Bookkeepers South Shields Tyne and Wear (NE33): According to the Companies Act, if you operate a small business, run an online store or are a sole trader in South Shields, you are responsible for maintaining accurate, "true and fair" accounting and financial records for at least 6 yrs. If you are unable to produce this information you might face a hefty fine and possibly disqualification as a Company Director. According to Accounting Today over forty percent of small businesses spend at least 80 hours annually doing their bookkeeping, therefore whilst you can accomplish these financial records yourself, it can pay you to use a professional accountant or bookkeeper to do them for you.
It's time to contact a bookkeeper in South Shields for advice, if the idea of compiling balance sheets, preparing profit, loss and fiscal reports, tracking liabilities and assets or filling out ledgers brings you feelings of dread.
BOOKKEEPER OR ACCOUNTANT?
Precisely what is the distinction between a bookkeeper and an accountant is the first question that springs to mind for many small business owners in South Shields. The truth is that while in the past many accountants considered the task of bookkeeping to be beneath their qualifications, skill-sets and experience, many accountancy firms in South Shields will now undertake most bookkeeping duties, because of software developments over the past 10 years. For many accountancy companies it is now quite common to charge a fixed fee for bookkeeping services, so that they are in line with the normal charges of a typical bookkeeper in South Shields. Since it offers a wider range of competition within the marketplace, this is fantastic news for business owners in South Shields, making their bookkeeping much more affordable than it previously was.
When considering the main difference between an accountant and a bookkeeper in South Shields, it is the amount of training and qualification that is required for each of these disciplines. At least a degree in accounting with specialist training in the field of taxes and other business and fiscal management, will typically be held by an accountant. A bookkeeper in South Shields might not necessarily hold the qualifications or levels of experience and training, but will still have a decent understanding of such skills.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day by day transactions (financial) of any business or enterprise in South Shields, describes the process of bookkeeping in simple terms. This will include;
- Monthly reporting and reconciliations.
- The billing of customers for goods or work completed.
- Recording the receipt of invoices and making sure that payment is completed promptly.
- Payroll services.
- Highlighting any discrepancies in financial accounts and rectifying them.
- Recording of all financial incomings; electronic, card and cash payments included.
- Ensuring double-entry bookkeeping and accounting practices are observed.
- VAT recording and submissions.
Whilst it is dependent on the extent of the service you are looking for, if you are able to undertake the larger part of your own bookkeeping work, a professional bookkeeper may just be needed to double check your accounts periodically. To enable any mistakes or problems to be discovered and corrected promptly, this ought to be every month as a bare minimum. This might be the most cost-effective trade-off, as long as you are confident of remaining up-to-date with your monetary transactions without affecting your everyday business operations.
There is a fair chance that if you are looking to hire a bookkeeper in South Shields, you are currently stressed with the financial recording side of your small business. A good bookkeeping company will be able to offer assistance with everything from invoicing, stocktaking and producing expense reports, to linking your accounts with the most up-to-date computer software to enable the seamless organisation of financial data.
The ability to reconcile accounts payable with cash flow, is an extremely crucial element of a good bookkeeper. Which means that your bookkeeper will prioritise bill payments to times when your finances are in good shape and buoyant, instead of paying off a bill right away, or waiting on a final notice, which a lot of small businesses are guilty of doing. Along with keeping your business enterprise financially stable, this also keeps you in favour with your service providers and suppliers. This is a balancing act that you may find difficult to accomplish as an individual when you're mostly focussed on the operation of your company.
If you're a sole trader, or operate a small business, using a certified bookkeeper in South Shields, also gives them the chance to cast an eagle eye over the financial dealings of your business. It is quite possible that an impartial evaluation like this will showcase business trends and patterns that have been missed previously. It's not unheard of for a bookkeeper to recognise an opportunity or flag up an area of the business which is dropping in profits. For the long-term growth of any business in South Shields, it is essential that these key performance indicators (KPI's) are spotted as early as possible.
Having to pursue a late payment can be an embarrassing situation for you, if you give out invoices in your business operations. Some of that awkwardness can be taken away by having someone outside your normal business situation visit your client or make that phone call. A professional bookkeeper can make use of legal options to deal with a consistent late or non-payer, and without the need for claims court proceedings, help to resolve the situation.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
There are some pretty uncomplicated bookkeeping requirements for sole traders, which are set out in law. In essence, sole traders should retain all receipts and invoices, and keep records of income and expenditure on a monthly basis. It's still a good idea to hire the expertise of a bookkeeper, even if this may at first sound simple. So that you can claim back all bonafide business expenses from HMRC, a specialised sole trader bookkeeper in South Shields can give you advice on what must be done. This could include rent and bills if you work from home, printer ink, advertising expenses, items such as computers and stationery goods. To learn how they can help your business to grow and prosper, talk to your local bookkeeper for more in-depth advice.
BOOKKEEPING FOR ONLINE TRADERS IN SOUTH SHIELDS
Certain small businesses that work in niche markets, might need to hire a specialised bookkeeping service. If, for example, you run an online store, you're going to need a bookkeeper in South Shields who understands online payments, exchange rate transfers, multi-currency processing and international and cross-border taxes. Managing your inventory and stock on a 24/7 basis is also a major concern, if that same shop sells goods that you produce or hold, after all the internet does not sleep, therefore neither should your bookkeeping software or services.
In combination with bookkeeping services, it is also possible to provide a virtual office. This is handy in allowing an online only business or sole trader to have a postal address and telephone service to offer a physical link with their customer base. Not all bookkeepers in South Shields will be able to provide this service, but it's worth discussing the possibilities if it's needed.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A lot of the bookkeeping industry qualifications are at Diploma or Certificate level, and it isn't necessary for a qualified bookkeeper in South Shields to have an accounting degree. Although there's an ever-increasing range of online courses available, bookkeeping qualifications can still be gained through further education colleges and universities, if that's the preferred route.
