Professional Accounting Services in London, UK

How Much Do Bookkeeping Services for Small Businesses Cost?

In the dynamic landscape of entrepreneurship, small businesses often find themselves juggling multiple tasks simultaneously. From managing operations to fostering growth, the to-do list seems never-ending. Amidst these responsibilities, Small Business Accounting in UK often emerges as a crucial yet challenging aspect to handle. As the backbone of financial management, efficient bookkeeping ensures clarity, compliance, and informed decision-making. However, one burning question prevails: How much do bookkeeping services for small businesses cost?

Understanding Bookkeeping Services

Before we dive into the intricacies of pricing, let’s clarify what bookkeeping services entail. Bookkeeping involves the systematic recording, organizing, and managing of financial transactions within a business. This includes tasks such as recording sales and purchases, reconciling bank statements, managing payroll, and generating financial reports. While some entrepreneurs attempt to handle bookkeeping on their own, outsourcing these responsibilities to a professional accounting firm like Affinity Associates offers numerous benefits, including accuracy, efficiency, and compliance with regulatory requirements.

Factors Influencing the Cost

The cost of bookkeeping services for small businesses can vary significantly based on several factors:

Business Size and Complexity: The size and complexity of your business play a pivotal role in determining the cost of bookkeeping services. A small sole proprietorship with minimal transactions will typically incur lower costs compared to a larger corporation with multiple revenue streams and complex financial structures.

Frequency of Services: The frequency at which you require Bookkeeping Services in UK will impact the overall cost. Some businesses may opt for monthly bookkeeping, while others may prefer weekly or even daily updates depending on their operational needs.

Scope of Services: The scope of bookkeeping services required also influences pricing. Basic services such as transaction recording and bank reconciliation may be more affordable, whereas additional services such as payroll management, tax preparation, and financial analysis may incur higher costs.

Software and Technology: The utilization of accounting software and technology can streamline bookkeeping processes, but it also comes with associated costs. Depending on the software chosen and any additional integrations or customizations required, this can impact the overall pricing structure.

Expertise and Experience: The expertise and experience of the accounting firm providing bookkeeping services will inevitably affect pricing. Established firms with a proven track record of delivering accurate and reliable financial services may command higher fees than newer or less experienced providers.

Cost Ranges for Bookkeeping Services

While pinpointing an exact figure for bookkeeping services can be challenging due to the variables, we can provide some general cost ranges based on industry standards and our experience at Affinity Associates:

Basic Bookkeeping Services: For small businesses with straightforward financial needs, basic bookkeeping services typically range from £100 to £300 per month.

Moderate Complexity: Businesses requiring more comprehensive bookkeeping services, including payroll management and tax preparation, can expect to pay between £300 to £700 per month.

High Complexity and Customization: Larger businesses with complex financial structures, multiple entities, or specific industry requirements may incur costs upwards of £700 per month, depending on the scope and customization of services.

It’s important to note that these figures are indicative and may vary based on individual circumstances. At Affinity Associates, we offer personalized pricing plans tailored to each client’s unique needs, ensuring transparency and affordability.

Choosing the Right Bookkeeping Services for Your Business

When selecting bookkeeping services for your small business, it’s crucial to consider more than just the cost. Look for a reputable accounting firm like Affinity Associates that offers a comprehensive suite of services, experienced professionals, and a commitment to accuracy and integrity. By investing in quality bookkeeping services, you can streamline your financial operations, mitigate risks, and position your business for long-term success.

Take the Next Step with Affinity Associates

Ready to take the next step in optimizing your small business’s financial management? Contact Affinity Associates today for a personalized consultation and discover how our bookkeeping services can benefit your business. Whether you’re a startup entrepreneur or an established corporation, we’re here to support your journey toward financial prosperity. Don’t let uncertainty about bookkeeping costs hold you back partner with Affinity Associates and unlock the true potential of your business.

Schedule your consultation with Affinity Associates today and embark on a journey toward streamlined financial management and business growth. Your success starts here!

Accounting Tips For Ecommerce Business Owners

Step into the realm of eCommerce finance with Affinity Associates, your dedicated ally in the world of accounting. For online entrepreneurs like yourself, the digital marketplace presents a dynamic landscape, and we’re here to offer our specialized support. Our comprehensive guide is designed to equip you with indispensable insights into Ecommerce accounting and VAT Returns. With our expertise, managing your financial matters becomes a streamlined process, allowing you to focus on what truly matters: the success of your online venture.

