Here’s Why Outsourced Bookkeeping Services are Long Term Partners of Small Businesses in London

Here’s Why Outsourced Bookkeeping Services are Long Term Partners of Small Businesses in London

Most of the small businesses and startups keep doing everything by themselves – sales, marketing, HR, IT and sometimes they manage their own books as well. This constant juggling between the different roles results in unnecessary tiredness; thereby losing focus on the core business activities. As the business owners keep stretching themselves thinner and thinner, at one point of time, they decide to offload as many responsibilities as they can in an attempt to cope with the necessary business activities.

If you are a small business owner or a start up in the UK, then you might be aware about this common mistake. Figure out what’s necessary for the growth of your business – list out the tasks that you need to carry out and list out the task that can be outsourced. Outsourcing is an economical option not only small and medium sized businesses, but most of the established brands across the globe also benefit themselves from this.

Outsourced bookkeeping and accountancy services are helping countless business across the globe and serve them as their long-term partner. Here are some reasons, why outsourced bookkeeping services are considered as the long-term partners of small business in London and across the UK, and they are;

From Recording Transactions to Financial Reporting and Forecasting

In simple to understand words, a bookkeeper is the one who maintains a company’s financial transactions at sequential intervals – every day, in most cases. The definition of a bookkeeper is quite simple, but the task and responsibility associated with the job is much more complex. Depending on the nature of the business, maintaining the company’s financial reporting can be time-consuming and complicated, and it has to be accurate and up-to-date.

Many startups, small and medium-sized businesses understand that keeping the records of all the money that’s coming into and going out of their business on a daily basis — and reconciling those figures at weekly, monthly, quarterly and yearly intervals is not their cup of tea. It is a job of a full time professional, and this is the reason why most of the businesses in their growing stages tend to choose outsourced bookkeeping services. Modern day bookkeeping solutions make use of the latest technologies (including the cloud) to offload the business owners as well as to offer them an accurate insight on their financial status.

Working with Your In-house Resource for an Efficient Process

Here’s one more reason for small businesses across the UK to go for outsourced bookkeeping services. During the tax seasons, when it becomes tough for you and your in-house bookkeeper to prepare and submit the tax, the outsourced bookkeeping services come to the rescue and offer the much needed helping hands. Thereby saving you from unnecessary stress. Not only experienced bookkeepers, but outsourced accounting firms have teams of proficient accountants to help you during the Tax Season.

Gaining Real-Time Financial Insight

Here’s the third and one of the most important points. An outsourced bookkeeping services provider allows you to track the key performance indicators (KPIs) of your business. That’s a great way for business leaders to gain new insights into their company’s financial health.

Outsourced bookkeeping services offer you access to all sorts of high-level expertise – from input on how to make the tax laws work in your favor to advice on improving your profit margins.

Hence, to conclude, outsourced bookkeeping services not only save you time and money, but it also offers a level of service and professionalism far beyond what you could attain by doing everything yourself.

Outsourced Bookkeeping Firm in London

If you want to know more about outsourced bookkeeping services, how it works, how it can benefit your business and how it can increase your profit margin, then feel free to contact us at Affinity Associates. You can email us your questions / queries at info@affinityassociates.com or dial +44 20 8903 2077 (London) to talk to our experts. We offer free consultation and quote as well.

Bookkeeping Services for Small Business in London and Across the UK

Bookkeeping Services for Small Business in London and Across the UK

Are you a London based small business? Are you in search of professional bookkeeping services? At Affinity Associates, we help small businesses and medium sized businesses (coming from different industries) to manage their bookkeeping, accounts, payroll and tax needs. With more than 40 years of industry experience, we are one of the most reputed accounting firms in London known for offering best bookkeeping services at truly affordable prices. We provide online and remote bookkeeping services that easily suits your business model and budget.

Being a small business owner, you want to play multiple roles in running your business, but bookkeeping and related administrative responsibilities can keep even the most enthusiastic business owner distracted from operating and building up their business for long periods of time. With introduction of Making tax digital by HMRC, it is now imperative that your books are prepared accurately on consistent basis. Accurate Bookkeeping is absolutely important for your business, but a resource can be hired for that, and you should focus on what you do the best – running your business and exploring new opportunities of growth.

