Bookkeepers Durham County Durham (DH1): For anyone in Durham who runs an online store, operates a small business or acts as a sole trader, it's their sole responsibility to maintain accurate, "true and fair" accounting and financial records for a minimum of 6 years. This is according to the Companies Act (2006). If you can't produce this information, you may face disqualification as a Company Director and get thousands of pounds in fines. According to Accounting Today magazine over 40% of small businesses spend at least 80 hours per year doing their accounts, so although you can do these financial records yourself, it's often more cost-effective to use a professional to do them for you.
The time has come to contactin Durham for guidance, if you're filled with panic simply thinking about writing ledgers, tracking liabilities and assets, producing balance sheets or preparing profit, loss and financial statements.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by a lot of people in Durham is "Exactly what is the distinction between a bookkeeper and an accountant?" The reality is that whilst at one time the bookkeeping process, was deemed beneath the experience, skill set and qualifications of an accountant, due to significant improvements in software over the past decade, a lot of accountancy firms in Durham will now undertake bookkeeping. It's currently fairly common for many accountancy companies to have a flat rate for bookkeeping services commensurate with an independent. This is good news for business owners in Durham as it offers a broader range of competition within the industry and can make the cost of your bookkeeping much more affordable than initially thought.
When you're looking at the differences between a bookkeeper and an accountant in Durham, the most notable one is the standard of training that is required for each discipline. Anwill usually a least hold a degree in accounting with additional training in the field of taxation and other business and financial management. While in Durham will have a fair grasp of such skills, they might not have these qualifications or levels of experience and training in this field.
RESPONSIBILITIES OF A BOOKKEEPER IN DURHAM
The act of bookkeeping put simply, is to record the daily fiscal transactions of any business in Durham. This will likely include, but is by no means limited to;
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Highlighting and rectifying any discrepancies in financial accounts.
- Monthly reconciliation and reports.
- Recording of all financial incomings; including cash, card and electronic payments.
- Billing of clients for work completed or goods.
- Logging invoices received and making sure payment is completed by the due date.
- Payroll services.
- VAT submissions and recording.
Depending on the level of service you are looking for, e.g. you're prepared to carry out the majority of bookkeeping work; a bookkeeper may just be necessary for double-checking your records on a set schedule. As a bare minimum this should really be each month, to facilitate the swift identification and correcting of any problems or mistakes. This could be an extremely cost-effective trade-off, provided that it is possible to stay up-to-date with your financial transactions without affecting your day by day business operations.
Whatever your situation, if you are thinking of hiring a bookkeeping firm it's a good bet that you might be stressed with the financial recording side of your business in Durham. A professional bookkeeping company will be able to offer advice and guidance on everything from preparing expense reports, invoicing and stocktaking, to linking the most up-to-date software with your business accounts to facilitate the seamless arrangement of transactional data.
The reconciliation of cash flow with accounts payable is one of the most important elements of good bookkeeping practice. Which means that your bookkeeper will arrange bill payments to a time when your finances are buoyant, instead of paying a bill immediately, or waiting for an overdue notice, which a lot of small businesses in Durham are guilty of. This does not just keep your enterprise or business financially stable, but keeps you in favour with suppliers and those businesses who provide you with services. This is just one of those balancing acts that can be challenging to accomplish when you're inevitably focussed on the smooth running of your daily business activities.
Employing a competent bookkeeper in Durham, if you are a sole trader, or for your small business also gives them the opportunity to cast an expert eye over your financies. Business trends and patterns that might have otherwise gone unnoticed may be pinpointed by this sort of objective evaluation. It isn't uncommon for a bookkeeper to identify a new opportunity or flag an area of the business which is falling in profits. It is important for ensuring the growth of any business enterprise in Durham, to spot such KPI's (key performance indicators).
