Bookkeepers Gateshead Tyne and Wear (NE8): To comply with the Companies Act (2006), if you own a small business, run an online store or are a sole trader in Gateshead, you are responsible for maintaining "true and fair", accurate accounting and financial records for at least 6 years. Failing to produce these records may leave you facing disqualification as a Company Director, along with thousands of pounds in fines. There is a large investment of time involved with maintaining these financial recordings on your own behalf, and it is often better to employ a professional accountant or bookkeeping service, especially when you consider that according to Accounting Today over forty percent of small business owners spend at least 80 hours annually doing their bookkeeping duties.
It's high time to get in touch within Gateshead for assistance, if just the thought of writing ledgers, preparing profit, loss and financial statements, tracking liabilities and assets or compiling balance sheets fills you with dread.
BOOKKEEPER OR ACCOUNTANT?
A common query that's asked by many people in Gateshead is "What exactly is the distinction between a bookkeeper and an accountant?" In the past it was typically looked at as to be beneath the qualifications, skill set and experience of an accountant to do the work of a bookkeper, however due to improvements in software over the past 10 yrs or so, many bookkeeping tasks will now be taken on by accountancy companies in the Gateshead area. For many accounting firms it's now common practice to charge a set rate for bookkeeping services, so that they are in line with the usual charges of an independent bookkeeper in Gateshead. This is excellent news for business owners as it generates a broader range of competition within the industry and can make your bookkeeping costs far more affordable than initially thought.
When thinking about the biggest difference between a bookkeeper and an accountant, it's the standard of qualification and training that's needed for each of these disciplines. Anwill, at a minimum, hold an accounting degree, and should have also had additional training in financial and business management, and taxes. A bookkeeper in Gateshead may not hold the qualifications or levels of experience and training, but should still have a decent understanding of these procedures.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily transactions (financial) of any business enterprise in Gateshead, describes the act of bookkeeping in simple terms. This may include, but isn't limited to;
- Ensuring accounting and double-entry bookkeeping practices are followed.
- VAT submissions and recording.
- Documenting invoices received and ensuring payment is completed on time.
- Payroll services.
- Monthly reconciliation and reporting.
- Logging of all financial incomings; electronic, cash and card payments included.
- Highlighting and rectifying any discrepancies in financial accounts.
- Billing of clients for goods or work completed.
Based upon service level you require, e.g. you are happy to do most of your bookkeeping work; a professional bookkeeper may only be necessary for double-checking your accounts every once in a while. To enable any problems or mistakes to be discovered and rectified promptly, this ought to be on a monthly basis at the bare minimum. So long as you are confident of keeping up-to-date with your monetary transactions without impacting on your day by day business activities, this trade-off can be the most economical solution.
If you're presently considering hiring a bookkeeping service in Gateshead, whatever your circumstances are, there's a fair chance that you may be stressed with your tax and financial procedures. A professional bookkeeping company will be able to give advice and guidance on everything from stocktaking, creating expense reports and invoicing, to linking the latest software with your accounts to facilitate the seamless sorting of financial data.
An especially crucial aspect of good bookkeeping is being able to reconcile accounts payable with cash flow. This means that by organising the payment of bills to times when your accounts are buoyant and in good order, your bookkeeper will avoid the mistake that a lot of small businesses in Gateshead are guilty of i.e. paying an outstanding bill right away, or waiting for an overdue notice. This doesn't just keep your business enterprise financially sound, but keeps you in the good books of suppliers and those who supply you with services. This is a balancing act that can be hard to perform on your own when you're completely focussed on running your company.
For your small business, or if you're a sole trader, using a qualified bookkeeper in Gateshead, gives you an opportunity to have an unrelated eye cast over your business. Business trends and patterns that you might have disregarded could be highlighted by this sort of dispassionate appraisal. It's by no means uncommon for a smart bookkeeper to flag up an area where profits are decreasing, or spot a brand new opportunity that could be worth investigation. It is crucial for the growth and success of any enterprise in Gateshead, to spot these KPI's (key performance indicators).
It can often be rather uncomfortable to chase up late payments if your company sends out invoices. If that telephone call or visit to your customers is done by an independent person outside your business bubble, it's possible for some of that apprehension to be removed. There are legal strategies a bookkeeper can make use of, if you have problems with a persistent late or non-payer, and these can help to clear up the situation before the matter winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty uncomplicated bookkeeping requirements for sole traders, that are set out in law. It's stated that a sole trader must keep a record of income and expenditure from month to month and retain all receipts and invoices. Now, this does not sound too tough does it? Yet, it is still recommended that you hire the expertise of a bookkeeping company to make certain that it's all done right. So that you can claim back genuine business expenses from HMRC, a professional sole trader bookkeeper in Gateshead will be able to advise you on what you must do. This may include rent and bills if you work from home, advertising, items such as laptops, stationery goods and consumables. For more in-depth advice, chat to your local bookkeeper, and learn how they may be able to help your small business to thrive and grow moving forward.
BOOKKEEPING FOR ONLINE TRADERS
Some business enterprises that operate in niche areas, might need to employ a specialised bookkeeping service. If cross-border and international taxes, multi-currency processing, online payments and exchange rate transfers are involved, for instance if you run a store online, you'll be wise to hire a bookkeeper in Gateshead who understands these practices. If you hold or produce the goods that you sell through that store, then it is going to be a major priority for your bookkeeping services and software to deal with your your stock on a 24/7 basis, since the internet doesn't sleep.