When you hire a bookkeeper, you can free up at least 20% of your precious time, and invest that time in some other productive business activities. You can contact plenty of other clients and prospects and make a huge difference with that extra time. At Affinity Associates, our bookkeeping services for small businesses in London and across the UK are highly affordable and comes with no hidden charges. In fact, our bookkeeping services can help you save both – time and money, that you can spend in expanding your business rather than on non-productive paperwork.

Our Bookkeeping Services for Small Business

At Affinity Associates, our team of highly qualified and experienced bookkeepers and accountants can help you to organise your everyday finances as well as give you professional support, advice and guidance about where you can save money and how to monitor your cash flow. We dedicatedly work with your business just like your in-house resource.

With more than 40 years of experience, we have gained immense experience and expertise that allow us to offer highly professional bookkeeping services to small businesses in London and across the UK. Our team of dedicated bookkeepers in London will take care of every bookkeeping aspect for you so that you can have a peace of mind and focus on your core business activities.

We can Help You With:

  • Accounting & Bookkeeping
  • Credit Control
  • Sales Invoices
  • Payment Handling
  • Payroll Management
  • Cash Flow Management
  • VAT Returns
  • Management Reports
  • And More…

If you are interested in our tailor-made bookkeeping services for your small business, then contact us today to discuss your requirements. To schedule a free consultation, please contact us at Email: info@affinityassociates.com, dial: +44–020–8903–2077 or visit https://www.affinityassociates.com.

Things to Look Prior Hiring Accountants for Small Businesses

Things to Look Prior Hiring Accountants for Small Businesses

Expert accountants for small businesses are often very capable of handling accounts for any genre of business owners. Skilled accountants for small business can keep your accounts up-to-date, can suggest you on opportunities for tax planning, and can make sure that your business stays in compliance with each business regulation. Here are some things that you need to look into prior hiring accountants for small businesses.

  1. If you are a new start-up then hiring skilled accountants should be your one of the foremost priorities, as they will be able to give you recommendations on a number of important things pertaining to your business, and at the same time will help you establish an efficient accounting and bookkeeping process.
  2. Make sure the potential accountants you hire are well skilled and qualified. Most accounting and consulting firms within the Great Britain are members of a longtime occupation body, such as ICAEW (Institute of Chartered Accountants in England and Wales) or ACCA (Association of Certified Accountants).
  3. Also, make sure that the accountancy firm that you hire does have expertise of handling small businesses accounts, which are almost on the similar business level as yours. For instance, if you are a financial firm or probably are into IT than hiring the services of accountants who has expertise in such businesses, could be in your best interest.
  4. The next thing that you need to look for is how much the accountants quote you. In addition, how they will charge you – monthly or annually? Do they provide a custom quote?
  5. Accountancy services are not just limited to accounts and bookkeeping, your business may require additional services as well. Try to find out the additional services offered by them such as payroll management, tax planning, tax return, etc.
  6. Contact a bunch of bookkeeping and accountancy consultancy firms in the UK prior choosing bookkeepers for your small business. Meet a portion of those organizations face to face to get a thought of whether they are proficient, appropriate and sufficiently equipped for your business.
  7. Instead of picking bigger accountants and counseling firms, settle with a small, yet capable firm. A smaller bookkeeping and accountants firms in the London, UK has a tendency to comprehend the extraordinary and particular needs of private ventures more than bigger firms. Smaller firms are additionally more responsive to independent ventures than larger firms.
  8. Find out what the current customers of your planned firms say in regards to them. This will give you a decent understanding on how they function. Request that your potential bookkeepers give you some business references to whom you can converse with about their encounters with the bookkeepers.
  9. One of the most serious issues independent ventures confront is the correspondence with the accountants. The need to see the important finance related reports may emerge at any given moment, notwithstanding at a considerable pace, may lead to some tough situation for your business. On the off chance that you are not ready to get the reports when you require, you may confront inconvenience or pass up a great opportunity for something important.

