5 Reasons Why Small Businesses in London are Turning Towards Bookkeeping Services

5 Reasons Why Small Businesses in London are Turning Towards Bookkeeping Services

Lots of businesses (both small and medium) in London are turning towards bookkeeping services, and there are plenty of favorable reasons for that. Businesses in London are hiring accounting firms for activities such as financial bookkeeping, accounting and reporting, in order to reduce costs and to increase efficiency. Reducing operational cost, access to more affordable technology, skilled resources and improved credibility are some of the reasons why bookkeeping service is turning out to be a more promising solution for small businesses in London, UK. However, we have listed 5 prominent reasons why small businesses in London are looking for professional bookkeeping services, and they are;

Reduced Workload: Hiring someone else to do your tiring job, allows you and your core team to have more idle time which you could turn productive. Reduced workload offers you enough time to focus on other core business activities, and you may be able to finish more work per day compared to when the business was inefficient with doing the bookkeeping in-house.

Cost Effective: Compared to hiring an in-house bookkeeper, bookkeeping services for small business are quite cost effective. You can forward all the hectic bookkeeping and accounting tasks at the fraction of the cost. Contact bookkeeping service providers like Affinity Associates for a free quote and consultation to find out how much money you can save in a long run.

Reliable and Interrupted Services: Your in-house bookkeeper may stay on medical leave or anything else, but bookkeeping services are uninterrupted as they have a team of experts for backup. Moreover, their services are more reliable and accurate as they are well-versed with all the latest bookkeeping software.

Real Time Update: Accounting firms offer you access to regular financial health checks, and the ability to initiate transactions on-the-go. This can help you monitor your work processes, making you better informed about what works and what doesn’t, and can enable you to work flexibly, and with sound knowledge of your current situation. Never make another uninformed decision.

You Stay Focused: When you forward your bookkeeping tasks to accounting firms, you have more time on your hands and less work to worry about. You can focus on prospects that can boost the growth of your business. Any man would want to be able to free up their time just to be able to see the whole picture clearly which is why it is essential that you hire a bookkeeping firm your bookkeeping tasks today.

Small Business and Bookkeeping Services

Small businesses in London have limited manpower and over the top, it all have their core competencies to be concentrated on; therefore tasks keep getting piled-on in the bookkeeping section. Moreover, for a small organization, it can be a pricey matter to hire an Accountant or a Bookkeeper unless and until the firm acquires a considerable size. Bookkeeping services are here to rescue and help you expand your business in all the verticals.

To know more about how bookkeeping services for small business work in London, and how it can help you save time and money, please feel free to contact Affinity Associates at https://affinityassociates.com. We have more than 30 years of experience in offering best bookkeeping services to small business in London, Harrow, Wembley and other nearby areas.

Professional Bookkeeping Services – The Job is Over and Above Than Just Keeping the Books Up-to-Date

Professional Bookkeeping Services – The Job is Over and Above Than Just Keeping the Books Up-to-Date

Whether you are a small business owner or a startup, the job of a professional bookkeeper is to ensure that you are following standard business practices and also offer you all the financial information you need to make better business decisions. From preserving the data of daily transactions in the general ledger to delivering in-depth financial reporting; here are the most important tasks that a professional bookkeeping service can perform to ensure smooth functioning and growth of your business;

Collecting Key Financial Reports

Every business, either small or large, is operated with an objective to earn more profit than it spends. But, how will you figure out whether your business is earning the desired fortune or not? In order to conclude, whether your business is making a profit or not, you need to review an array of financial reports. Of particular importance — especially in the startup phase, where cash is often in short supply — is the cash flow statement. If you or your bookkeeper don’t understand the consequences of this statement, the outcome could be tragic.

Performing Regular Reconciliations and Closings

There are two methods of accounting – cash method or the accrual method, which method does your business use? An experienced and knowledgeable bookkeeper can advise you on which method makes sense for your business and then set up a bookkeeping system accordingly. A professional bookkeeper is well aware about the importance of tracking the finances in the real time, so that when the month ends, the month-end closing is almost done. Putting in place a system of daily, weekly, monthly, quarterly and annual bookkeeping tasks will help keep your business organized and give you up-to-date financial information.