A virtual office can also be provided in conjunction with your bookkeeping services. This allows an online only business or sole trader to have a telephone service and postal address to provide a physical connection to their clients. Not all bookkeeping companies in Gateshead will provide this option, but it is worth discussing the possibilities if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many qualifications for the field of bookkeeping are at Diploma or Certificate level, and a qualified bookkeeper in Gateshead doesn't need to have a degree. Although there are a number of online courses available, bookkeeping qualifications can still be obtained via further education universities and colleges, if that's the chosen route.
There are two primary certification and training organisations which represent bookkeepers:
The AAT or Association of Accounting Technicians: The AAT or Association of Accounting Technicians provides advanced qualifications and training allowing fully certified bookkeepers to use the letters AATQB. They are then entitled to become registered AAT bookkeepers, which promises their clients a standard of service which is backed up by the association. To protect the trustworthiness of the AAT, an AAT bookkeeper can be liable to tribunal and disciplinary processes if they are found to have broken the code of conduct or had a complaint made against them.
The Institute of Certified Bookkeepers or ICB: Keeping their members up-to-date with the latest trends, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind on the planet, providing accreditation to certified bookkeepers, in addition to reference material and training.
The qualifications of any bookkeeper can be verified on the register of ICB or ATT members on their respective websites. It is generally a good idea to perform this check, before employing any local bookkeeper in Gateshead.
Bookkeeping services are available for people living in in Gateshead and also in: Eighton Banks, Sheriff Hill, Pelaw, Saltwell, Springwell, Mount Pleasant, Windy Nook, Deckham, High Fell, Wrekenton, Dunston Hill, Felling, High Felling, Heworth, Bensham, and in these postcodes NE10 0RQ, NE10 0QP, NE10 0PY, NE10 0RP, NE10 0TF, NE10 0EE, NE10 0AY, NE10 0ET, NE10 0HF, NE10 0EQ. Local Gateshead Bookkeepers will likely have the postcode NE8 and the telephone dialling code 0191. Checking this will guarantee that you are accessing locally based bookkeepers. Gateshead sole traders and business owners can utilise these and various other similar services.
Getting your VAT returns done by a bookkeeper in Gateshead can be a great option for small business owners who want to ensure their tax compliance while freeing up their own time to focus on other important aspects of their business. With the assistance of, your VAT return can be expertly taken care of, encompassing every element, from calculating the amount of VAT you owe or are entitled to, submitting your return to HMRC, and ensuring that all your transaction records are up-to-date. In addition, a bookkeeper can provide you with valuable guidance on how to minimize your VAT liability and ensure that you are taking advantage of all eligible VAT claims. With the assistance of a bookkeeper, you can rest easy knowing that your VAT returns are being managed precisely and efficiently, providing you with the opportunity to focus on the growth of your business in Gateshead. To conclude,by enlisting the services of a bookkeeper in Gateshead, small business owners can benefit from a cost-effective, efficient, and trustworthy way of managing their VAT returns, ensuring compliance with tax rules, reducing their tax liability, and freeing up time to focus on business development.
What Are the Main Advantages of Using a Bookkeeper in Gateshead Over an Accountant?
There are several advantages to using a bookkeeper rather than an accountant, including:
- Customisable Services: Bookkeepers can provide customised services that are tailored to a business's specific needs, whereby accountants whose approach may be more general.
- Cost: Bookkeeping services are frequently cheaper than accounting services. This makes them a cost-effective choice for small businesses and startups.
- Accessibility: Bookkeepers are usually more available to answer questions and provide support on a regular basis than an accountant, who might only be available at specific times.
- Time Savings: By outsourcing their bookkeeping tasks, businesses can save time and focus on other aspects of their business, such as sales and marketing.
- Expertise: Bookkeepers frequently have a more specialised focus on day-to-day financial transaction management and record-keeping, which can make them more effective and efficient in such tasks.
That being said, you need to note that whilstcan provide valuable support, they might not have the same level of qualifications or expertise as an in certain areas such as tax preparation or financial planning. In these cases, it might be necessary to go to an accountant when more specialised services are needed.
Gateshead Bookkeeper Tasks
Most bookkeepers in Gateshead will be able to provide you with the following accounting and bookkeeping services: Xero bookkeeping services, QUOTE FORM provided. We will be in touch with specifics just as soon as we can.in Gateshead, VAT returns, off-site bookkeeping services, bookkeeping services in Gateshead, accounting and bookkeeping services, profit & loss reports, financial statement preparation, bookkeeping for limited companies in Gateshead, charity bookkeeping Gateshead, invoice processing, payment services, Self-Assessment tax returns, , bookkeeping for clubs, bookkeeping quotations, in Gateshead, independent bookkeeping services, in Gateshead, general bookkeeping services, cash flow analysis Gateshead, letting agent bookkeeping, bookkeeping for shops, partnership returns, bookkeeping services for small business, bookkeeping for restaurants, Quickbook bookkeeping, , Kashflow bookkeeping, management reports, and more. These are just a selection of the tasks that are handled by local bookkeepers. Gateshead companies will let you know their full range of services. If there happen to be additional Gateshead bookkeeper requirements that you want but can't see here, you can mention them on the
Bookkeepers Near Gateshead
Also: Mount Pleasant bookkeepers, Wrekenton bookkeepers, Dunston Hill bookkeepers, Springwell bookkeepers, High Felling bookkeepers, Deckham bookkeepers, Bensham bookkeepers, Pelaw bookkeepers, Felling bookkeepers, Eighton Banks bookkeepers, Heworth bookkeepers, High Fell bookkeepers, Sheriff Hill bookkeepers, Saltwell bookkeepers, Windy Nook bookkeepers and more.
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- Profit and Loss Analysis
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To find out local information relating to Gateshead, Tyne and Wear look here
Bookkeepers in NE8 area, and dialling code 0191.
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