Bookkeepers South Shields Tyne and Wear (NE33): For any person in South Shields who acts as a sole trader, owns a small business or operates an online store, it's their sole responsibility to keep accurate, "true and fair" financial and accounting records for at least 6 yrs. This is laid out by the 2006 Companies Act. You could be disqualified as a Company Director and receive a hefty fine, if you can't produce this information. According to Accounting Today magazine over 40% of small businesses spend over eighty hours every year doing their accounts, therefore although you can carry out these financial recordings on your own behalf, it can be more economical to use a professional bookkeeping company or accountant to do them instead.
If the very thought of writing out ledgers, compiling balance sheets, preparing profit, loss and fiscal reports or tracking assets and liabilities brings you feelings of terror, then it is time to contactin South Shields for guidance.
BOOKKEEPER OR ACCOUNTANT?
The very first question that most small business owners ask is "Just what is the difference between an accountant and a bookkeeper?" While in the past many accountants considered the bookkeeping process to be beneath their skill-sets, experience and qualifications, many accountancy companies in South Shields will now take on the task of bookkeeping, because of software improvements over the past ten years or so. It's common practice for many accountancy firms to charge a set fee for bookkeeping services as per a dedicated. Business owners are now benefiting from this, since it gives a wider range of competition within the industry and can mean that the cost of bookkeeping is far more manageable than it would previously have been.
The level of training and qualification that is needed is the biggest difference between an accountant and a bookkeeper. Typically holding a degree in accounting, a professionalshould also have had additional training in tax preparation and have qualifications in fiscal and business management. A bookkeeper in South Shields will invariably have an understanding of these fiscal procedures, but might not have the same levels of experience and training, or hold these qualifications.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of day by day financial transactions of any enterprise or business in South Shields, describes the process of bookkeeping in simple terms. This will likely include, but is in no way limited to;
- Highlighting and rectifying any discrepancies in financial accounts.
- Billing of customers for goods or work completed.
- Logging the receipt of invoices and ensuring that payment is completed on time.
- Recording of all financial incomings; including card, cash and electronic payments.
- Monthly reconciliations and reports.
- Payroll services.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- VAT submissions and recording.
If you're prepared to undertake most of your bookkeeping work yourself; a professional bookkeeper may just be needed to double check your figures on a set schedule. This should be done every month as a bare minimum, as this will allow any mistakes or problems to be identified and rectified promptly. If you're able to stay up-to-date with your daily financial transactions and trading activities, this trade-off can often be the most economical solution.
If you're presently looking at hiring a bookkeeper in South Shields, whatever your circumstances, there is a fair chance that you may be getting stressed about your tax and financial procedures. A professional bookkeeping service will be able to assist you in linking the most up-to-date software with your accounts to facilitate the seamless organisation of transactional data, and will give advice on procedures like preparing expense reports, invoicing and stocktaking.
One of the most vital aspects of good bookkeeping, is the ability to correctly reconcile cash flow with accounts payable. This means that rather than waiting for a final notice, which many small businesses are guilty of at some time or other, or paying a bill right away, your bookkeeper will schedule the payment of bills to a time when your accounts are in good shape and buoyant. This not only keeps you in good stead with suppliers and the businesses who supply you with services, but also makes sure that your business is on a good financial footing. When you are mostly focussed on the smooth running of your business, this is a juggling act that can be difficult to accomplish as an individual.
For your small business enterprise, or if you're a sole trader, using an experienced bookkeeper in South Shields, gives you an opportunity to have an unbiased eye cast over your financial situation. Business trends and patterns that might have otherwise gone unnoticed may be highlighted by this sort of dispassionate evaluation. A bookkeeper recognising a new opportunity or flagging an area which is decreasing in profits, is by no means uncommon. It is vital for ensuring the growth of any business in South Shields, to spot such KPI's (key performance indicators).
