Bookkeepers Houghton-le-Spring Tyne and Wear (DH4): Regardless of whether you own a small business, are a sole trader or operate an online store in Houghton-le-Spring, you're responsible for keeping accurate, "true and fair" financial and accounting records for a minimum of six years to comply with the Companies Act. You could face thousands of pounds in fines, and possibly Company Director disqualification, if you cannot produce such information. You could perform these financial recordings yourself, yet when you consider that according to Accounting Today over 40% of small business owners spend 80 plus hours each year on their bookkeeping, it can be more economical to employ a professional accountant or bookkeeper.
If just the thought of filling out ledgers, tracking assets and liabilities, compiling balance sheets or preparing profit, loss and financial statements fills you with a sense of panic, then the time has come to contactin Houghton-le-Spring for guidance.
BOOKKEEPER OR ACCOUNTANT?
"Just what is the distinction between an accountant and a bookkeeper?" Is a question that's asked by many small business owners in Houghton-le-Spring. The fact is that even though in the past the bookkeeping process, was considered to be beneath the experience, qualifications and skill-sets of an accountant, due to software improvements over the past 10 years, many accountancy companies in the Houghton-le-Spring area will now take on bookkeeping tasks. Most accountancy firms now charge a set fee for bookkeeping services, to keep them in step with what a dedicated bookkeeper in Houghton-le-Spring would generally charge. This means the cost of bookkeeping is more affordable than it was previously, and is fantastic news for small business owners in Houghton-le-Spring since it generates a broader range of competition within this sector.
It is essentially the level of training that's necessary for each discipline, that reflects the big difference between a bookkeeper and an accountant in Houghton-le-Spring. Anwill usually a least hold an accounting degree with further training in the field of taxation and other financial and business management. A bookkeeper in Houghton-le-Spring will have an understanding of these fiscal skills, but might not have the same levels of training and experience, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
Basically, the bookkeeping process is to record the day by day financial transactions of any business in Houghton-le-Spring. This may include, but isn't limited to;
- Making sure that double-entry bookkeeping and accounting practices are followed at all times.
- Payroll services.
- VAT recording and submissions.
- Monthly reconciliations and reporting.
- Highlighting and rectifying any discrepancies in financial accounts.
- Documenting invoices received and ensuring payment is completed promptly.
- Billing of clients for work completed or goods.
- Logging of all financial incomings; including cash, electronic and card payments.
Depending on service level you are looking for, e.g. you're able to do a large majority of bookkeeping work; a professional bookkeeper might only be needed to double check your figures on a fixed schedule. To ensure that any problems or mistakes can be uncovered and corrected speedily, as a bare minimum, this ought to be on a monthly basis. This may be an extremely cost-effective trade-off, providing you are confident of staying on top of your monetary transactions without impacting on your everyday business operations.
Whatever the scenario is with your company or small business, if you are currently looking to hire a bookkeeping service in Houghton-le-Spring, there is a fair chance that you may be getting stressed about the process of financial records and taxes. Offering guidance and advice on everything from stocktaking, generating expense reports and invoicing, a good bookkeeping service will also be able to walk you through the process of linking your accounts with the latest software application to facilitate the seamless processing of all your business's financial information.
The successful reconciliation of cash flow with accounts payable is one of the most vital aspects of a good bookkeeping service. Which means that instead of paying a bill immediately, or waiting for a final notice, which a lot of small businesses are guilty of at some time or other, your bookkeeper will arrange the payment of bills to times when your accounts are buoyant and in good order. As well as keeping your business on a good financial footing, this also maintains your good standing with your service providers and suppliers. When, as an individual, you're primarily focussed on the smooth running of your business, this is a juggling act that can be difficult to perform.
For your small business, or if you are a sole trader, using a professional bookkeeper in Houghton-le-Spring, gives you an opportunity to have an unbiased eye cast over your financies. This unprejudiced evaluation can enable them to see business trends and patterns that you may have disregarded. It's by no means unusual for an intelligent bookkeeper to flag up an area of the business where profits are plummeting, or spot an opportunity which may be worthwhile. For the long-term growth of any enterprise in Houghton-le-Spring, it is vital that these key performance indicators are spotted early.