Maintaining Accurate Tax Records

It is crucial that the bookkeeper your hire maintains accurate records of your tax – it is properly coded, categorized and tracked not just at the filling deadline but throughout the year. Keeping a proper track of your record tax record will enable you to not only keep up with all the required forms, but also prepare your firm for an unexpected IRS or state audit.

Keeping Business Expenses and Personal Expenses Separate

This point is especially for the business owners who are maintaining their accounts and tax on their own without any professional help. If you are mixing your personal and professional finances, then there is a higher chance of liability — even jeopardizing your personal assets. If you want to benefit you and your business by the protection offered by a business entity, then it is necessary that you create a firewall between your two financial worlds. And, this can be done by separate bank accounts, separate credit cards and separate sets of books.

To Conclude

Even you can conclude from the above mentioned points that no business is complete without the help of professional bookkeeping services. If you cannot hire an in-house bookkeeper, then there are small business accountancy firms like Affinity Associates to take care your finances professionally. To know more about how bookkeeping services for small business works and how it benefits them, please contact Affinity Associates for a free consultation https://www.affinityassociates.com.

Here’s How Affinity’s Bookkeeping Services Can Make Your Life a Whole Lot Easier

Here’s How Affinity’s Bookkeeping Services Can Make Your Life a Whole Lot Easier

Some years back, if a business owner required an accountant or a bookkeeper, then he/she needs to hire someone and create a separate department within their business for that function. As an economical solution to this problem, most of the small business owners and individuals have approached towards outsourcing their day-to-day bookkeeping tasks.

Outsourcing is a process of hiring a skilled resource from outside of your business to deal with your specialists tasks and paying them a fee to do so. It may be that you outsourced your bookkeeping, your payroll, your copywriting or your marketing. Irrespective of the task, if managed in the right way, outsourcing can add real power to your business.

For instance, let’s consider your bookkeeping tasks. If you are a small business, you tried to do absolutely everything yourself to save some money, which you can invest in business expansion. That said, it’s probably also the case that you reached a point whereby you realised that this was a false economy. Outsourcing your bookkeeping is an ideal way to ensure your financial affairs are kept in order, at the same time freeing yourself for the other core business responsibilities. By outsourcing your bookkeeping, you’ll:

1. Be More Active in Your Role:: If you are busy handling your bookkeeping tasks instead of focusing on what you need to do to expand your business, then indirectly you are chocking the growth of your business. By the time you are occupied in finishing your bookkeeping tasks, you miss more valuable business opportunities. Leave the task to the professionals and be more active in your role of expanding your business.

Irrespective of whether it’s you, or another member of your team who’s taking responsibility for your bookkeeping, there’s no getting away from the fact that the opportunity cost is probably higher than you realise.

2. Have Peace of Mind: : When you contract us for your bookkeeping and accounting tasks, we ensure that you have a complete peace of mind. We offer you all the back up of our expertise to ensure that the job is done in the most professional manner and on time. We also ensure our availability at the time of urgency as well. The level of peace of mind, we offer is hard to find even with the in-house resource.

3. Save More Money: : Our bookkeeping services for small businesses are not only professional but also economical. We can help you save more money than other service providers in the London. This is because you only pay for what your business needs. Unlike employing someone to do the job in-house, you won’t need to pay for periods of sickness or holiday pay. This means our services represents real value for money.

4. Always Have an Expert on Your Side: : An experienced bookkeeper or an accountant who is up-to-date with regulatory requirements will be on your side at any point of time. Each and every member of our team knows what’s required to do the job correctly. You can benefit from this expertise on a pay-as-you-go basis, only ever paying for what you need.

With more than 30 years of industry experience, we hardly found a small business owner who says he/she loves bookkeeping, and if you are one of them, then Affinity Associates is here to take charge of all your bookkeeping needs. By hiring a bookkeeper or the entire team of bookkeeper for your business will not only allow you to focus on your business, but will also provide you the exact picture of your finances. You get to do your job and you know that your bookkeeping is being done by an expert.  That truly is win:win for you.

If you’d like to know more about the pros of our bookkeeping services for small business, then get in touch today at https://www.affinityassociates.com. We’re here and available to give you an impartial view of how your business might benefit from this opportunity.