Bookkeepers Whitley Bay Tyne and Wear (NE25): If you are a sole trader, run a small business or operate an online store in Whitley Bay, you're entirely responsible for maintaining accurate, "true and fair" financial and accounting records for a minimum of 6 years according to the Companies Act. Failure to produce such records could leave you faced with a fine of thousands of pounds and potential disqualification as a Company Director. According to Accounting Today magazine over forty percent of small business owners spend at least 80 hours annually on their accounts, so while you can undertake these financial records yourself, it can be more cost-effective to use a professional accountant or bookkeeper to do them for you.
The time has come to contact a bookkeeper in Whitley Bay for advice, if you're filled with dread merely thinking about the possiblility of writing ledgers, compiling balance sheets, tracking liabilities and assets or preparing profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
For many people in Whitley Bay, the first question that springs to mind when faced with this dilemma is "Exactly what is the distinction between an accountant and a bookkeeper?" In the past it was generally considered to be beneath the skill-sets, experience and qualifications of an accountant to do the work of a bookkeper, but because of software developments over the past 10 yrs or so, many bookkeeping duties will now be carried out by accounting companies in Whitley Bay. For many accounting companies it is now quite common to charge a fixed fee for bookkeeping services, to keep them competitive with the usual charges of a dedicated bookkeeper in Whitley Bay. As it generates a wider variety of competition within the marketplace, this is fantastic news for small business owners in Whitley Bay, making their bookkeeping much more affordable than it previously was.
When looking at the biggest difference between a bookkeeper and an accountant in Whitley Bay, it's the amount of training and qualification that's needed for each of these disciplines. At least a degree in accounting with additional training in taxation and other fiscal and business management, will normally be held by an accountant. A bookkeeper in Whitley Bay will definitely have a fair grasp of these fiscal skills, but might not have the same levels of experience and training, or hold these qualifications.
RESPONSIBILITIES OF A BOOKKEEPER IN WHITLEY BAY
In simple terms, the act of bookkeeping is to record the day by day fiscal transactions of any business or enterprise in Whitley Bay. This will likely include, but is in no way limited to;
- Highlighting and rectifying any discrepancies in the financial accounts.
- Recording of all financial incomings; cash, card and electronic payments included.
- Monthly reporting and reconciliation.
- VAT submissions and recording.
- Billing of clients for work completed or goods.
- Making sure that accounting and double-entry bookkeeping practices are followed at all times.
- Logging invoices received and making sure payment is completed on time.
- Payroll services.
In accordance with service level you're looking for, e.g. you are in a position to perform the larger part of bookkeeping work; a professional bookkeeper might only be needed to double check your records on a fixed schedule. This should be done every month at the bare minimum, since this allows for any problems or mistakes to be identified and corrected swiftly. If you're confident of staying up-to-date with your day to day financial transactions and trading activities, this compromise can sometimes be the most cost effective.
Whatever the situation is with your business or company, if you are currently thinking of hiring a bookkeeper in Whitley Bay, it's a good bet that you may be getting stressed about the process of financial records and tax returns. A professional bookkeeping company will help you out with everything from preparing expense reports, invoicing and stocktaking, to linking your business accounts with the latest computer software to seamlessly process all of your financial data.
One of the most important aspects of good bookkeeping practice, is being able to efficiently reconcile cash flow with accounts payable. This means that rather than paying off a bill immediately, or waiting for an overdue notice, which most small businesses are guilty of doing, your bookkeeper will schedule bill payments to a time when your finances are in good shape. This doesn't just keep you in favour with suppliers and those people who supply you with services, but also makes sure that your enterprise or business is on a good financial footing. When, as an individual, you are primarily focussed on running your business, this is a balancing act that can be tricky to accomplish.
Employing a certified bookkeeper in Whitley Bay, if you are a sole trader, or for your small business also gives them the opportunity to cast an eagle eye over your business finances. Business patterns and trends that you might have disregarded could be highlighted by this kind of dispassionate assessment. It's not at all unheard of for a smart bookkeeper to flag an area which is dropping in profits, or spot an opportunity which could be worthwhile. For the long-term growth of any business enterprise in Whitley Bay, it is crucial that such KPI's (key performance indicators) are spotted early.
It can often be uncomfortable to chase up a late payment if your business sends out invoices. If that visit to your client or phone call is carried out by an independent person outside your normal business situation, it's possible for some of that apprehension to be taken away. There are legal strategies that a bookkeeper can make use of, if you have problems with a persistent late payer, and these can help to clear up the situation before the issue ends up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some comparatively uncomplicated sole trader bookkeeping requirements, which are set out in law. Sole traders are required to keep track of expenditure and income from month to month and keep all invoices and receipts. Now, this doesn't seem too tough does it? But, it is still advisable to hire the expertise of a bookkeeper to make certain that it is all done correctly. When dealing with your income tax returns, a professional sole trader bookkeeper in Whitley Bay will be able to advise you on what your valid business expenses are, and make certain these are claimed back from HMRC every year. This could include stationery, items such as computers, consumables, promotional advertising and rent and bills if you work from home. To discover how to help your small business to prosper and grow, speak to your bookkeeper for more in-depth advice.
