Tag: Accountants for Small Businesses UK

Explore the ultimate guide to finding the perfect accountant for your small business. Get expert advice and tips for financial success.

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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.

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.

Also read:

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 https://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 https://www.affinityassociates.com/contact-us/.

Top 5 Things a Small Business Accountancy Provider in the UK can do for your Business

Top 5 Things a Small Business Accountancy Provider in the UK can do for your Business

Wondering what a top small business accountancy provider in the UK, like Affinity Associates, can do for you?

Many small business owners believe that keeping accountancy in-house or doing it on their own is economical. However, the fact is that the price they are paying for in-house accountancy is greater than engaging a professional small business accountancy provider. A small business accountancy provider not only can take care of the accounting but can do a lot for your business. Here are the top five things that a small business accountancy provider can do for your business:

1.      Bookkeeping

The bookkeeping services for small business from an accountancy provider can help you save time and money. It can take away the hassle of bookkeeping, and at the same time, free you so you can concentrate more on running and expanding your business. Bookkeeping services for small business are also more cost-effective than hiring full-time, in-house staff of bookkeepers. By engaging bookkeeping services for small business, you will never have to worry about keeping your books accurate and up-to-date.

2.      Payroll

Payroll management can be ridiculously time-consuming and confusing. With payroll services from a small business accountancy provider, payroll management will not be a hassle anymore. Professional payroll services help increase your payroll efficiency, improve your employees’ satisfaction, and ensure your payroll remains compliant with the existing legislation.

3.      VAT Returns

Preparing VAT returns, accounting them accurately in the books, and submitting those returns to HMRC can be very challenging. Fortunately, small business tax accountants working with your accountancy services provider can efficiently address all your VAT return requirements. These small business tax accountants not only prepare, account, and file VAT returns, but also deal with HMRC on your behalf if any queries arise.

4.      Financial Accounting and Business Advice

Bookkeepers may not be able to prepare accounting statements and financial reports. They may also not be able to identify and extract vital information from the statements and reports. Accountants for small business working with your accountancy services provider, on the other hand, can easily prepare all the necessary accounting statements and financial reports. They are trained and qualified to handle these tasks. Apart from preparing statements and reports, accountants for small business can also identify and extract vital information from your books. Using this information, accountants for small business can offer you practical advice that helps limit expenditure and improve the bottom line. They can also advice on business expansion and tax planning opportunities.

5.      Personal & Corporate Taxation

There are a lot of ways to reduce your personal and corporate tax burden, but you probably would not know. Small business tax accountants working with your accountancy services provider can provide you Effective personal and corporate taxation services. These small business tax accountants will show you practical ways to help bring down both your personal and corporate tax liabilities.

Apart from the above, a small business accountancy provider can help with incorporation, company secretarial services, audits, and inheritance tax planning among other things.

It is always beneficial to team up with a reputable provider of small business accountancy in the UK, like Affinity Associates. Engaging Small business accountancy provider is cost-effective, and it takes care of every accounting aspect of your business.

Handling Accountancy In-House can be Costly! Consider Engaging Small Business Accountancy Services

Handling Accountancy In-House can be Costly! Consider Engaging Small Business Accountancy Services

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.

Conclusion

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 https://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 businesses are vastly experienced and will take care of every accounting aspect of your incorporated or self-proprietary business.

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 favorite search engine and search for terms like accountants near me and 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.

 

Top Tips for Choosing Accountants for Small Business

Top Tips for Choosing Accountants for Small Business

Professional accountants for small business can be very resourceful for any kinds of business owners. Experienced accountants for small business will keep your accounts in order, will advise on tax planning opportunities, and will ensure that your business stays in compliance with every legislation. Here are some tips to help you select the best accountants for small business.