Understanding E-commerce Accounting: E-commerce accounting involves managing financial transactions and records specific to online businesses. Unlike traditional retail accounting, eCommerce accounting encompasses various digital platforms, payment gateways, and international transactions. As an eCommerce business owner, it’s crucial to adopt robust accounting practices to track sales, expenses, inventory, and taxes accurately.

Key Tips for E-commerce Accounting:

Implement Cloud-Based Accounting Software: Invest in a reliable cloud-based accounting software like QuickBooks Online or Xero tailored for eCommerce. These platforms offer features such as inventory tracking, integration with eCommerce platforms, and real-time financial reporting, streamlining your accounting processes.

Separate Personal and Business Finances: Maintain separate bank accounts and credit cards for your eCommerce business to ensure clear financial separation. This practice simplifies tracking business expenses, reconciling transactions, and preparing accurate financial statements for tax purposes.

Monitor Cash Flow Regularly: Monitor your eCommerce cash flow diligently to understand incoming revenue, outgoing expenses, and overall business liquidity. Regular cash flow analysis enables proactive decision-making, such as managing inventory levels, negotiating vendor terms, and optimizing pricing strategies.

Track Inventory Efficiently: Implement robust inventory management practices to track stock levels, monitor product performance, and prevent stockouts or overstocking. Accurate inventory tracking ensures optimal cash flow management and timely reorder decisions, enhancing profitability.

Automate Repetitive Tasks: Leverage automation tools for routine accounting tasks like invoicing, expense tracking, and financial reporting. Automation minimizes manual errors, saves time, and allows you to focus on strategic business growth initiatives.

Understanding VAT Returns: Value Added Tax (VAT) is a consumption tax levied on goods and services at each stage of production or distribution. For eCommerce businesses operating in the UK and European Union (EU), navigating VAT regulations and compliance is crucial to avoid penalties and legal issues.

Key Tips for VAT Returns:

Determine VAT Registration Requirements: Understand the VAT registration thresholds and requirements applicable to your eCommerce business based on revenue and transaction volumes. Register for VAT with the relevant tax authorities in jurisdictions where you meet the threshold criteria.

Collect and Retain VAT Invoices: Ensure proper documentation and retention of VAT invoices for all purchases and sales transactions. VAT invoices serve as evidence for reclaiming input VAT on business expenses and calculating output VAT on sales.

Calculate VAT Correctly: Accurately calculate VAT on sales transactions based on applicable VAT rates and exemptions in each jurisdiction. Implement systems to automatically apply the correct VAT rates to customer orders based on their location, ensuring compliance with cross-border VAT regulations.

Submit VAT Returns Timely: Adhere to VAT return filing deadlines to avoid penalties and interest charges for late submission. Maintain organized financial records and reconcile VAT transactions regularly to facilitate the preparation and submission of accurate VAT returns.

Seek Professional VAT Advice: Consult with VAT specialists or tax advisors to navigate complex VAT issues, such as cross-border sales, distance selling thresholds, and VAT registration in multiple jurisdictions. Professional guidance ensures compliance with VAT regulations and minimizes the risk of costly errors.

Conclusion:

Mastering e-commerce accounting and VAT Returns is essential for the success and sustainability of your e-commerce business. By implementing the tips outlined in this guide and partnering with Affinity Associates, you can optimize your financial processes, mitigate risks, and achieve long-term growth. Take proactive steps today to empower your eCommerce venture with sound financial management practices.

Ready to streamline your eCommerce accounting and VAT compliance? Contact Affinity Associates today for personalized accounting solutions tailored to your business needs. Let us be your trusted partner in navigating the complexities of eCommerce finance and maximizing your business potential. Schedule a consultation now!

How to get more value from your practice sale

I often speak to retiring Partners and Directors of Smaller Accountancy Practices. (1-5 Partner firms)

One of the key themes that I see regularly is that succession planning in general is not taken into account until too late.

Firms don’t have a tier of Management beneath the Partner that have been trained to take over. Or if they do, they don’t have the capital to buy you out.

How to get more value from your practice sale?