It can often be quite embarrassing to pursue a late payment if your business gives out invoices. Having a professional outside your normal business bubble, can take the embarrassment away from making that phone call or visit to your customer. To help resolve the matter, if you have a persistent late payer, there are legal techniques that can be used by a bookkeeper, so legal proceedings can be avoided.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal bookkeeping requirements if you're a sole trader, are relatively straightforward and simple. It is stated that sole traders must track expenditure and income on a monthly basis and save all invoices and receipts. Now, this doesn't sound that hard does it? But, it is still a good idea to retain the services of a bookkeeping company to ensure that it's all done correctly. So that you can claim back all bonafide business expenses from HMRC, a professional sole trader bookkeeper in Durham will be able to advise you on what you have to do. This may include advertising expenses, items such as computers, stationery goods, bills and rent if you work from home and printer ink. To discover how they can help your business to grow, talk to a trusted bookkeeper for more in-depth advice and guidance.
Specialisedare often necessary for certain bookkeeping niches. If cross-border and international taxes, exchange rate transfers, multi-currency processing and online payment procedures are involved, for example if you run a store online, you will need to hire a bookkeeper in Durham who understands these operations. If the same store sells goods you produce or hold, then keeping track of inventory on a 24/7 basis is a massive priority, as I'm sure you'll be aware the internet does not sleep, therefore nor should your bookkeeping services and software.
In conjunction with bookkeeping services, it's also possible to supply a remote virtual office. This enables a sole trader or online only business to provide a physical link with their clients, via a telephone service and postal address. Not all Durham bookkeepers will be able to provide this solution, but it is worth talking about if it's something that could benefit you.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A professional Durham bookkeeper does not need to hold a university degree and a lot of qualifications in this sector are at Certificate or Diploma level. If the preferred route to qualification is via further education colleges and universities, this possibility is still available, whereas there there is an ever-increasing number of bookkeeping courses available online.
There are 2 key training and certification organisations which represent bookkeepers:
The Association of Accounting Technicians (AAT): With certified bookkeepers being able to use the letters AATQB, the AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications. They're then able to become certified AAT bookkeepers, which assures their customers a certain standard of service which is backed by the organisation. If a bookkeeper who's a member of the AAT is found to have broken the code of practice or has a complaint against them, they will be subject to tribunal and disciplinary processes to safeguard the credibility of the aat membership.
The Institute of Certified Bookkeepers or ICB: Keeping their associated members up-to-date with the latest trends, the ICB or Institute of Certified Bookkeepers is the largest organisation of its kind anywhere in the world, providing accreditation to qualified bookkeepers, along with training and reference material.
The qualifications of any professional Durham bookkeeper can be verified on the register of ICB or ATT members on their websites. Before you retain the services of any local bookkeeper in Durham it is advised to implement this check.
Bookkeeping services are available for people living in in Durham and also in nearby places like: High Pittington, Dragonville, Houghall, Brancepeth, Sherburn, Bishop Aukland, Broompark, Bearpark, Croxdale, Chester le Street, and in these postcodes DH1 1NH, DH1 1QB, DH1 1NJ, DH1 1AL, DH1 1JY, DH1 1NW, DH1 1RH, DH1 1PR, DH1 1PA, DH1 1SH. Local Durham Bookkeepers will probably have the telephone code 0191 and the postcode DH1. Verifying this will ensure that you access locally based bookkeepers. Durham sole traders and business owners can utilise these and lots of other comparable services.
The UK requires self-employed people or those with small businesses to file a self-assessment tax return if necessary. This task can be challenging, as the process can be complex if you aren't familiar with it. A qualified bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records in order.
