Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part II]

Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part II]

In our previous blog post, (Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part 1]), we explained a couple of instances where you might want to consider engaging accountants for small business in London.

In this iteration, we present to you another couple of moments, during the life of your small business, where you might want to consider accountants for small business to help you.

As mentioned in our previous blog post, you do not necessarily need to hire an in-house, full-time accountant or a team of accountants. Most of the times, engaging accountants from a reputable small business accountancy firm in London on a part-time basis will be enough.

All right, without any further ado, let us look at the couple of instances where accountants for small business can make your life easy.

Streamlining Your Finances

Accounting can quickly become a mess when small business owners do it by themselves. If you feel that you are losing control of your finances, i.e., you don’t know where the money is coming and going, then accountants for small business can help you get back on track.

In addition, expert accountants for small business in London can also help you generate vital financial ratios, such as gross margin ratios, profit margin ratios, debt ratios, and cash ratios among others, which can help you evaluate the overall financial condition of your business. Not to forget, accountants for small business can help create important financial statements, such as a cash flow statement and income statement. By comparing the important financial statements year over year, you will be able to get the precise idea about your finances and take the necessary steps to streamline the finances.

Tackling the Audits

The chances of your business being audited are very less considering the fact that there are numerous small businesses across the UK and very few auditors. Nevertheless, a government audit can happen, and when it does, it can be very stressful and time-consuming.

When a government audit strikes, it will be very helpful for you to have an experienced accountant by your side. Accountants for small business can give you the guidance on how you should work during the auditing process. They will also help you avoid any tax violation.

Instead of engaging accountants when an audit strikes, it will be extremely beneficial to engage them from the onset. By having accountants from the beginning, they will act as your internal auditors, making sure that everything is in the perfect order so that when a government audit strikes, you will be well prepared.

Having accountants for small business, whether working internally or externally, is necessary. While employing an internal team of accountants can be expensive, partnering with a small business accountancy firm and engaging its accountants will prove to be very cost-effective.

If you are searching for the best small business accountancy firm in London, then it is time to end your search at Affinity Associates. As the leading provider of bookkeeping services and accountancy services for small businesses in London, UK, Affinity Associates has the most efficient and experienced bookkeepers, accountants, and tax accountants, who can help firms of all kinds.

Get in touch with us today to find out how our accountants and tax accountants for small business in London, UK, can help you. To contact us, simply visit http://www.affinityassociates.com/contact-us/.

Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part I]

Accountants for Small Business in London – Helping At Every Stage of Your Company’s Growth [Part I]

Accountants for small business in London, UK, at Affinity Associates can help you throughout the different stages of your company’s growth. Ranging from creating a sound business strategy to advising on company formation, making a loan application to addressing a government audit, engaging accountants for small business in London can make life easy for you at every step.

In order to avail such support, you do not necessarily need to hire a full-time, in-house accountant or a team of accountants. Oftentimes, engaging an accountant or a small team of accountants for a part-time will be enough.

You may be dubious, like most small business owners, about whether or not you can afford an accountant. Nonetheless, consider how long it would approximately take for you to complete certain essential tasks, like taxes or payroll, and ask yourself, is it a good use of my time?

For instance, consider that it takes about 15 hours for you to calculate the taxes, and your precious time is worth £50 an hour. That will be a cost of £750 to calculate taxes on your own! Besides, there are always chances that you may have made errors, as tax calculation is not easy. In addition, you may be multitasking like most business owners, so the chances of errors could easily increase.

If you, however, engage a small business tax accountant in London to handle the time-consuming, but important tasks, such as taxes, it will certainly prove more cost-effective than paying yourself. You will also have extra time to focus on your primary business activities as well as have a peace of mind thinking that a professional is handling your taxes.

Here are a couple of instants, during the life of your small business, where you might want to consider engaging accountants for small business in London.

Creating a Business Strategy

If you collaborate with accountants for small business while you are creating a business strategy, they will be able to analyse your books in order to offer their own experienced financial perspective. This will eventually help you create a sound and realistic business strategy that is more likely to succeed.

Engaging accountants for small business from the outset means you will get the benefits of their vast financial knowledge and practical advice right from the beginning. This could ultimately save you a lot of time and money in contrast to engaging these professionals later.

Restructuring Your Company

You could operate your company as a sole proprietor or as a limited liability firm. Both have their own merits and demerits. For instance, if you operate as a sole proprietor, you will have a lesser administrative burden than operating as a limited liability firm. Similarly, if you operate as a limited liability firm, you will have a greater tax benefit than operating as a sole proprietor.

How you should operate your company depends upon a lot of factors. If you engage an accountant for small business, then he or she can recommend how you should operate by looking at the most important aspect of your company, i.e., the financial data.

If operating as a limited liability firm is beneficial, then your accountants for small business may also assist you with the company formation process, which by the way, is somewhat complex. If you are already an incorporated entity, then accountants for small business can also help you restructure it so that you can avail optimum tax breaks.

Engaging accountants for small business is definitely essential. It is beneficial too. If you are searching for reliable accountants for small business in London who can help you at every stage of your company’s growth, then end your search at Affinity Associates.

Affinity Associates has some of the best accountants for small business in London, UK. Vastly experienced and certified, our accountants and tax accountants for small business in London will take care of the entire accounting function of your business. Get in touch with us today to discover how we can help you. To contact us, simply visit http://www.affinityassociates.com/contact-us/.