Look to train a Practice Manager to pass on some of your Partner duties, that might be client facing roles, or back-Office support. You need to take “you” out of the business.
Most buyers want the seller to stay on as a consultant for a couple of years to transfer the goodwill of your client bank to the buyer. Factor that into your timings for retirement.
It will be obvious, but make sure your accounts are up to date, and you can provide an adjusted profit and loss to the buyer.
Have your redacted list of gross reoccurring fees (GRF) up to date for the buyer to review. That is fees billed and received in a given twelve-month period, that have reoccurred.
Some buyers will want to take on your team, as they know the clients. Prepare an employee summary, detailing their qualifications, years of experience, fields of work.
The buyer may put their own IT in place, but some will buy it off you if it is serviceable for the future.
The buyer may want to change suppliers on completion, negotiate with your suppliers in advance to get onto a rolling monthly agreement.

The key message here is to be prepared, and plan ahead, don’t leave the decision of passing on your practice until your health deteriorates.

There are several good brokers for our profession, some may already be sending you their email marketing.

I will be at Accountex London on both days, if you’re looking to generally discuss your practice retirement planning, please stop me for a chat.

I really enjoy having conversations with other accountants coming to terms with what is the end of their life’s work.

Chris Smith FCCA

Skills Required in an Accounting Firm to Thrive after the Pandemic

Post-pandemic, as UK accounting firms are getting ready to meet the demands of their clients, these finance professionals should rethink upgrading their accounting skills and how they can provide value-added services to their clients. The fact is, after the pandemic, the way businesses are operated has changed a lot and many accountants and bookkeepers across the UK are in search of opportunities for professional development that move them away from being just number crunchers.

Whether you are an individual accountant or an accountancy firm in the UK, if you want to thrive, then you have to adopt these skills. Keep reading for post-pandemic accounting skills to boost your business’s bottom line and client satisfaction.

Adaptability: The secret ingredient of every successful accounting company in the UK is that their team is willing to pivot. Throughout the pandemic and even after the pandemic, accounting practices are quickly molding themselves as per the new working models and instantly adopting the new technologies to offer better services. Thus, adaptability is the first skill that you and your team of accountants should have to keep your clients happy and coming back for more.
Digital Proficiency: During the pandemic, when almost all businesses and organizations were forced to adopt Work from Home or a hybrid working model, there raised a sudden need for digital adoption. The dependence on new technologies has increased in order to offer UpToDate and on-time services to cope with the evolving climate. Thus, the ability to cope with new technologies and how to use them for customer satisfaction is the second skill required to ensure your business is thriving.
Flawless Communication: Communication is the key, as it ensures the flawless exchange of feedback, ideas, and requirements. Moreover, proper communication adds value to the project or the work. Thus, businesses are looking for accounting firms in the UK that can ensure impeccable communication so that they can talk to someone in a time of urgency. Accounting firms must be able to cultivate the ability to translate that information to clients and key stakeholders. Thus, if you want your accounting practice to thrive post-pandemic, then set up a system for flawless communication and develop the skills as per it.
Business Acumen: Having business knowledge and expertise in one thing and implementing it in your work is the second thing. Thus, you should be able to showcase your expertise to your clients. Post covid19 pandemic, accounting firms are going beyond the traditional methods to offer guidance to their clients to help them overcome their pain points. Thus, you need to develop the skill that if you are having domain expertise, then do not hesitate to help your clients by any means.
Customer-Centric: Always stay in touch with your clients. Most of the time, it has been observed that accounting firms get busy showcasing their services and ignore the real problems faced by the clients. Before the pandemic, businesses expected accounting firms to offer them transactional services – services like accounting, bookkeeping, tax planning, auditing, etc. But now, after the pandemic, clients are expecting sometime more something extra. They are looking for accounting companies that can offer them a multitude of services and play the role of a partner that can help them around the clock.

Tips to Keep with These Skills – Outsourced Accounting Services

The covid19 pandemic raised the need for new skills to survive the shifting economy. And as we continue to reconstruct the public accounting industry, it’s important for firms to re-evaluate their post-pandemic accounting skills.

If you are a UK accounting firm looking to grow your practice in a world powered by uncertainty, then you’re not alone. Here at Affinity Associates, we love to help small businesses and accountancy firms pass through this new post-pandemic environment. With the help of our outsourced accounting services, we help them find the top talents that fit the bill and requirements, and we can help you too. Get in touch with one of our accounting experts in London and learn how accounting outsourcing services can help you add these much-needed skills to your team.