For your tax returns, employing a bookkeeper can be beneficial in several ways. Experience and expertise will make sure that they complete your return correctly. This will help you avoid any problems with HMRC, such as interest charges or penalties. Secondly, bookkeepers can save you time and hassle. All of the paperwork and calculations will be taken care of by them, so you can focus your attention on the running of your business. Third, Durham bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This enables you to minimise your tax liability and maximise your profits. (70193)
Durham Bookkeeper Questions
Over the last few days I've been mulling over the typical questions people ask in regard to bookkeepers in Durham. Many of our visitors have put forward some justifiable questions that I thought might be applicable to this article. The ones I chose are, Is bookkeeping and accounting the same? What qualifications does a bookkeeper have? Why does a bookkeeper prepare a trial balance? Which bookkeeping certification is best in the UK? What makes a great bookkeeper? What does bookkeeping involve? How much do bookkeepers charge? When should I hire a bookkeeper? What are the advantages of an accountant over a bookkeeper? Most of these questions hopefully have been covered in this article, and if some remain unanswered we will soon be adding a bookkeeping "Questions and Answers" section. My thanks go to Joe Clarke, Ivan Atkinson, Talha Walters and Aaliyah Smart from Durham, for taking the trouble to send in these excellent questions. We also got questions from Penelope Coles in Bishop Aukland, Oliver Pike in Brancepeth and Elizabeth Adamson in Chester le Street.
Durham Bookkeeper Tasks
Most bookkeepers in Durham will be prepared to offer you the following bookkeeping services: tax returns Durham, QUOTE FORM provided. We will be in touch with information as soon as we are able., , , , bookkeeping for charities, bookkeeping for freelancers, off-site bookkeeping, Self-Assessment tax returns, mobile bookkeeping services, profit & loss reports, Xero bookkeeping services, bookkeeping services for tradesmen, wages & PAYE, bookkeeping services, bookkeeping services for limited companies, accounting and bookkeeping services in Durham, bookkeeping for small businesses, franchise bookkeeping, bookkeeping services for organisations, bank reconciliation, landlord bookkeeping, business bookkeeping, letting agent bookkeeping Durham, Kashflow bookkeeping Durham, bookkeeping services for retail outlets, bookkeeping services for clubs Durham, bookkeeping for pubs, corporation tax returns, bookkeeping for payroll in Durham, and more. Listed are just a selection of the duties that are undertaken by local bookkeepers. Durham companies will be happy to tell you about their full range of services. If there happen to be different Durham bookkeeper requirements that you want but don't see here, you should mention them on the
Bookkeepers Near Durham
Also: Chester le Street bookkeepers, Brancepeth bookkeepers, Bearpark bookkeepers, Broompark bookkeepers, Dragonville bookkeepers, Sherburn bookkeepers, Croxdale bookkeepers, Bishop Aukland bookkeepers, Houghall bookkeepers, High Pittington bookkeepers and more.
- Accountancy Packages
- Bookkeeping Price Quotes
- Profit and Loss Reporting
- Self-Assessment Bookkeeping
- Cheap Bookkeeping
- Small Business Bookkeeping
- Credit Control
- Double-Entry Bookkeeping
- Bookkeeping Services
- VAT Returns
- Tax Returns
- Wages PAYE and CIS
- Payroll Services
- Cash Flow Analysis
Bookkeepers Around Durham: People living in these local Durham roads and areas have recently inquired about bookkeeping services - Coldwell Close, Donnini Place, Allendale Terrace, Cross Street, Durham Moor, School Court, Beechcroft Close, St Cuthberts Way, St Lawrence Road, Town Kelloe, Blackhouse, Coopers Close, Bainbridge Street, Dene Crescent, Thornley Station Industrial Estate, South View, Sharp Crescent, Stanhope Close, St Marys Terrace, Shire Chase, Brancepeth View, Sleetburn Lane, Alexandra Close, Shaftsbury Drive, Cartington Road, South Side, Sutherland Grove, Cookes Wood, Brook View, as well as the following Durham area postcodes: DH1 1NH, DH1 1QB, DH1 1NJ, DH1 1AL, DH1 1JY, DH1 1NW, DH1 1RH, DH1 1PR, DH1 1PA, DH1 1SH.
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Bookkeeping Jobs Durham: Find bookkeeping jobs near Durham here: Durham Bookkeeping Jobs
Bookkeepers in DH1 area, and dialling code 0191.
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