Bookkeepers Stockton-on-Tees County Durham (TS19): You're entirely responsible for maintaining accurate, "true and fair" accounting and financial records for at least six years, if you operate an online store, are a sole trader or own a small business in Stockton-on-Tees, in accordance with the Companies Act. If you can't produce such information you may face a hefty fine and possible Company Director disqualification. You can undertake these financial records on your own behalf, however when you consider that according to the magazine Accounting Today over forty percent of small businesses spend over eighty hours every year doing their bookkeeping activities, it can be more economical to employ a professional accountant or bookkeeping company.
The time has come to contactin Stockton-on-Tees for help and advice, if you are filled with a sense of panic simply thinking about the possiblility of creating profit, loss and financial statements, tracking liabilities and assets, filling out ledgers or compiling balance sheets.
BOOKKEEPER OR ACCOUNTANT?
"Exactly what is the distinction between an accountant and a bookkeeper?" Is a question which is asked by most small business owners in Stockton-on-Tees. In truth, because of software improvements over the past decade many accountants in the Stockton-on-Tees area will consider taking on the task of bookkeeping, which at one time was deemed beneath their skill-sets, experience and qualifications. Many accountancy companies now have a set rate for bookkeeping services, to keep them consistent with what a typical bookkeeper in Stockton-on-Tees would usually charge. Business owners are now cashing in on this, since it generates a broader range of competition within the industry and can make the cost of bookkeeping much more manageable than it would previously have been.
The amount of qualification and training that is needed is the biggest difference between a bookkeeper and an accountant. Normally holding an accounting degree, a professionalshould also have had training in tax essentials and additional qualifications in business and fiscal management. A bookkeeper in Stockton-on-Tees may not necessarily hold the qualifications or levels of experience and training, but should still have an understanding of such procedures.
A BOOKKEEPER'S RESPONSIBILITIES
The recording of daily transactions (financial) of any business enterprise in Stockton-on-Tees, describes the process of bookkeeping in simple terms. This will likely include, but is by no means limited to;
- VAT recording and submissions.
- Payroll services.
- Documenting invoices received and making certain that payment is completed by the due date.
- Monthly reporting and reconciliation.
- Highlighting and rectifying any discrepancies in the financial accounts.
- Logging of all financial incomings; including electronic, cash and card payments.
- Ensuring double-entry bookkeeping and accounting practices are followed at all times.
- Billing of customers for goods or work completed.
Whilst it is dependent on the type of service you're looking for, if you're prepared to carry out the larger part of your own bookkeeping work, a professional bookkeeper may only be needed to double check your records periodically. To allow for any problems or mistakes to be identified and rectified promptly, this needs to be every month at the bare minimum. As long as you are confident of remaining up-to-date with your monetary transactions without having a negative impact on your day to day business operations, this option can be an extremely economical trade-off.
Whatever your scenario, if you are seriously thinking of hiring a bookkeeping service there is a fair chance that you may be fretting over the financial recording side of your small business in Stockton-on-Tees. Offering guidance and advice on everything from invoicing, producing expense reports and stocktaking, a decent bookkeeping company will also be able to guide you through the process of linking your business accounts with the most suitable software application to enable the seamless processing of all your business's financial information.
The reconciliation of accounts payable with cash flow is one of the most crucial elements of good bookkeeping practice. Which means that your bookkeeper will organise bill payments to a time when your accounts are buoyant and in good shape, instead of paying a bill immediately, or waiting for an overdue notice, which a lot of small businesses in Stockton-on-Tees are guilty of. This not only keeps you in favour with suppliers and those who supply you with services, but also ensures your business or enterprise is on a good financial footing. This is a juggling act that can be tricky to accomplish as an individual when you are firmly focussed on running your business.
For your small business, or if you are a sole trader, using a competent bookkeeper in Stockton-on-Tees, gives you the chance to have a critical eye cast over your financies. Business patterns and trends that might have otherwise gone unnoticed may be pinpointed by this kind of impartial appraisal. It's not at all uncommon for an intelligent bookkeeper to flag up an area where profits are decreasing, or spot an opportunity that may prove worthwhile. For the growth and success of any enterprise in Stockton-on-Tees, it is essential that these KPI's (key performance indicators) are spotted early on.
Pursuing a late payment can be an embarrassing situation for you, if you send out invoices as part of your business operations. If that visit to your client or phone call is carried out by a professional outside your normal business bubble, it is possible for most of that awkwardness to be eliminated. To help take care of the matter, if you are troubled with a repeating late or non-payer, there are legal solutions that can be used by a professional bookkeeper, so that court proceedings can be averted.