We offer a wide range of services, and if you want to learn more about those services, please click here https://www.affinityassociates.com/accountancy-services-uk. You can also like our Facebook page and follow us on Twitter to get useful accounting, tax, and bookkeeping related-updates on your timeline.

A blog you will like: Why Outsourced Accounting Services are More Reliable for Small Business

Small Business Accountants in London, UK – Find and Hire Them Instantly Today

Professional accountants are one of the most important things you need when running a small business. Unfortunately, they’re usually in high demand and hard to find. There are even websites out there that will connect you with local small business accountants in London who meet your requirements, but what happens when you’re not quite sure what those requirements are? If you find yourself in this position, here’s how to find and hire small business accountants in London instantly – just follow these steps!

What Do You Want to Accomplish?

If you want to start a small business, there are many steps involved. The first is getting your books up to speed. While you may think that hiring an accountant right away would be ideal, there’s no need to rush into it just yet. There are a few things you can do yourself before bringing on a professional: set up your records; use accounting software like FreshBooks or Xero, and track expenses as you go along. If you are not familiar with that accounting software, then you can consult an accountant for help/advice.

Set your budget

You need to find that meet your specific needs. To make it easier on yourself, set a budget before beginning your search. Be realistic with your budget so you don’t waste time seeking out accountants that won’t fit within your spending range. Depending on how big or small your business is, expect to spend anywhere from $50 to $1000+ per month for professional services. There are some affordable options worth checking out at the accounting outsourcing company like Affinity Associates.

Look at The Hiring Process

If you’re looking to hire a new accountant for your small business, it can be time-consuming trying to find one. For starters, you may have to research their credentials before approaching them – but if you’re hiring remotely or don’t have any experience with accountants in your area, then how do you go about finding a reputable firm? A simple Google search will give you lists of companies that match your requirements, but what about reviews?

Decide on an Outsourcing Model

There are several models for outsourcing accounting work to an accountant, including a per-hour model, fixed-fee model, or equity stake. Decide which one is best for your situation, then narrow down your list of accountants to those who fit your preferences. For example, if you choose a per-hour model, you’ll need to find an accountant that charges between $100-$250/hr.

Get Free Help

Search online for small business accountants (or similar phrases), and you’ll discover many services are available to help small businesses with their accounting needs. Some of these service providers offer free consultations, so don’t be afraid to get in touch with a few that interest you.

Finalize & Enforce Standards

Establishing accounting standards for your small business is an important step for you to take. Failing to have proper accounting procedures could lead to a host of problems down the road. Avoid these potential pitfalls by getting professional accountants involved early on. By making sure that you meet their standards, they’ll be able to properly prepare your financial statements throughout each year. And when tax time rolls around, you’ll have all your records organized and ready for review.

Evaluate Their Performance

Instead of hiring one accountant for everything, look for accountants who specialize in different parts of your business. If you have a construction company, for example, you may want to find a CPA to handle your financials, a bookkeeper to manage your receipts and invoices on a day-to-day basis, and an attorney who can help with real estate transactions.

Small Business Accountants in London – Free Consultation Available

Well, if you are wondering how small business accountants in London can help you grow your business online, then it’s time to go for a free consultation call with an experienced professional at Affinity Associates.

Affinity Associates is a top-rated outsourced accounting company in London from where you can hire the best accountants and bookkeepers to manage your company’s finances. Whether you are a start-up, a small business, or an established organization in the UK, Affinity Associates can comfortably accommodate your business’s accounting and bookkeeping needs while staying affordable. Please review their pricing packages for your business here. Or call experts at +44-20-8903-2077. Let’s get connected over social networks – like us on LinkedIn and Facebook for daily updates.

Small Business Tax Accountants UK – Hire the Best at Affordable Prices

Taking help of Google to find top-rated small business tax accountants around you? Do you need a tax accountant who can help you with tax preparation, tax planning, accounting, bookkeeping, and anything related to your company’s finances? Well, then it’s time to contact Affinity Associates.

Based in London, Affinity Associates is the best small business accounting firm that offers the most professional accounting and bookkeeping services at affordable prices. At Affinity, we have a team of certified and skilled professionals who are well-versed with the latest tax compliance and rules in the UK. When you contact us for small business bookkeeping and accounting services, you can rest assured about 100% professional and Up-to-date services will be loved by you. Moreover, we also offer a free one-month trial of our services so that you can judge our potential before getting into any service contract.