Top Tips for Choosing Accountants for Small Business

  1. If you are a start-up business, engage professional accountants for small business at the earliest, as they will be able to give advice on numerous essential things, including establishing streamlined bookkeeping and accounting processes.
  2. Ensure the prospective accountants are well qualified. Most accounting and consulting firms in the UK are members of an established accountancy body, such as ACCA (Association of Chartered Certified Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales).
  3. Ensure the accountant has experience of dealing with small businesses that are in the same trade sector as your business. If you are a law firm or a financial services firm, for example, it will be in your best interest to engage specialist accountants instead of “general” accountants for small business.
  4. See how much the accountancy firm will charge you and value will they add to your business. Also, find out how they will charge you – monthly or annually? Can the accountancy firm you decide to pick offer a bespoke quote?
  5. Find out what additional services your accountants provide. Along with normal tasks, such as bookkeeping, payroll management, annual accounts preparation, etc., will your accountants for small business help with tax planning, tax return, company formation, management consultancy and other services that are essential for your business?
  6. Contact a handful of accountancy and consultancy firms in the UK when selecting accountants for small business. Meet some of those firms in person to get an idea of whether they are professional, suitable and competent enough for your business.
  7. Instead of choosing a larger accounting and consulting firms, settle with a small, yet proficient firm with the required skill sets and resources. Generally a small accounting and consulting firm tends to understand the unique and specific needs of small businesses more than larger firms. Smaller firms are also more reactive and also proactive to small business needs than larger firms.
  8. Find out what the existing clients of your prospective accountants say about them. This will give you a good insight on how they work. Ask your potential accountants to give you some business references to whom you can talk to about their experiences with the accountants.
  9. One of the biggest problems small businesses face is the communication with the accountants. The need to see the essential financial reports may arise at any time, even during the night or when you are somewhere in another part of the world, planning business expansion. If you are not able to get the reports when you need, you may face trouble or miss out on something of value. Time is of the essence and you need an accountant who Empathises with your aspirations and vision.

    Therefore, choose the local accountants who are swift and efficient with the communication and use modern technology to make your work and financial reports available online, which you can access from anywhere, at any time.

  10. Choose accountants for small business who consider you as a valuable partner instead of just a client. Only a partner can understand your business better and help with its prosperity. Some reputable accounting and consulting firms in the UK offer a free trial, which can help you decide whether they can become your true partner or not.

Engaging professional accountants for small business, like  Affinity Associates, is certainly beneficial for your business.

Affinity Associates is a reputable accounting and consulting firm that has some of the best accountants and tax accountants for small business in London, UK. Certified and vastly experienced. Professional accountants at Affinity Associates provide a complete small business accountancy service in London and across the UK.

Professional Accountants for Small Business: How They Can Help You

Professional Accountants for Small Business: How They Can Help You

As a business owner, you need to be good with numbers and should enjoy working with them. If you are not good or just do not like working with numbers, then professional accountants for small business in London can help. No matter what kind of business you own, it is a good idea to hire a professional who can help you with your small business finances.

One of the most common reasons to hire professional accountants for your small business is to deal with taxes. While some individuals find it easy, many have trouble when it comes to tax return preparation, particularly if there are various exceptions and deductions involved. You can hire an experienced small business tax accountant who can do your taxes from start to finish. In such a case, all you need to do is provide the necessary facts and figures about your financial situation. An experienced small business tax accountant can also provide you practical tax advice, which would help reduce your annual tax bill.

If you have a complex business arrangement, like a partnership or limited liability company, tax matters could become really confusing and bothersome. For such an establishment, you might also have difficult questions regarding the finances throughout the year. While a full-time, in-house accountant may be able to carry out bookkeeping and accounting, they may not be able to provide you essential financial and tax planning advice to further better your business. On the other hand, professional accountants for a small business working for a reputable accountancy and consultancy firm in London, UK, like Affinity Associates, can provide you the valuable financial accounting support and financial accounting advice, which can strengthen your overall financial condition. At Affinity Associates, we also have experienced tax accountant for small business who can take care of your taxes as well as provide valuable tax planning advice that helps reduce the annual tax burden.

Another good reason to hire accountants for small business is to manage your firm’s payroll. In case you have employees, even a single employee, working for your establishment, you need to do the payroll. You may need to include PAYE (Pay As You Earn) in your payroll system and report to HMRC every month. Now, payroll management can be a big hassle. It is time-consuming and tasking. It also needs to be done accurately. If you lack the knowledge of payroll accounting or you simply do not have enough time to look after it, then expert accountants for small business can help. Payroll services from experienced accountants for small business in London will take care of your entire payroll accounting, while giving you all the time you need to focus on your core business.

No matter what type of business you have, hiring local accountants is very beneficial. If you are searching for the most experienced local accountants for small business in London, who can take care of your bookkeeping and accounting, as well as handle your taxes and payroll management, then Affinity Associates is the right place.

The leading accountancy and consulting firm in London, UK, Affinity Associates has some of the best accountants and tax accountants for small business. Ranging from bookkeeping and accounting to tax advice and payroll management, the professional accountants at Affinity Associates will handle your finances in the most efficient manner.