Thusly, pick the accountants who are quick and effective with the correspondence and utilize latest innovation to make your work and money related reports accessible on the web, which you can access from anyplace, any time.

Hiring proficient accountants for small businesses, as Affinity Associates, is unquestionably advantageous for your business. They are precious resources who can enable you to streamline and develop your business. Affinity Associates is a reputable bookkeeping and accountancy firm that has a team of few of the best accountants for small businesses in London, UK. Contact us at https://www.affinityassociates.com to know more about our services and how it can streamline your day to day accounting tasks and other business process.

Make Sense of Your Financial Statements – Engage a Reputable Small Business Accountancy Firm

Make Sense of Your Financial Statements – Engage a Reputable Small Business Accountancy Firm

From the financial perspective, how well do you know your business?

You may know a lot about your own business domain than any small business accountancy firm. However, believe it, there is plenty of vital information hiding in your accounting books, which you are not even aware of! Financial reports and statements offer a lot of crucial information that will help you make informed decisions about the way you operate your business. The problem is, how will you identify, extract, and analyse the important information from your accounting data?

Unless you are competent with the accounting, you will have to rely on experienced bookkeepers and accountants for small business. These professionals will take care of all the bookkeeping and accounting aspects of your business. While you have the option to employ a full-time, in-house team of bookkeepers and accountants, you can also engage a reliable small business accountancy firm and outsource all your accounting tasks. The latter option, i.e., engaging a small business accountancy firm, will prove cost-effective.

Anyway, these bookkeepers and accountants deal with your accounts on a regular basis, and they are the ones who will help you provide all the necessary financial information that will help you better your business.

Let us look at three common things your bookkeepers and accountants know about your business, which may surprise you.

Cash Flow Statement

Accountants are well aware of a cash flow statement, and many business owners as well are familiar with it. If you are not aware of it, then let us tell you that a cash flow statement is one of the most important financial statements, which shows how variations in income and balance sheet accounts affect your business’s access to cash. The statement itself records the flow of the cash entering and leaving your business. The statement allows you to understand how your business operations are running, where the money is coming from, and how the money is being spent. In short, a cash flow statement helps you determine your business’s ability to pay its bills in the short term, particularly to address important expenses, such as payroll.

Financial Ratios

There are a number of accounting ratios that help evaluate the overall financial condition of your business. While liquidity ratios measure your business’s cash availability to pay debts, profitability ratios measure your business’s use of its assets and control of its expenses to generate a decent rate of return. There are other forms of financial ratios as well, namely leveraging ratios, active ratios and market ratios.

Having the information readily available about the important financial ratios, such as gross margin ratio, profit margin ratio, return on assets, current ratio, cash ratio, and debt ratio among others, can be very helpful, especially when it comes to measuring the performance and taking vital financial decisions. Your accountants for small business will help you calculate various accounting ratios.

Burn Rate

Burn rate is probably one of the least-bothered, but vital pieces of financial information for business owners.

Burn rate is a figure, which shows how much money your business is spending every month. It is of cardinal importance that you are aware of the burn rate of your business as it tells you when you are going to run out of money. Having such vital information at hand helps you determine when you must start making a profit or acquire cash from somewhere else (business loan or venture capitalist), before ending up in insolvency.

Staying Abreast with Your Financial – Engage a Reputable Small Business Accountancy Firm

There are numerous financial statements, which can help you take the best decisions for your business. Analysing the books, preparing accounting statements, calculating financial ratios, and identifying important information can be ridiculously difficult, if not, impossible for business owners. Engaging an experienced small business accountancy firm, however, is not difficult!

A small business accountancy firm in London, UK, like Affinity Associates, has vastly skilled and experienced bookkeepers and accountants who can take care of the financial statements and offer you practical financial advice that will help you take better decisions for your business.

Get in touch with the leading small business accountancy firm in London, UK, at Affinity Associates and discover how it can help you stay up-to-date with your financial. To contact us, visit http://www.affinityassociates.com/contact-us/.