Chasing up a late payment can be a fairly humiliating situation for you, if you give out invoices as part of your business operations. Having somebody outside your normal business situation, can take the apprehension out of making that phone call or visit to your client. If you've got a consistent late or non-payer there are legal techniques a professional bookkeeper can use to help to clear up the situation before the issue winds up in claims court proceedings.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you are a sole trader, are comparatively straightforward and basic. A sole trader is required to keep track of income and expenditure from month to month and keep all receipts and invoices. While this may sound simple enough it is still recommended that you retain the services of a competent bookkeeper. Offering advice on what genuine business expenses you are able to claim back, a specialist sole trader bookkeeper in South Shields will deal with HMRC on your behalf. This might include bills and rent if working from home, items such as computers, consumables, promotional advertising and stationery. Talk to a trusted bookkeeper for more detailed advice and discover how they can help your business to grow and prosper.
BOOKKEEPING FOR ONLINE TRADERS IN SOUTH SHIELDS
Some business enterprises that work in niche markets, may need to retain the services of a specialist bookkeeping service. For example, if you run a store online, you'll need to employ a bookkeeper in South Shields who is familiar with international and cross-border taxes, multi-currency processing, exchange rate transfers and online payments. Supervising inventory on a 24 hours a day basis is also a major priority, if the same shop sells goods that you hold or produce, as I'm sure you'll be aware the internet never sleeps, therefore nor should your bookkeeping software or services.
A remote virtual office can also be supplied in combination with your bookkeeping services. This is useful in allowing a sole trader or online only business to have a phone service and postal address to provide a physical link with their customer base. Although this solution might not be provided by all South Shields bookkeeping businesses, it is certainly worth talking about the possibilities if this service is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
A certified South Shields bookkeeper doesn't need to have a degree and most qualifications in this field are at Certificate and Diploma level. If the preferred route to qualification is through further education universities and colleges, this is still a possibility, although there there is a array of bookkeeping courses available online.
There are essentially 2 key organisations that provide training and certification for bookkeepers:
The Institute of Certified Bookkeepers or ICB: Keeping their associated members up-to-date with the latest trends and developments, the Institute of Certified Bookkeepers or ICB is the largest organisation of its kind anywhere in the world, providing accreditation to certified bookkeepers, along with training and reference material.
The AAT or Association of Accounting Technicians: With fully trained members being able to use the letters AATQB, the AAT (Association of Accounting Technicians) provides a training schedule with advanced qualifications. They can then become registered AAT bookkeepers, backed up by this well-respected organisation, which assures a standard of service for their customers. Bookkeepers who are associated with the AAT can can be liable to tribunal and disciplinary processes if a complaint is filed against them or they are found to have breached the code of practice. This helps to protect the values and integrity of AAT membership.
It's possible to check the accreditations of any professional South Shields bookkeeper on the register of AAT or ICB members on their websites. Before you hire the services of any local bookkeeper in South Shields it is advised to carry out this check.
Bookkeeping services are available in South Shields and also in nearby places like: Primrose, West Harton, Westoe, West Boldon, Horsley Hill, West Park, Harton, Marsden, Simonside, East Boldon, Boldon Colliery, Monkwearmouth, Seaburn, together with these postcodes NE33 1JE, NE33 1LR, NE33 2EL, NE33 2AQ, NE32, NE33 1NT, NE33 1LF, NE33 1BS, NE33 2AA, NE33 2EU. Locally based South Shields bookkeeper services will likely have the postcode NE33 and the dialling code 0191. Verifying this can make sure that you access locally based bookkeepers. South Shields sole traders and business owners will be able to benefit from these and numerous other similar services.
In South Shields, self-employed people or those with small businesses may be required to file a self-assessment tax return. This can be a daunting task, especially if you're not acquainted with the process. A qualified bookkeeper can help you to prepare your tax return on time and accurately, as well as keeping your records in order.