BOOKKEEPING FOR ONLINE TRADERS
Specialist bookkeepers are needed now and again for certain bookkeeping niches. If international and cross-border taxes, exchange rate transfers, online payments and multi-currency processing are involved, for instance if you operate an online store, you'll want to hire a bookkeeper in Whitley Bay who is familiar with these operations. If you hold or produce the merchandise that you sell on that shop, then it will be a huge priority for your bookkeeping software or services to control your stock on a 24/7 basis, because of course, the internet never sleeps.
In combination with bookkeeping service, it's also possible to supply a virtual office. Offering a physical connection to their clients, this allows a sole trader or online only business to have a phone service and postal address. Not all Whitley Bay bookkeeping companies will supply this solution, however it's worthwhile talking about if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A qualified bookkeeper in Whitley Bay does not need to have a degree and a number of the industry qualifications are at Diploma or Certificate level. There is a variety of courses available online, although bookkeeping qualifications can still be gained through further education colleges and universities.
Certification and training for bookkeepers is mostly provided by 2 organisations:
The Association of Accounting Technicians or AAT: Providing advanced qualifications and a training schedule, the AAT or Association of Accounting Technicians, allows a fully certified member to use the letters AATQB. They can then become authorised AAT bookkeepers, backed up by this well-respected association, which guarantees a high level of service for their customers. If a bookkeeper who's a member of the AAT has a complaint against them or is found to have broken the code of conduct they can be subject to disciplinary and tribunal procedures to safeguard the values and integrity of AAT membership.
The Institute of Certified Bookkeepers or ICB: The ICB or Institute of Certified Bookkeepers is the largest on the planet and offers accreditation to certified bookkeepers, together with reference material and training to keep their members up-to-date.
By going to their websites, you're able to check out the register of AAT or ICB members, to find the accreditations of any professional bookkeeper. Before using the services of any bookkeeper in Whitley Bay it is wise to carry out this check.
What Are the Main Advantages of Using a Bookkeeper in Whitley Bay Rather Than an Accountant?
The following are a few reasons why you might choose to use a bookkeeper in Whitley Bay, as opposed to an accountant:
- Time Savings: By choosing to outsource their bookkeeping tasks, business owners can save time and concentrate on other areas of their business, for example marketing and sales.
- Cost-Effectiveness: Bookkeeping services are usually more cost-efficient when compared with accounting services, making them a good choice for startups, sole traders and small businesses looking to save on expenses.
- Specialisation: Bookkeepers have a more focused expertise in day-to-day financial record-keeping and transaction management, leading to greater effectiveness and efficiency in such tasks.
- Accessibility: Bookkeepers are normally more available to answer questions and provide support on a regular basis than an accountant, who might only be available at specific times.
- Customisable Services: Bookkeepers often provide customised services that are tailored to a business's particular needs, whereas accountants whose approach may be more general.
That being said, it's important to note that while bookkeepers can provide invaluable support, they may not have the same level of expertise or qualifications as an accountant in certain areas such as financial planning or tax preparation. In such cases, it may be necessary to check with an accountant for more specialised services.
Cash Flow Analysis
Any business must utilise cash flow analysis as a vital tool to assess its financial wellbeing. Undertaking cash flow analysis for businesses is one of the key duties of bookkeepers. It requires monitoring the cash movements of the company during a specific period, commonly monthly or quarterly. Helping the business owner to comprehend their present financial status, identify cash flow problems, and plan for the future is among the bookkeeper's duties.
The bookkeeper categorizes and reconciles all cash transactions, such as sales, investments and expenses, to provide a clear image of the company's financial condition. It can also involve forecasting cash flow for the coming months or years to help the business make informed decisions and avoid cash flow problems in the future.
What's more, a cash flow analysis can give potential lenders a better understanding of the business's financial standing and its capacity to pay back loans. A thorough and accurate cash flow analysis is an essential tool for any company looking to manage their finances effectively.
Financial statement preparation - article 211.
Bookkeepers Near Whitley Bay
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Whitley Bay Bookkeeper Tasks
Most bookkeepers in Whitley Bay will be ready to offer you the following bookkeeping and accounting services: bookkeeping for payroll, charity bookkeeping Whitley Bay, VAT returns Whitley Bay, off-site bookkeeping, company cash books in Whitley Bay, bookkeeping for small businesses, Xero bookkeeping services, bookkeeping services for freelancers, payment services, bookkeeping services, financial statement preparation, professional bookkeeping services, credit control, bookkeeping services for startups Whitley Bay, bank reconciliation in Whitley Bay, independent bookkeeping services Whitley Bay, tax returns, Sage bookkeeping services in Whitley Bay, corporation tax returns, bookkeeping services for societies, bookkeeping services for tradesmen, cash flow analysis Whitley Bay, bookkeeping services for sole traders, partnership returns in Whitley Bay, franchise bookkeeping, assistance with registering for self-employment in Whitley Bay, bookkeeping and accounting services, bookkeeping for self-employed in Whitley Bay, bookkeeping for restaurants, bookkeeping services for pubs, and more. These are just a few of the duties that are performed by local bookkeepers. Whitley Bay companies will tell you about their entire range of bookkeeping services. If there happen to be different Whitley Bay bookkeeper requirements that you need but can't see here, you can list them on the QUOTE FORM provided. We will get back to you with specifics as soon as we are able.
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