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/.

Top Benefits of Operating Business as a Limited Company

Top Benefits of Operating Business as a Limited Company

Are you operating your business as a sole proprietor? Have you ever heard or thought about incorporating your business? There are great benefits of running as a limited company!

Starting as a sole proprietor is indeed the simplest way to kick off a business in the UK. To run as a sole proprietor, all you need to do is register with HMRC and inform that you are operating as a self-employed, and report all your financial activities through the self-assessment tax process annually.

Establishing the business as an incorporated entity or a limited company, on the other hand, involves a complex company formation process. Further, the administrative and financial responsibilities of functioning as a limited company are also greater than those of a sole trader. Despite the complexity and burden, operating as a limited company can be very beneficial for you.

Here are some of the notable advantages of functioning as a limited company:

Separate Legal Entity

Unlike a sole proprietor business, a limited company has an entirely separate identity from its owners. Ranging from the bank accounts to the ownership of various assets, everything belongs to the company and separate from its shareholders’ interests. Even the debts and liabilities are in the name of the incorporated company, and the company itself is responsible for them. Hence, if the company becomes insolvent, owners or the shareholders are not responsible to for the bankruptcy.

In case of a sole proprietor business, the business and the owner are considered as a single entity; hence, the owner is responsible for everything.

Tax Benefit

By running your business as a limited company, you may perhaps have to pay less tax than as a sole proprietor.

A limited company needs to pay corporation tax on the income or profit it makes. Whereas, a sole proprietor needs to pay income tax on the income or profit his/her business makes. The current corporation tax rate is 19%. And, the current income tax rate is 20-45%! You can see yourself how much less tax you will need to pay by functioning as a limited company.

Further, from a limited company, you as a director or shareholder can draw a salary as well as substantial income in the form of dividends. Both dividends and salary are taxed separately, so you will receive the maximum income while paying less tax.

Limited Liability Protection

By operating your business as a limited company, you as the owner get a ‘limited liability’ protection. Limited liability protection simply means that if the company runs into any trouble, your personal assets will remain safe. You will not be responsible for any form of losses made by your company because your company is a separate entity, as mentioned above, which is liable for its own losses.

In case of a sole proprietor business, the owner does not get any such protection. Therefore, whenever any loss arises, the owner needs to bear it all by him/herself.

Funding

Acquiring new funding these days can be difficult for all kinds of businesses. Nevertheless, since a limited company is entirely a separate legal entity, it could be a little easier for it to acquire funds than it is for sole proprietors. Most financial institutions trust incorporated entities more than sole proprietors.

Further, if provisions allow, then a limited company can also raise capital via issuing of new shares.

Professional Outlook

In some sectors, being a limited company can portray that the company has credibility and is dedicated to effective and sound management.

A limited company gives both the suppliers and customers a sense of confidence and most companies, especially big enterprises, will never prefer to deal with sole proprietors. For that reason, incorporating your business can be beneficial to create a professional outlook, which helps bring in new prospects.

Incorporating your business is not too expensive and difficult! Just get in touch with the experienced accountants for small business in London at Affinity Associates, and seek their incorporation/company formation services.

The skilled accountants for small business in London at Affinity Associates will help you not only with the company formation process, but also with the accountancy for a limited company! Affinity Associates’ accountants for small business are vastly experienced and will take care of every accounting aspect of your incorporated or self-proprietary business. Discover what small business accountants in London at Affinity Associates can do for you by visiting the following link http://www.affinityassociates.com/our-services/.

Have any questions regarding incorporation or small business accountancy? Just get in touch with us http://www.affinityassociates.com/contact-us/.

Knowledge source: http://www.bytestart.co.uk/

What is an Income Statement & Why it is so Important

What is an Income Statement & Why it is so Important

An income statement, otherwise known as a profit and loss (P&L) statement and profit and loss (P&L) account, is a record that measures and shows all the expenses and revenues a company incurred during a specific period of time. The income statement helps determine a company’s financial health and the financial progress it made during a particular period.

