If you are a small business owner and are handling the accountancy of your business by yourself, then you are probably incurring some costs to your business!
Many small business owners think they are saving money by carrying out accountancy in-house or on their own. The fact, however, is that the price they are really paying is quite higher than engaging small business accountancy services, like the ones offered by Affinity Associates. Continue reading to discover more.
Adequate Procedures & Professionalism
Accountancy is not just addition and subtraction! If it were, then anybody with a primary school education would be an accountant. Accountancy is also not about just recording and keeping track of various financial transactions. It is a smart discipline that ensures the financial records of a business are current, accurate, and complete.
It is not uncommon for many business owners who handle their own paperwork to keep fiddling with their previous financial records. For instance, finding an unaccounted receipt today or remembering recording a wrong figure, would urge a business owner to change the previous month’s records. While ensuring the accuracy of your books is essential, continually disrupting the records means the financial picture of your business is always changing. The reports of your business become less reliable, and no one will trust your records.
Even some bookkeepers tend to follow this practice because they are not trained in the accountancy discipline. This is one of the reasons to employ small business accountancy services from a professional and experienced firm rather than an in-house bookkeeper. Small business accountancy services will bring the discipline and streamline your financial/accountancy operations.
Accounting Analysis & Financial Advice
Skilled and certified accountants for small business can offer an unmatched level of analysis of the finances of a company that is well beyond what anyone else could. By looking at the books, experienced accountants for small business can identify and understand the patterns in revenues and expenditures, which you would not be able to do on your own. Understanding these patterns can help you create strategic plans to expand and improve your business further.
Professional accountants at a reputable small business accountancy firm in London, like Affinity Associates, can also offer sound financial advice to better your business. Learn how to cut expenses and increase revenue by engaging expert accountants. By engaging small business accountancy services, you may also be able to discover all the tax planning opportunities that help reduce your overall tax burden.
Tax Legislations & Tax Breaks
No one likes paying taxes, but things can become very serious if you do not pay at all or file them wrong. Only some business owners can comprehend various tax laws when they apply to their businesses. Value-added tax, payroll tax, capital gains tax, income tax, corporation tax, and more – all have to be paid to HMRC accurately and on time. However, the moment a business owner starts to understand, the tax legislation changes!
Business owners have other important things to do than understanding the various tax legislations and dealing with HMRC. A decent small business accountancy firm, like Affinity Associates, also has experienced small business tax accountants on its team who take the tax hassle out of your business.
These small business tax accountants are familiar with the latest tax legislations. They make sure that all your tax deadlines are met, and your financial reports are accurate so the proper amount can be paid.
Professional small business tax accountants often have in-depth insight into various tax breaks or tax benefits that business owners may not even know remotely. Engaging small business tax accountants can substantially minimise your overall tax burden.
Doing accountancy in-house may apparently seem economical, but it is not. Engaging professional small business accountancy services, on the other hand, will certainly prove cost-effective. There are numerous benefits of engaging professional services. They streamline your financial operations, ensure your books are accurate and up-to-date, analyse and provide essential data to help create strategic plans, offer practical financial advice, and help reduce the tax burden among other things.
If you are in need of quality small business accountancy services in London, UK, then just contact us at Affinity Associates. We are the leading small business accountancy firm in the UK, and we provide a range of high-quality accountancy and advisory services to all kinds of businesses. We have some of the best accountants and tax accountants for small business in London who can take care of your entire business accountancy.
Discover more about us and our small business accountancy services by getting in touch with us http://www.affinityassociates.com/contact-us/.