SOLE TRADER'S BOOKKEEPING REQUIREMENTS
The legal requirements for bookkeeping if you're a sole trader, are pretty straightforward and simple. Essentially, sole traders must retain all invoices and receipts, and keep a record of income and expenditure from month to month. While this may sound simple enough it is still recommended that you hire the expertise of a bookkeeping company. A specialist sole trader bookkeeper in Stockton-on-Tees will be in a position to advise you on what you can claim back from HMRC as legitimate business expenses. This may include bills and rent if working from home, stationery, items such as computing equipment, printer ink and advertising. Chat to your bookkeeper for more comprehensive advice and see how they can help your business grow.
ONLINE TRADERS IN STOCKTON-ON-TEES
Certain businesses that work in niche markets, may need to hire a specialised bookkeeping service. For example, if you run an online store, you will be better off employing a bookkeeper in Stockton-on-Tees who is familiar with online payments, multi-currency processing, international and cross-border taxes and exchange rate transfers. If you produce or hold the merchandise that you sell on that shop, then it will be a massive priority for your bookkeeping software or services to maintain your your stock on a 24 hours a day basis, because of course, the internet never sleeps.
Together with bookkeeping service, a remote virtual office can also be supplied. Offering a physical link with their clients, this enables an online only business or sole trader to have a phone service and postal address. Although this solution may not be provided by all bookkeepers in Stockton-on-Tees, it is definitely worth discussing the possibilities if this service is something which is required.
PROFESSIONAL QUALIFICATIONS AND AFFILIATIONS
Many of the bookkeeping qualifications are at Diploma and Certificate level, and it's not mandatory for a professional bookkeeper in Stockton-on-Tees to hold a degree in accounting. There are a selection of courses available online, although bookkeeping qualifications can still be obtained via further education universities and colleges.
Bookkeepers are represented by two key training and certification organisations:
The Association of Accounting Technicians or AAT: With fully trained members entitled to use the letters AATQB, the AAT or Association of Accounting Technicians provides advanced qualifications and a training schedule. This promises a standard of service to their customers which is backed by the organisation, and entitles them to become a certified AAT bookkeeper. To safeguard the integrity and values of AAT membership, an AAT bookkeeper can be subject to disciplinary and tribunal processes if they have a complaint filed against them or are found to have breached the code of conduct.
The ICB or Institute of Certified Bookkeepers: The largest bookkeeping organisation anywhere in the world is the the ICB or Institute of Certified Bookkeepers, and it offers accreditation to certified bookkeepers, along with training and reference material to keep their members up-to-speed with the latest trends.
By visiting their respective websites, you're able to check out the register of AAT or ICB members, to confirm the qualifications of any professional Stockton-on-Tees bookkeeper. Carrying out these checks is usually advisable before actually using the services of any local bookkeeper in Stockton-on-Tees.
If you're self-employed or have a small business in the UK, you may have to file a self-assessment tax return. Especially if you aren't familiar with the process, this task can be daunting. Your records can be kept in order and your tax return can be prepared accurately and on time with the help of a qualified bookkeeper.
There are a number of benefits to using a bookkeeper for your tax returns. They will have expertise and experience to ensure the correct completion of your return. This should help you avoid any penalties or interest that HMRC may charge. Secondly, bookkeepers can save you time and effort. They will take care of all of the paperwork and calculations, so you can focus your attention on your business. Third, valuable advice on tax planning can be provided by bookkeepers in Stockton-on-Tees. This can enable you to reduce your tax liability and increase your profits. (70193)
Bookkeepers Near Stockton-on-Tees
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Stockton-on-Tees Bookkeeper Tasks
Most bookkeepers in Stockton-on-Tees will be prepared to offer you the following services: bookkeeping services for charities, independent bookkeeping services, corporation tax returns, accountancy packages, Sage bookkeeping services Stockton-on-Tees, payment services Stockton-on-Tees, PAYE & wages, bookkeeping for the self-employed, payroll bookkeeping in Stockton-on-Tees, financial statement preparation, letting agent bookkeeping, maintaining fixed asset registers, bookkeeping and accounting, QUOTE FORM provided. We will get back to you with details just as soon as we can., mobile bookkeeping services, bookkeeping for organisations, professional bookkeeping services, bank reconciliations, Kashflow bookkeeping, bookkeeping for retail outlets, bookkeeping services for pubs Stockton-on-Tees, bookkeeping for limited companies, , tax preparation, bookkeeping for home-based businesses Stockton-on-Tees, general bookkeeping services, management reports in Stockton-on-Tees, , profit & loss reports, bookkeeping services for shops in Stockton-on-Tees, and more. These are just an example of the activities that are undertaken by local bookkeepers. Stockton-on-Tees companies will let you know their full range of services. If there are other Stockton-on-Tees bookkeeper requirements that you want but don't see here, you can list them on the
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