The income statement contains sections for revenue and expenses, which include net sales, gross profit, cost of goods sold, selling expenses, general and administrative expenses, and net profit.

Small businesses can easily prepare an income statement using popular accounting software, such as XERO or QuickBooks. Businesses should consistently prepare a profit and loss statement in order to determine whether they are making profit or loss and why.

In order to have an accurate income statement, accurate bookkeeping is necessary.

Why Small Businesses Need to Prepare an Income Statement

There are many reasons why small businesses should be preparing income statements – and other financial statements. Here are three good reasons:

Helps Make Better Decisions

With a profit and loss statement on hand, a business owner is able to look at the past financial performance of their company. With essential data at hand, from sales to profits and operating and non-operating aspects, a business owner will be able to make better financial decisions. By having accurate figures, a business owner is able to make swift decisions, which would otherwise require unreliable guesswork.

Acts as a Proof of Business Success

Having income statements on paper means that a business owner is able to show a chronological record of how their business has been performing over the course of its existence. This ultimately allows a business owner to play the cards right around the stakeholders, or with the buyers if the owner has the intent of selling the business. A P&L account also becomes useful when new clients who wish to do business want a solid proof of a business’ success.

Helps Prepare a Business to File Taxes

A small business and its owner are subject to various forms of business taxes. Paying these taxes is obligatory by law. In order to ensure what tax liabilities a business has, income statements and other financial statements help a lot. Accurate and up-to-date income statements (along with other financial statements) give a business owner all the necessary information they need to calculate various taxes.

An income statement is one of the very important records that every business must prepare. Preparing an accurate income statement and other financial statements can be challenging for a business owner; however, professional help is available! Get in touch with Affinity Associates and engage their skilled accountants for small business in London.

Affinity Associates is a reputable provider of professional accountancy services for small business in the UK. They have some of the most skilled and experienced accountants and tax accountants for small business in London, who can help business owners prepare all the essential financial statements, from journals and ledgers to income statements and balance sheets. These accountants for small business in London can also assist businesses to prepare and file various taxes.

Contact us at Affinity Associates to learn how our accountants for small business in London can help you http://www.affinityassociates.com/contact-us/.

How to Find Good Accountants for Small Business

How to Find Good Accountants for Small Business

Are you having trouble preparing and filing your business taxes? Are you unhappy with your current tax accountant? Below are some simple tips for finding and selecting accountants for small business in London to whom you can trust your firm’s paperwork and rely on for practical financial advice.

Why Engage Accountants for Small Business

Engaging accountants for small business can save you substantial time and clear up a lot of confusion you face when it comes to handling your firm’s finances and taxes. Collaborating with reputable accountants for small business in London, however, can offer other benefits as well:

  • Act as a Reliable Advisor – An experienced accountant for small business not only takes care of your books and taxes but also advises on important financial matters. Such an accountant can help you manage cash flow, assess risk, plan for growth, and keep your accounts in order and up-to-date.
  • Help Balance Personal & Business Needs – Most small businesses find that their firm and personal finances are entangled closely into each other. A skilful accountant for small business can help you take sound decisions that are beneficial to both your personal and business needs.

How to Find Good Accountants for Small Business

While referrals are an ideal way to find good accountants and tax accountants for your small business, a simple online search can also help you find experienced professionals. Open up your favourite search engine and search for terms like, “experienced accountants near me,” “reliable accountants for small business near me,” “good tax accountant for small business near me,” “best accountants for small business in London (or your locality),” and other such terms. You will certainly come across several good candidates or firms having such candidates!

Interviewing the Candidates

Once you find several candidates, make a short list of them. Now schedule a free consultation to help ascertain whether or not the accountants are the perfect fit for your specific needs. Ask them the following questions:

How much experience do you have dealing with small businesses? Businesses that are small often have complex accounting requirements and few resources to address them. Accountants who understand the complex needs and have a good base of small business clients will probably cater to your business better in the long run. Also find out whether the accountants have experience dealing with businesses that are formed like yours – sole proprietor, partnership, or incorporated.

