Bookkeeping services
Bookkeepers in Newcastle
Accounting and bookkeeping are those business basics that are very easy to overlook, put off or allow to fall into disarray, which can lead to disaster when you finally get round to sorting them.
With us, you don’t need to worry about your accounting or bookkeeping again. We’ll take an organised approach to your accounts so yours are polished, correct and delivered ahead of time. At the same time, we’ll track your incomings and outgoings. For us, it’s all about putting you back in control of your business.
Accounting and bookkeeping go hand in hand. Not only do accurate books let you make smarter decisions, but it makes preparing your accounts easier. And, given how your accounts are the starting point for your tax returns, our bookkeeping services will be invaluable to you.
Who is our bookkeeping service for?
Whether you’re a sole trader, business partnership or limited company, it’s important to make sure your books are accurate and up to date. The same is true for your annual accounts, which also have to be prepared in good time so you meet your filing deadlines.
Our Bookkeeping Service
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Accurate Tracking: We record every financial activity, ensuring precise and up-to-date books.
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VAT Returns: Every three months, we prepare your VAT returns seamlessly, making use of our efficient software.
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Financial Statements: From income statements to balance sheets, we deliver polished financial statements ahead of deadlines
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What we offer you
Our range of financial services are delivered with the same care and attention, no matter where you come from, or what you do. It’s about relationships – not numbers on a page.
At Glen C Rodger we put people and the spirit of adventure at the heart of everything we do. We can open your eyes to a world of possibilities, looking at your business in a new and exciting light.
Stuck in a rut? We’ll get you out.
We bring a fresh perspective that always delivers.
Saving you time to focus on what matters
We’ll help streamline your affairs.
Getting your tax under control
You won’t pay a penny more than you should.
Plan for the success you deserve
We offer a range of business planning services.
Our Bookkeeping Guide
What is Bookkeeping
Bookkeeping is the systematic recording, analysing, and interpreting of financial transactions. It forms the backbone of the accounting process, ensuring accuracy and facilitating insightful decision-making.
How we handle Bookkeeping
We adhere to fundamental principles that guide our bookkeeping practices. The principle of consistency demands that businesses follow the same accounting methods over periods, which ensures comparability of financial information. The principle of prudence requires recording expenses and liabilities as soon as possible, but revenues only when they are assured. This conservative approach ensures that we do not overstate financial health. The principle of accrual mandates recognising revenues and expenses when they are incurred, not when cash transactions occur, providing a more accurate financial picture. Objectivity emphasises the importance of unbiased and verifiable data based on evidence.
Financial Statements Overview
Financial statements are essential tools that provide a snapshot of a company’s financial position and performance. The three primary financial statements are:
- Income Statement: Shows the company’s revenues, expenses, and profits over a specified period. It helps us assess profitability.
- Balance Sheet: Outlines assets, liabilities, and shareholders’ equity at a specific point in time. This provides a clear picture of what the business owns and owes.
- Cash Flow Statement: Highlights how changes in the balance sheet accounts and income statement affect cash and cash equivalents. It reflects liquidity and solvency.
Understanding these statements allows us to make informed decisions and maintain financial health. By meticulously managing each aspect of bookkeeping, from recording transactions to preparing financial statements, we ensure the accuracy and reliability of financial information.
Compliance and Regulatory Standards
Ensuring full compliance with regulatory standards is important for all businesses. This involves adhering to the requirements set forth by HMRC and Companies House to maintain legal and financial integrity.
HMRC Requirements
Our team is adept at navigating the complex landscape of HMRC requirements for businesses in Newcastle. Her Majesty’s Revenue and Customs (HMRC) mandates that businesses maintain accurate and up-to-date records of their financial transactions. This includes maintaining documentation for all sales, purchases, expenses, and income, ensuring they are available for inspection if required.
We excel in helping businesses submit timely and accurate VAT returns, which must reflect all taxable sales and purchases. Late or incorrect submissions can result in penalties and fines, so it’s essential that these are handled with precision. We also assist with PAYE and NICs, ensuring that employee taxes are accurately calculated and submitted.
Furthermore, there are specific requirements for different business structures. Sole traders and partnerships have distinct reporting obligations compared to limited companies, which must file Corporation Tax returns. We guide our clients through these processes, ensuring they meet all HMRC requirements and avoid potential compliance issues.
Companies House Filings
All limited companies are required to file annual returns and financial statements with Companies House, providing a transparent overview of their financial health and operations.
Our experts ensure that these filings are completed accurately and submitted on time. The annual return should include details like the company’s registered address, directors, shareholders, and share capital. We assist in compiling and verifying this information to ensure it meets the formal standards required by Companies House.
Financial statements must be prepared in accordance with UK accounting standards. These documents need to align with the financial year-end and provide a clear picture of the company’s financial activities. Our services include preparing these statements and ensuring they comply with current accounting regulations.
Additionally, we help maintain other statutory registers and documentation required by Companies House, ensuring that all corporate changes are duly reported and accurate records are kept, facilitating smooth regulatory audits and reviews.
Handling Day-to-Day Transactions
Key aspects of day to day transations include invoice management and expense tracking, which are essential for maintaining accurate financial records.
Invoice Management
Invoice management involves the systematic handling of sales invoices to ensure timely payments and efficient cash flow. At our bookkeeping services, we automate and streamline this process by using sophisticated accounting software. This technology ensures that invoices are issued promptly and tracked until payment is received.
We can customise the invoicing process to match the specific needs of our clients, whether they require standard invoices, pro forma invoices, or credit notes. Additionally, we oversee the entire lifecycle of an invoice from creation to payment and monitor outstanding invoices, following up with clients when necessary to minimise late payments.
Timely and accurate invoicing supports our clients in maintaining a healthy cash flow and reduces the risk of delayed payments, enabling them to focus on their core business activities.
Expense Tracking
Our bookkeeping services involve the recording of all business expenses, ensuring that every transaction is documented and categorised correctly. We integrate cloud-based accounting solutions to streamline this process, allowing real-time access to financial data.
We deal with various expenses, from petty cash transactions to larger operational costs. Through careful tracking, we provide our clients with a clear picture of their financial outflows, making it easier to identify areas where costs can be reduced or optimised.
Furthermore, our team ensures that all expenses are compliant with tax regulations, which is crucial for accurate financial reporting and tax preparation. By maintaining detailed records, we help our clients avoid issues during audits and ensure that they can take full advantage of any tax deductions.
Year-End Accounts Preparation
Preparation of year-end accounts is crucial for any business. It ensures compliance with statutory requirements and provides a clear picture of the financial health of the organisation. At our firm, we offer comprehensive year-end accounts preparation services.
Key Services Included:
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Review of Financial Records: We meticulously review your financial records to ensure accuracy and completeness.
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Adjustment Entries: Our team handles adjustment entries to account for accrued expenses, depreciation, and other financial nuances.
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Financial Statements: We prepare detailed financial statements including profit and loss statements, balance sheets, and cash flow statements.
Year-end accounts help in identifying areas for improvement. This allows us to offer customised advice for better financial management and planning. We utilise the latest accounting software to streamline the preparation process, ensuring precision and efficiency.
Benefits:
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Compliance: Ensures that all legal and statutory requirements are met.
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Financial Clarity: Provides a clear understanding of your business’s financial status.
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Informed Decision-Making: Enables better strategic planning and decision-making.
For businesses in Newcastle, we specialise in year-end accounts preparation. Our expertise allows us to cater to diverse industries, ensuring tailored solutions that fit your specific needs. We are committed to offering the highest level of service to help your business thrive.