However, here are some of the most common questions people ask before hiring a team of small business tax accountants, and they are:

Should I hire a small business tax accountant for my small business?

Yes, of course. You can definitely hire a small business tax accountant for your business if you are occupied or need professional services at affordable prices. A tax accountant will take care of all the finance-related tasks so that you can stay focused on core business activities.

Is it affordable to hire a small business tax accountant?

It totally depends on your requirements. But, overall, hiring a remote tax accountant is more affordable than hiring a full-time in-house resource. Moreover, you enjoy professional services at a fraction of the cost.

Are small business tax accountant services for entrepreneurs and startups?

Yes, everyone can benefit from professional small business tax accounting services. Whether you are a startup, an entrepreneur, or an established brand, you can contact an outsourced small business tax accounting company to take care of your company’s finances at affordable prices.

What type of services does an outsourced accountancy firm in the UK Offer?

An outsourced accountancy firm in the UK offers a wide range of services such as:

Bookkeeping services
Accounting services
Payroll services
Tax Preparation services
VAT preparation services
VAT Online Filing services

For more, here’s the complete list of services you can expect from an outsourced accountancy firm in the UK.

Have Some More Questions Before Hiring Small Business Tax Accountants in The UK?

You can also email us your questions at info@affinityassociates.com or call us at +44-020-8903-2077 for a free consultation. Let’s get connected over social networks – like us on LinkedIn and Facebook for daily updates.

Bookkeeping Services for Small Businesses – Important Questions Answered by Experts in the UK

Bookkeeping Services for Small Businesses – We understand how tough it is to manage your business single-handedly. Shuffling between tasks within your organization and executing them perfectly and professionally requires immense knowledge and patience. But, at the end of the day, there are some tasks in your company that remain unattended and bookkeeping and accounting are some of them.

Even though bookkeeping and accounting are the most important tasks, they are overlooked unintentionally. So, what can be a long-term solution to make sure your books are managed accurately. Bookkeeping services for small businesses offered by outsourced bookkeeping firms like Affinity are the best solution that you need to adapt to maintain your financial records professionally and accurately.

To help you decide whether bookkeeping is perfect for your small business or not in the UK, here we’ve answered some of the most common questions. Let’s start.

What is outsourced bookkeeping services ?

Outsourced bookkeeping services are a process of contracting a remote team from a company to manage your company’s books. These companies will manage your company’s books at the best rates keeping your tax rules and compliances in the mind. These outsourced bookkeeping firms also offer services such as Accounting, Tax Preparation, Payroll Services, and everything related to finances. For a better understanding of the list of services offered, you can refer the Affinity’s services page

Are bookkeeping services for start-ups?

Yes, of course. Outsourced bookkeeping services are for every business – from sole entrepreneurs to start-ups to small and medium-sized businesses. In fact, bookkeeping services for small business by companies like affinity is more affordable than hiring a full-time or part-time bookkeeper. Also, it saves you from hassles such as setting up a workstation, employee benefits, payroll management, and more.

Are bookkeeping services for every industry and domain?

Yes, outsourced bookkeeping services are for every business despite their domain, industry, size, and budget. From restaurant to the hotel, and from dentist to lawyer, everyone can enjoy the rewards offered by small business bookkeeping services offered by companies such as Affinity Associates. Want to know whether your business is ready for bookkeeping services, ask the experts.

What is the cost of bookkeeping services for small businesses?

Well, the cost of outsourced bookkeeping services for small businesses depends on many different factors number of resources you want, cost of per resource, type of services you need, and more. Some outsourced bookkeeping firms may ask you to sign lengthy contracts, but some companies like Affinity Associates have flexible and affordable hiring modules “Pay as You Go”. These modules are quite affordable, and you don’t have to pay more.

What are the bookkeeping price packages?

Bookkeeping price packages for small businesses are quite affordable (The cost of bookkeeping services may range from £10/hour to £18/hour). However, you can also customize the packages as per your business requirements. You can hire bookkeepers to work on a project full-time basis, hourly basis, or part-time basis, or anything other modules that suits you.

What are cloud bookkeeping services?

Cloud-based bookkeeping services are in trend. Cloud bookkeeping services are offered using cloud-based software so that it becomes easy for you to access your financial data from anywhere and anytime. Moreover, cloud bookkeeping services guarantee more security.