How much knowledge do you have with my sector? Preferably, the accountants for small business you decide to choose should have the knowledge of your sector. Often, some accountants specialise in common sectors, like retail, manufacturing, etc., while others specialise in more specific sectors, like law firms, associations, financial firms, etc. whose accounting needs are different. Be sure to engage only those who specialise and have experience in your sector.

What can you do for my business? Professional bookkeepers can help you with bookkeeping. A tax accountant for small business can help you with tax preparation and filing. If you, however, want something more than bookkeeping and tax service, you need to collaborate with a reputable accountancy and consultancy firm, such as Affinity Associates. Such a firm, in addition to having skilled bookkeepers, accountants and tax accountants for small business, have experienced consultants, who can advise on a wide range of financial, business expansion, and tax matters. Engaging such an accountancy and consultancy firm in London will do much more than bookkeeping and accounting for your business.

How much do you charge? Small businesses always have an option to employ an in-house team of full-time accountants. Such an option, however, may prove to be expensive. See to it that the accountants you engage may not drain your pockets. Discuss the accountants’ fees beforehand. You are engaging accountants for small business to save time, and most importantly, money. So, be sure to collaborate the ones who can work at reasonable prices, and at the same time, deliver quality work.

Searching for the best accountants for small business in London? End your search at Affinity Associates. We are the leading accountancy and consultancy firm in the UK and have some of the top accountants for small business in London, who can manage your business finances and taxes efficiently. Our accountants and tax accountants for small business in London will not only handle your books but also help grow your business with practical financial advice.

To discover more about Affinity Associates, simply contact us http://www.affinityassociates.com/contact-us/.

Top Reasons to Consider Small Business Accountancy Services

Top Reasons to Consider Small Business Accountancy Services

Accountancy services are not only for large and medium-size companies. Start-ups and small businesses can benefit too from using such outsourced accountancy services. In fact, by engaging a professional to record and keep track of income, expenditure, and taxes can help any small business reach its potential. Here are top four reasons for any proprietor to consider small business accountancy services.

Reason #1. Improve Employees’ Efficiency

Often, small-scale businesses may not have enough paperwork to justify employing a full-time accountant. In such a case, they may decide to have their non-accountant employees split their time between keeping the books and carrying out their specific duties. This eventually results in inefficiency for both the business and its employees. By engaging small business accountancy services to take care of the paperwork, however, businesses will be able to free their employees from the job they are not suitable to do and allow them to focus on what they are hired for, ultimately improving the overall efficiency.

Reason #2. Ensure Accuracy

Keeping the accounts receivable, accounts payable, tax figures and other financial information accurate and up-to-date is a complicated task. A reputable small business accountancy firm that provides quality outsourced accounting services has certified professionals who are skilled and experienced. By engaging small business accountancy services, a business is helping to ensure the accuracy of its financial books. Accurate books help show the true position of where a business is standing, and they also help avert any litigation.

Reason #3. Stay in Compliance

Tax policy and financial legislation change frequently, and it can be difficult for a business to stay in compliance. In addition to this, if the business is growing quickly, it can be hard to ascertain which laws will apply at different stages of the growth. A small business accountancy firm, however, continuously follows the latest in the legislation and will ensure that your business always stays in compliance.

Reason #4. Business Growth

An expert small business accountancy firm will understand the finances of the business from every perspective. The experts working in such a firm will provide valuable tax and financial advice to help a business save more money. They can even advise whether or not to incorporate a business. A top small business accountancy firm in the UK, like Affinity Associates, will even discuss all the performance enhancement measures, which can help a business grow.

No matter the type of your business, it is very beneficial to collaborate with a small business accountancy firm in the UK, like Affinity Associates, and engage outsourced accountancy services. With some of the best bookkeepers and accountants for small business in London, Affinity Associates provides premium-quality accountancy services to all kinds of businesses across the UK.

Get in touch with one of the professionals at Affinity Associates today, to discover how their small business accountancy services can help you. To contact us call on +44 20 8903 2077 or write at info@affinityassociates.com. Alternatively, you can also fill a simple enquiry form at http://www.affinityassociates.com/contact-us/.