your small business can develop and grow going forward, chat to your local bookkeeper.
There are certain niches in bookkeeping where the expertise of a specialist could be necessary. As an example, if you run an online store, you'll be better off employing a bookkeeper in Whitley Bay who understands multi-currency processing, online payment procedures, exchange rate transfers and international and cross-border taxes. If the same shop sells goods you hold or produce, then regulating stock on a 24 hours a day basis is a vital priority, as I'm sure you'll appreciate the internet doesn't sleep, so neither should your bookkeeping software or services.
Together with your bookkeeping service, a virtual office can also be provided. This enables an online only business or sole trader to have a postal address and telephone service to provide a physical link with their clients. Not all Whitley Bay bookkeepers will provide this solution, however it's worth talking about the possibilities if it is something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional bookkeeper in Whitley Bay doesn't need to hold a degree and most qualifications in this field are at Certificate or Diploma level. If the preferred route to qualification is through further education colleges and universities, this is still a possibility, although there there are a array of bookkeeping courses available online.
To provide certification and training for bookkeepers, there are basically 2 main organisations of interest:
The AAT (Association of Accounting Technicians): Entitled to use the letters AATQB after their name, a fully trained member of the Association of Accounting Technicians (AAT) will have been provided with advanced qualifications and training in bookkeeping. This promises a standard of service to their clients which is backed by the association, and permits them to become a accredited AAT bookkeeper. To protect the credibility of AAT membership, if an AAT bookkeeper is found to have broken the code of conduct or has a complaint filed against them, they can be liable to tribunal and disciplinary procedures.
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation in the world is the the Institute of Certified Bookkeepers (ICB), and it provides certification for bookkeepers, along with reference material and training to ensure their members are up-to-speed with the latest trends.
By going to their websites, it is possible to examine the accreditations of any professional bookkeeper on the register of AAT or ICB members. Prior to retaining the services of any bookkeeping company in Whitley Bay, it is certainly a great idea to perform these checks.
Bookkeeping services are available for people living in in Whitley Bay and also nearby in: Cowpen, New Delaval, Holywell, Newsham, Earsdon, Marden, Preston Grange, Monkseaton, South Wellfield, Seaton Delaval, Old Hartley, Cullercoats, as well as in these postcodes NE25 8AB, NE25 8JD, NE25 8RS, NE25 8XY, NE25 8TJ, NE25 8QA, NE25 8XE, NE25 8BF, NE25 8TG, NE25 8LW. Locally based Whitley Bay bookkeeper services will likely have the phone code 0191 and the postcode NE25. Checking this will guarantee you access local bookkeepers. Whitley Bay sole traders and business owners can utilise these and countless other bookkeeping related services.
Franchise bookkeeping Whitley Bay.
Whitley Bay Bookkeeper Tasks
Most bookkeepers in Whitley Bay will be willing to offer you the following bookkeeping and accounting services: charity bookkeeping Whitley Bay, bookkeeping services for sole traders, bookkeeping services for organisations, bookkeeping services for shops, bookkeeping services for restaurants, QUOTE FORM provided. We'll get back to you with specifics as soon as we can.Whitley Bay, bookkeeping services for limited companies, Xero bookkeeping, Kashflow bookkeeping, independent bookkeeping services in Whitley Bay, bookkeeping for small businesses in Whitley Bay, VAT returns, management accounts, PAYE & wages, profit & loss reports Whitley Bay, corporation tax returns in Whitley Bay, bookkeeping for self-employed people, bookkeeping services for retail outlets in Whitley Bay, off-site bookkeeping services Whitley Bay, bookkeeping for charities in Whitley Bay, mobile bookkeeping services, accountancy packages in Whitley Bay, cash flow analysis, Quickbook bookkeeping services, Whitley Bay, letting agent bookkeeping Whitley Bay, payment services, franchise bookkeeping Whitley Bay, and more. Listed are just a few of the tasks that are carried out by local bookkeepers. Whitley Bay professionals will let you know their entire range of services. If there happen to be different Whitley Bay bookkeeper requirements that you want but can't see here, you should mention them on the
Whitley Bay Bookkeeper Questions
A couple of weeks ago I was looking at the questions folks ask with regards to bookkeepers in Whitley Bay. Several of our visitors sent in some fascinating queries that I considered to be worth a mention. The ones I picked out are, Do bookkeepers do adjustment? What are the bookkeeper services? What do bookkeeping services include? Is bookkeeping and accounting the same? How much is bookkeeping per hour? Why would a business need a bookkeeper? What are the benefits of a bookkeeping services? Does a bookkeeper have to be registered? What qualifactions are needed to be a bookkeeper? Most of these enquiries hopefully have been tackled in this article, and if that isn't the case a bookkeeping "Q&A" section is going to be introduced before long. A big thank you goes to Christopher Stevens, Emmanuel Harper, Carl Stokes and Emery Little from Whitley Bay, for raising these great questions. Interesting offerings were also received from Sydney Hanson in Earsdon, Nathan Fitzpatrick in Holywell and Chloe Mackie in Monkseaton.
Bookkeepers Near Whitley Bay
Also here.: Holywell bookkeepers, Seaton Delaval bookkeepers, Monkseaton bookkeepers, New Delaval bookkeepers, Earsdon bookkeepers, Newsham bookkeepers, South Wellfield bookkeepers, Marden bookkeepers, Preston Grange bookkeepers, Old Hartley bookkeepers, Cullercoats bookkeepers, Cowpen and more. The majority of these locations are served by local bookeepers. Whitley Bay people can get quotes for bookkeeping services by clicking
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Bookkeepers Around Whitley Bay: People who live in these Whitley Bay streets and areas have just recently inquired about bookkeeping services - St Annes Court, Collywell Court, Crawford Place, Brantwood Avenue, Selwyn Avenue, Ashbury, The Nook, Denway Grove, Dereham Road, St Georges Crescent, Burnside Road, Budworth Avenue, Ancroft Road, Chapel Lane, Cotswold Drive, Daletop, Chathill Close, Berrishill Grove, Cheswick Road, Dene Gardens, Sanderson Road, Burnside, Colston Way, Bristol Street, Avenue Road, Cresswell Avenue, Dunsdale Road, The Crescent, Seaburn View, as well as these local Whitley Bay postcodes: NE25 8AB, NE25 8JD, NE25 8RS, NE25 8XY, NE25 8TJ, NE25 8QA, NE25 8XE, NE25 8BF, NE25 8TG, NE25 8LW.
Whitley Bay Bookkeeping Jobs: See bookkeeping jobs near Whitley Bay by going here: Bookkeeping Jobs Whitley Bay
More Tyne and Wear Bookkeepers: More Tynemouth, Jarrow, Washington, Houghton-le-Spring, Gateshead, Newcastle, Ryton, Whitley Bay, Blaydon, Longbenton, Whickham, Wallsend, Hebburn, Sunderland, South Shields and Hetton-le-Hole.:
For the latest local Whitley Bay info take a look here
Bookkeepers in NE25 area, (dialling code 0191).
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