If invoices are sent out by your company it can often be humiliating to pursue a late payment. By having somebody outside your normal business situation visit your clients or make that telephone call, some of that embarrassment can be removed. There are legal methods a professional bookkeeper can use, if you have a consistent late or non-payer, and they can help to resolve the issue before the matter ends up in a claims court.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
As a sole trader the bookkeeping requirements, as laid out by law, start off comparatively straightforward. It's stated that a sole trader should monitor income and expenditure on a month by month basis and save all receipts and invoices. It's still recommended that you hire the services of a bookkeeping company, even though this may sound easy. Advising you on what legitimate business expenses you are able to claim back, a specialist sole trader bookkeeper in Houghton-le-Spring will look after your dealings with HMRC. This may include consumables, rent and bills if you work from home, stationery goods, advertising expenses and items such as computers. Chat to a trusted bookkeeper for more comprehensive advice and discover how they may be able to help your small business to grow and prosper.
There are a number of niche businesses where a specialist bookkeeper may be essential. You will require a bookkeeper in Houghton-le-Spring who is familiar with multi-currency processing, online payments, international and cross-border taxes and exchange rate transfers, if you run an online store for example. If you produce or hold the merchandise that you distribute through that shop, then it is going to be a vital concern for your bookkeeping services and software to maintain your inventory on a 24/7 basis, since the internet never sleeps.
A virtual office can also be provided in conjunction with bookkeeping services. This can be valuable in allowing a sole trader or online only business to have a postal address and telephone service to offer a physical connection to their customer base. Not all Houghton-le-Spring bookkeepers will provide this solution, but it is worthwhile discussing the possibilities if it is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified Houghton-le-Spring bookkeeper need not have a degree and many the industry qualifications are at Diploma and Certificate level. Bookkeeping qualifications can be obtained through further education universities and colleges but there are also an ever-growing selection of courses offered online.
There are basically two principal organisations that provide certification and training for bookkeepers:
The Institute of Certified Bookkeepers or ICB: The largest organisation in the world is the the ICB or Institute of Certified Bookkeepers, and it supplies accreditation to certified bookkeepers, along with reference material and training to ensure their members are up-to-speed with the latest trends.
The AAT or Association of Accounting Technicians: Entitled to use the letters AATQB, a certified member of the Association of Accounting Technicians (AAT) will have undergone advanced qualifications and training in bookkeeping practice. They're then entitled to become authorised AAT bookkeepers, which promises their customers a level of service which is backed by the organisation. If a bookkeeper who is associated with the AAT is found to have contravened the code of practice or has a complaint against them, they will be liable to disciplinary and tribunal procedures to protect the integrity and values of the aat membership.
The qualifications of any Houghton-le-Spring bookkeeper can be verified on the register of AAT or ICB members on their respective websites. Prior to using the services of any bookkeeping company in Houghton-le-Spring, it's always a wise idea to undertake such checks.
Bookkeeping Houghton-le-Spring - Outsourcing Options
All businesses in Houghton-le-Spring should understand the significance of bookkeeping. It helps business people monitor the money left in their bank account, the total value of their assets and liabilities, their outgoings and incomings, and so forth. With the owner of the business having to handle a lot of concerns and issues while running a business, the task of carrying out the bookkeeping is sometimes outsourced to freelance bookkeepers or a bookkeeping company in Houghton-le-Spring.
If a company in Houghton-le-Spring hires a bookkeeper in order to become an employee, the company will need to fork out a substantial amount of money in training that person for the purpose of doing the bookkeeping duties. On top of that, there is no guarantee that the individual will stay after the training is concluded. In that case, the company will have wasted a significant amount of money. Apart from that, companies will need to seek out solutions to offer benefits and incentives to keep the fully trained employee there. These are just a handful of the reasons behind companies enlisting the services of bookkeeping companies and professional bookkeepers in Houghton-le-Spring.