To provide training and certification for bookkeepers, there are basically two principal organisations of interest:
The Association of Accounting Technicians or AAT: With certified members being able to use the letters AATQB after their name, the AAT or Association of Accounting Technicians provides advanced qualifications and a training schedule. They can then become accredited AAT bookkeepers, approved by this respected organisation, which promises a high level of service for their customers. To safeguard the credibility of the AAT membership, a bookkeeper who's affiliated with the AAT can be subject to disciplinary and tribunal processes if it's found that they've violated the code of conduct or have had a complaint made against them.
The Institute of Certified Bookkeepers or ICB: Offering accreditation to certified bookkeepers, along with reference material and training to keep their members informed about the latest trends, the Institute of Certified Bookkeepers or ICB is the largest bookkeeping organisation in the world.
By viewing the register of ICB or ATT members on their respective websites, it is possible to check out the qualifications of any professional South Shields bookkeeper. Before hiring any local bookkeeper in South Shields it is recommended that you perform this check.
Bookkeeping services are available in South Shields and also nearby in: Boldon Colliery, Monkwearmouth, West Boldon, Seaburn, Harton, Simonside, Horsley Hill, Marsden, West Park, Primrose, East Boldon, West Harton, Westoe, as well as in these postcodes NE33 2ES, NE33 2EB, NE33 1JF, NE33 1BB, NE33 1SD, NE33 2DW, NE33 2DR, NE33 2EJ, NE33 1PU, NE33 1AW. Locally based South Shields Bookkeepers will most likely have the telephone dialling code 0191 and the postcode NE33. Verifying this will make sure that you are accessing locally based bookkeepers. South Shields sole traders and business owners will be able to benefit from these and countless other bookkeeping related services.
Franchise bookkeeping South Shields.
Bookkeeping Enquiries Tyne and Wear
Latest Tyne and Wear bookkeeping enquiries: Brody Gallagher in Warden Law was enquiring about bookkeeping for his reading club. Adyan Boulton in Benton, Tyne and Wear was asking about bookkeeping services for his online business. Jiya Sallis wanted a bookkeeper for her franchise business in Earsdon. Oakley Robinson from Kibblesworth, Tyne and Wear was interested in bookkeeping for his rugby club. Steffan Morley from Castletown was looking for bookkeeping for his bar. Raja Mcculloch in Backworth, Tyne and Wear asked the question "are there any qualified?". Pippa Tilley from Burdon was hunting for for her diner. Bianca Black was searching for Gosforth. All these people did a search for "Bookkeepers Tyne and Wear" and discovered this web page on Google, Yahoo or Bing.
South Shields Bookkeeper Tasks
Most bookkeepers in South Shields will be prepared to provide you with the following bookkeeping and accounting services: bookkeeping services for freelancers, bookkeeping for pubs, management reports South Shields, off-site bookkeeping services in South Shields, bookkeeping for limited companies, QUOTE FORM provided. We'll get back to you with information just as soon as we can.in South Shields, bookkeeping for payroll in South Shields, general bookkeeping services, bookkeeping for charities, South Shields, accounting and bookkeeping services, landlord bookkeeping South Shields, PAYE & wages in South Shields, South Shields, charity bookkeeping South Shields, bookkeeping services South Shields, tax returns South Shields, bookkeeping for tradesmen, company cash books South Shields, accounting and bookkeeping, bookkeeping services for restaurants, management accounts in South Shields, partnership returns, franchise bookkeeping South Shields, accountancy packages, Self-Assessment tax returns, mobile bookkeeping services South Shields, VAT returns, and more. These are just some of the duties that are accomplished by local bookkeepers. South Shields providers will be happy to tell you about their entire range of services. If there are additional South Shields bookkeeper requirements that you want but can't see here, you can easily list them on the
Bookkeepers Near South Shields
Also here.: Marsden bookkeepers, Harton bookkeepers, West Boldon bookkeepers, West Harton bookkeepers, Primrose bookkeepers, West Park bookkeepers, East Boldon bookkeepers, Westoe bookkeepers, Boldon Colliery bookkeepers, Seaburn bookkeepers, Monkwearmouth bookkeepers, Horsley Hill bookkeepers, Simonside and more. Most of these towns and villages are covered by local bookeepers. South Shields people can get quotes for bookkeeping services by going
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Bookkeepers Around South Shields: People living in the following areas have recently enquired about bookkeeping services - Bainbridge Avenue, Temple Street, The Ridgeway, Crofton Street, Barrington Street, Druridge Crescent, Salmon Street, Bunyan Avenue, Dunelm Street, Broad Landing, Ambleside Avenue, Tasmania Road, Bradley Avenue, Thornton Avenue, Coston Drive, Cleadon Hill Road, Barnes Road, Blyton Avenue, St Gregorys Court, Turnberry, Salisbury Place, Cloister Avenue, Taylor Street, Tynedale Road, Bedford Avenue, Drummond Crescent, Commercial Road, Alansway Gardens, Coronation Street, St Hilda Street, as well as the following South Shields area postcodes: NE33 2ES, NE33 2EB, NE33 1JF, NE33 1BB, NE33 1SD, NE33 2DW, NE33 2DR, NE33 2EJ, NE33 1PU, NE33 1AW.
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More Tyne and Wear Bookkeepers: More Wallsend, Newcastle, Whitley Bay, Longbenton, Jarrow, Sunderland, Whickham, Ryton, Tynemouth, Hetton-le-Hole, Washington, Gateshead, Houghton-le-Spring, Blaydon, South Shields and Hebburn.:
Bookkeepers in NE33 area, phone code 0191.
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