There are a number of benefits to employing a bookkeeper for your tax returns. Firstly, your return will be completed correctly, thanks to their expertise and experience. This should help you to avoid penalties from HMRC, as well as interest charges. Second, the use of a bookkeeper can save you a lot of hassle, stress and time. They will handle all of the paperwork and calculations, freeing you up to focus on your business. Thirdly, South Shields bookkeepers can provide you with invaluable advice on tax planning and financial strategy. This can help to minimise your tax liability and maximise your profits. (70193)
Bookkeeper Tyne and Wear
Around Tyne and Wear you can also find: Blaydon on Tyne bookkeepers, Jesmond bookkeeper, Rainton bookkeepers, Westoe bookkeeping accountants, Sunniside bookkeepers, East Boldon bookkeeping services, South Hylton accounts services, Monkton , Newburn accounts services, Monkseaton bookkeeper. In most areas of Tyne and Wear there are companies and individuals who'll be delighted to assist you with bookkeeping, you ought to be able to locate a bookkeeper close by, even if you cannot find somebody suitable in South Shields itself.., Springwell bookkeeping services, Hylton Red House accounts services, Crawcrook bookkeeping, Sunniside bookkeepers, South Hylton , Monkseaton bookkeepers, Westerhope accounts services, Hazlerigg bookkeeping services, Penshaw bookkeeping accountants, Fenham , Blakelaw bookkeeping services, Felling bookkeeping, Byker bookkeeping accountants, Penshaw bookkeeping, Heaton , Sunniside bookkeeping, East Boldon bookkeepers, Newburn bookkeepers, Rainton bookkeeper, Swalwell
South Shields Bookkeeper Tasks
Most South Shields bookkeepers will be ready to provide you with the following services: landlord bookkeeping, management reports, payroll bookkeeping in South Shields, QUOTE FORM provided. We will get back to you with information just as soon as we can.in South Shields, , bookkeeping services for retail outlets, corporation tax returns, cash books South Shields, bookkeeping services for restaurants, bank reconciliation, profit & loss reports in South Shields, cash flow analysis, Sage bookkeeping services South Shields, bookkeeping services, bookkeeping services for clubs, tax returns, Quickbook bookkeeping services, bookkeeping services for startups, tax preparation, bookkeeping services for pubs in South Shields, charity bookkeeping South Shields, general bookkeeping services, mobile bookkeeping services, Self-Assessment tax returns, bookkeeping for charities, payment services in South Shields, bookkeeping for societies, letting agent bookkeeping South Shields, business bookkeeping, accountancy packages, and more. Listed are just an example of the activities that are accomplished by local bookkeepers. South Shields providers will be happy to inform you of their whole range of services. If there are different South Shields bookkeeper requirements that you want but don't see here, you should mention them on the
Bookkeepers Near South Shields
Also: Westoe bookkeepers, Horsley Hill bookkeepers, West Harton bookkeepers, Marsden bookkeepers, West Park bookkeepers, West Boldon bookkeepers, Harton bookkeepers, Simonside bookkeepers, Monkwearmouth bookkeepers, Primrose bookkeepers, Boldon Colliery bookkeepers, Seaburn bookkeepers, East Boldon bookkeepers and more.
- Credit Control
- VAT Returns
- Double-Entry Bookkeeping
- Self-Assessment Bookkeeping
- Bookkeeping Quotes
- Cheap Bookkeeping
- Payroll Services
- Cash Flow Solutions
- PAYE and Wages
- Bank Reconciliations
- Tax Returns
- Small Business Bookkeeping
- Profit and Loss Reports
- Bookkeeping Services
Bookkeeping Jobs South Shields: Get bookkeeping jobs in South Shields by clicking here: Bookkeeping Jobs South Shields
More Tyne and Wear Bookkeepers: More Whickham, Wallsend, Hetton-le-Hole, Newcastle, Houghton-le-Spring, Sunderland, Tynemouth, Jarrow, South Shields, Longbenton, Gateshead, Hebburn, Blaydon, Washington, Ryton and Whitley Bay.:
If you need local South Shields information go here
Bookkeepers in NE33 area, and dialling code 0191.
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