Business owners in Houghton-le-Spring can look for the following options with the bookkeeping company that offers outsourcing services. Check and find out how much savings can be enjoyed by outsourcing the bookkeeping work. Seeing that the expenses relating to hiring and training in-house staff is an enormous concern, it would be sensible on the part of business owner in Houghton-le-Spring to focus on an outsourcing company that can offer savings. Try to get first hand information regarding the systems and methods employed by the company involved in bookkeeping services. It's extremely important to get high quality accounting services and greater security for your financial data. By quality, one means precise, reliable, and real-time bookkeeping data delivered within the agreed timeframe. In short, the company that offers bookkeeping services in Houghton-le-Spring should have a well protected system that can be relied on and trusted.
Using a Bookkeeper for Tax Returns
You may be required to file a self-assessment tax return if you're self-employed or have a small business in the United Kingdom. This task can be daunting, as the process can be complex if you aren't familiar with it. A good bookkeeper can help you to keep your records in order and prepare your tax return on time and accurately.
For your tax returns, employing a bookkeeper can be beneficial in several ways. To make sure that your return is completed correctly, they will have experience and expertise. This should help you to avoid any penalties or interest charges from HMRC. Second, the use of a bookkeeper can save you a lot of stress, time and hassle. They'll handle all of the paperwork and calculations, freeing you up to concentrate on the running of your business. Third, essential advice on tax planning can be provided by a bookkeeper in Houghton-le-Spring. This can help to maximise your profits and minimise your tax liability. (70193)
Bookkeepers Near Houghton-le-Spring
Also: New Town bookkeepers, Middle Rainton bookkeepers, East Rainton bookkeepers, Grasswell bookkeepers, Leamside bookkeepers, Slingley Hill bookkeepers, West Rainton bookkeepers, Newbottle bookkeepers, Castle Dene bookkeepers, Bournmoor bookkeepers, Ryhope bookkeepers, Colliery Row bookkeepers, Fence Houses bookkeepers, Great Eppleton bookkeepers, Philadelphia bookkeepers, Old Burdon bookkeepers and more.
Houghton-le-Spring Bookkeeper Tasks
Most Houghton-le-Spring bookkeepers will be able to offer you the following bookkeeping and accounting services: bookkeeping services for self-employed people in Houghton-le-Spring, bookkeeping services, bookkeeping services for small business, Self-Assessment tax returns, bookkeeping services for shops, bookkeeping for charities, maintaining fixed asset registers in Houghton-le-Spring, bookkeeping for freelancers, bookkeeping for home-based businesses, wages & PAYE, letting agent bookkeeping in Houghton-le-Spring, cash flow analysis, Sage bookkeeping services, partnership returns, bookkeeping for payroll, tax return preparation, general bookkeeping services, franchise bookkeeping Houghton-le-Spring, tax returns, QUOTE FORM provided. We will be in touch with details just as soon as we can.Houghton-le-Spring, , bookkeeping services for organisations in Houghton-le-Spring, bookkeeping for restaurants, bookkeeping and accounting services in Houghton-le-Spring, bookkeeping for tradesmen, bookkeeping quotations, management reports, , in Houghton-le-Spring, financial statement preparation, and more. Listed are just a few of the tasks that are accomplished by local bookkeepers. Houghton-le-Spring companies will let you know their whole range of services. If there happen to be other Houghton-le-Spring bookkeeper requirements that you need but can't see here, you can mention them on the
Bookkeeper Houghton-le-Spring - Bookkeepers Houghton-le-Spring - Sole Trader Bookkeeping Houghton-le-Spring - Sole Trader Bookkeepers Houghton-le-Spring - VAT Returns Houghton-le-Spring - Bookkeepers Near Houghton-le-Spring - Cheap Bookkeeping Houghton-le-Spring - Bookkeeping Accountants Houghton-le-Spring - Bookkeeping Houghton-le-Spring