Want to learn more about bookkeeping services for small businesses? Ask the Experts. Login

If you still have any doubts/questions in your mind, then we request you to please contact our bookkeeping experts at Affinity Associates or call us at +44 20 8903 2077 (London). Let’s get connected over social networks – like us on LinkedIn and Facebook for daily updates.

4 Signs Your Small Business Needs the Help of an Accounting Firm in London

Being a small business owner, are you spending the most of your day running your business instead of expanding it? When it comes to managing the books, you have an option of hiring an in-house bookkeeper to track your financial records or Consulting an accounting firm like Affinity Associates that can save time, money and quite frankly, the headache that comes with bookkeeping.

4 Signs Your Business Needs the Help of an Accounting Firm:

You are Stressed About IRS Audit

When you are managing your books on your own, there are chances that you leave behind some unwanted errors or omissions that would obligate the IRS to investigate further. Doing the books on your own leaves the door open to careless errors or omissions that would obligate the IRS to investigate further. Hiring an accounting firm like Affinity Associates reduces the potential for IRS audits by ensuring that your financial records are accurate. In the event, if you are summoned for an audit, Affinity makes it easy to validate anything that the IRS may question.

Your in-house Bookkeeper has Let You Down:

Many small businesses in London opt to hire an in-house bookkeeper to manage the books. Sometimes, it seems like a smart strategy, but if your part-time in-house bookkeeper:

Doesn’t keep up with altering tax regulations in the nation?
Goes on vacation for 3 weeks? Or worse case,
Leaves the job entirely?

When you are depending on a single person to manage your books, there are higher chances of facing unwanted consequences for your business. By consulting an accounting firm like Affinity Associates, you gain access to an entire team of professionals who are available whenever you need them to be.

You are Paying Excess of Money:

Along with the risk of entrusting your important financial documents to an individual, there are higher chances that you are paying more. Usually, a full-time bookkeeper costs in £38,000 per year and the cost of a part‐time bookkeeper is roughly half that amount. Whereas, on the other hand, the average Affinity Associates client pays quite less depending on which services they choose to utilize with us. That’s a fraction of the cost of having someone in-house who may or may not be meeting your business requirements in the first place.

You Can Take Real-Time Decisions:

Bookkeeping services by accounting firms like Affinity Associates leverage cloud technology – so you can access your data at any time, from anywhere and on any device. The more accurate and timely your books are – the better tuned you can be with your business. The availability of all the data 24*7 will help you make real‐time decisions based on the financial health of your business.

Contact Affinity Associates to Know More

If any of the above-mentioned points apply to you, then you are definitely in need of professional accounting firms in London. To know more about how professional bookkeeping and accounting services can help your business grow and save more money.

Why Outsourced Accounting Services are More Reliable for Small Business

Whether you want to control your business on your own forever, or you are urgently looking for an investor, you need to have accurate financial statements. Your financial statements can help you get lower interest rates on loans, better forecast your cash flow, and make informed decisions for future growth.

As solid and transparent information is the key to any business decision, your financial statements need to go over and above the minimum obligations. This is why you need to think about Outsourced Accounting Services or hire an Accountant for your small business in London, as it gives you the most accurate picture of your finances.

Why You Need to Think About Outsourcing Your Accounting Tasks

1. It Could Eliminate Multitaskin: In many small businesses, it has been observed that the owners or managers do most of the accounting related tasks. Even when a CAP looks after the taxes or end-of-the-year reports, everyday bookkeeping tasks are handled by someone with many duties that go beyond accounting. Well, as we all know, multitasking sometimes create grim problems. Firstly: It is not compulsory that the people who handle the bookkeeping tasks in your small business may have the adequate accounting knowledge. And if they do not possess enough knowledge of accounting rules, they may report transactions in the wrong period or make other errors.

Secondly: When an individual or an employee in a small business has other business operations to look into, then there are chances that the bookkeeping and accounting tasks are left behind or ignored. Accounting reports that managers use to make decisions can quickly become out of date. Documents needed to take the business decision may not be ready when required.

Thirdly: When you don’t have a dedicated resource to take care of accounting or bookkeeping tasks, it is viewed as an undesirable chore and often left untouched. This also increases the likelihood of errors.

2. It Could Introduce Automation: Sometimes automation is necessary to overcome the human error. Even though you prepare your books carefully, there are chances of human error, and even a single missed or transposed figure can ruin all your hard work. On the other hand, outsourced accounting services by a professional company like “Affinity Associates” can directly integrate into your inventory, point-of-sale, payroll, and other bookkeeping systems. Every time you make a transaction, your accounting systems are updated automatically. This virtually eliminates the possibility of human error in data entry.

3. It Could Provide Expert Review: Virtual outsourced bookkeeping and accounting isn’t done totally by computers. There’s a CPA to review the entries and check the errors. There are plenty of aspects in accounting where minor errors are hard to spot without extensive accounting experience. If your CPA sees something that doesn’t look right, he or she can investigate further to see if an error was made and where it occurred. Ultimately, this offers you a peace of mind that your books are accurate.

If you are a small business, and if you find it difficult to manage your books or other accounting related tasks, then it is advisable to go for outsourced accounting services from a company like Affinity Associates. The team of accountants at Affinity Associates has a much broader range of expertise available that can help your business grow.

If you want to know more about the advantages of the outsourced accounting services, then Affinity Associates is here to assist you. Please contact us for a “Free Consultation on Outsourced Accounting and Bookkeeping Services” today at https://www.affinityassociates.com.

Top 5 Ways a Professional Bookkeeper can Help Your Business

How a Bookkeeper can Help Your Business

If you are a small business owner, then you might act as a bookkeeper yourself – at least until managing it on your own becomes extremely time-consuming and difficult. Once your business expands, it makes sense to consider professional bookkeeping services for small business. Here are top five ways that a professional bookkeeper can help your small business:

1. Enables you to focus on your business strategy

Bookkeeping means recording every financial transaction, even the minutest ones, which your business incurs. It involves entering the accurate figures in the books or accounting software. Working with these figures, however, can often bog you down and astray you from focusing on your business goals. Therefore, it is better to have a professional who can take care of your bookkeeping.

2. Another pair of eyes inspecting your cash flow

You need to ensure that the liquidity of your business remains in check. And, in order to do so, you need to refer the cash flow statement of your business. A cash flow statement shows the flow of cash coming in and going out of the business. Having an extra pair of eyes keeping a watch on your cash flow guarantees that your business does not abruptly run out of money. A bookkeeper can keep a close watch on your cash flow.

3. Minimises your accounting costs

Did you know that there is a difference between an accountant and a bookkeeper? An accountant is a qualified professional, who focuses mainly on the preparation and filing of statutory returns, giving financial and business advice, and advising on the legal entity structure. A bookkeeper, on the other hand, is an expert who focuses on organising and recording of financial transactions of a business. So, who are you using to take care of your daily accounting? If you are using an accountant for managing your daily transactions (who, of course, can manage it), stop their services immediately and engage a professional bookkeeper instead – a bookkeeper will efficiently do the job and will certainly prove cost-effective than an accountant. Besides, a bookkeeper can quickly carry out the accounting/bookkeeping because they specifically specialise in it.

4. Quick access to important figures

Engaging a professional accountant for small business to take care of your monthly reconciliation, tax computation, and reporting is important. An accountant for small business can give you the overall picture of your financial health. However, what if you need some financial figures for a specific period, for instance, a particular day? Bookkeepers can get you such figures quickly, without having you to waste time scanning through the reports yourself.

5. Reduce Tax Liabilities

When a bookkeeper is experienced with the businesses in your sector, they will be knowing most of the common expenses and can tell you about all the tax-deductible expenses. For example, a bookkeeper who specialises in marketing business can tell you whether the cost of advertising in the newspapers or directories can be deducted from your taxes. Furthermore, engaging bookkeepers to carry out bookkeeping for your business is also tax-deductible.

Professional bookkeepers can help your business a lot, and therefore, it is sensible for you to consider bookkeeping services for small business in the UK.

When in need of quality bookkeeping services for small business in the UK, you can count on us at Affinity Associates. A leading small business accountancy firm in London, UK, we have the best bookkeepers who are both experienced and skilled. Discover more about our bookkeeping services for small business in the UK by browsing through our “Bookkeeping Services” section on our site at https://www.affinityassociates.com/affinityservices/bookkeeping-services-for-small-business-in-uk/.

If you have any questions or want to know more about our bookkeeping or accounting services, feel free to contact us at https://www.affinityassociates.com/contact-us/.