What’s the best time for Businesses in the UK to Consult Local Accounting Firms for Bookkeeping and Accounting Services?

What’s the best time for Businesses in the UK to Consult Local Accounting Firms for Bookkeeping and Accounting Services?

The trend of consulting a local accounting firm to take care of accounting, bookkeeping and payroll tasks is quite high among the small businesses across the UK. Plenty of businesses coming from different business domains have offloaded themselves by forwarding their accounting and bookkeeping tasks to London based accounting firms like Affinity Associates. This smart move has not only offered them a lot of free time to focus on their core business activities, but have also offered them a clear insight on their financial status annually / quarterly or whenever they want.

However, there are still some small and medium-sized businesses across the UK that are not sure about when to consult a local accounting firm for bookkeeping and tax accounting services. If you are among those businesses who want to try accounting and bookkeeping services instead of hiring a fulltime or a part-time accountant, but don’t know whether the time is right or not, then keep reading this blog. Here we are going to discuss the best time to hire accounting and bookkeeping services in London, Harrow, Wembley and across the UK.

Time based decision

  • At the beginning of the Financial Year: At the end of the financial year, if you felt that it was not your cup of tea to manage your accounting and bookkeeping tasks, then contacting an accounting firm at the beginning of the financial year is the best decision you can take in the favour of your business. This will benefit you in multiple ways and throughout the year.
  • At the Earliest: Every business is different; and so are its requirements. Therefore, the decision of hiring an accounting firm to take care of your accounts should not wait for the ideal time. Businesses and processes will forever remain in a state of flux, and it is entirely possible that future plans may be disrupted unwittingly. It is therefore, advisable to hire a reputed accounting firm like Affinity Associates to take care of your accounting and bookkeeping tasks, regardless of the “idea time”.

Need Based Decisions

Hiring an external resource to help you in your day to day activities / tasks is a need-based decision and, the circumstances are most likely not expected to change over a period of time. For example; let us consider a small business that is expanding and running short of skilled manpower to help him/her in implementing the day-to-day business tasks. In this situation, when the company cannot tend to afford a fulltime resource, it will certainly look for an option where it can hire and release the employee when needs arise.

  • When You Are a Start-up: When you are at your budding stage; you are prominently look at ways for cost cutting. Therefore, instead of hiring a full-time resource, you consult an agency at the early stage so that it can help you bring in cost effective measures in the beginning; thereby slashing expenses considerably.
  • Shortage of Skilled Professionals: Not only cost cutting, but businesses are consulting agencies for the quality of work they get from those agencies. Instead of hiring an inexperienced employee, they get a skilled resource at one-fourth of the price. The professional expertise and the specialist knowledge in the domain of a partner will certainly help you improve the quality of your work.

Contact Affinity Associates

If you are a start-up or an established business looking for skilled accountants or bookkeepers to help you take care of your accounting tasks, then its best to contact Affinity Associates in London. We are offering a free consultation to answer all your questions and explain you the advantages of our personalised accounting and bookkeeping services for small businesses in the UK.

To schedule a free consultation, email us at info@affinityassociates.com or call us at +44-020-8903-2077.

How Professional Bookkeeping Services can Boost the Growth of Small Businesses

How Professional Bookkeeping Services can Boost the Growth of Small Businesses

Amid cut throat competition, starting your own business is a tough job. You need to handle all the tasks on your own, because you cannot afford to hire dedicated resources for any specific tasks. Fortunately, there are office tasks for which you can hire remote resources; and bookkeeping services is one of them.

Here Aare Some Reasons Why You Need to Hire Full Time Bookkeeping Services;

  • No Need to Hire a Full Time Resource for Bookkeeping: You don’t need to hire a full time resource to handle the bookkeeping tasks in your office. Moreover, it also makes a much better financial sense for you to outsource your bookkeeping services. When you hire bookkeeping services from a remote staffing company like Affinity Associates, you only pay for the service when you need one instead of having bookkeepers on payroll when you aren’t maximizing their professional use or time.
  • Business Expansion, but not a Bigger Team: When you are at the point of business expansion, but don’t want to invest in full time resources, then hiring the services of a bookkeeping firm makes for an ideal arrangement. It is not only economical but also frees you from the worry of handling a team or paying for leaves and medical insurance benefits. You can easily expand your business without putting any strain on your finances.
  • Zero Recruitment and Hiring Stress: Hiring a new team member means hiring and recruitment costs along with onboarding downtimes. If you don’t have a team to handle these, hiring a bookkeeping company is a good solution. It saves you from all the recruitment and hiring hassles. Bookkeeping services reduces the amount of time you’ll have to wait before the bookkeepers can start.
  • No Need to Worry about Employee Management: When you hire employees in your office, then you need to spare time for employee management. But, when you hire bookkeeping services, you don’t have to worry about anything, instead you can focus on other business tasks.
  • Better ROI: The best thing of hiring bookkeeping services is it allows you to expand your business with little to no hassle and inconvenience for you. You can get more work done in less time and efforts, and it becomes easy for you to handle big-volume projects. That means better ROI for your business so you can eventually double your revenue alongside your company’s workload.

Affinity Associates is a one-stop shop for all your requirements – from bookkeeping to tax to any other professional services your business needs. Our team of expert advisors can help you navigate any bookkeeping related issues. Our bookkeeping services give you the freedom to focus on what you do best.

Ready to get the bookkeeping assistance and support you need? Call Affinity Associates today at https://www.affinityassociates.com.

Bookkeeping and Accounting – Know the Differences

Bookkeeping and Accounting – Know the Differences

Often, small business owners interchange the important term ‘bookkeeping’ with ‘accounting’ or ‘accounting’ with ‘bookkeeping.’ They should not do that as both these accountancy terms are different.

Bookkeeping and accounting have separate financial functions, and both of them are integral parts of small businesses. It is important to understand these terms because streamlined financial records and organized finances are key to the success of a small business. Understanding these terms also helps when it comes to engaging the right services, i.e., bookkeeping services for small business and accountancy services for small business.

What is bookkeeping?

Bookkeeping is an accounting process of recording all daily financial transactions, both cash and credit, of the business. The one who carries out bookkeeping is called a bookkeeper.

Bookkeepers need to record all the sales, receipts, purchases, and payments transactions of the business in the correct daybook, customer (sales) ledger, supplier (purchase) ledger, or general ledger. You need to keep in mind that a ledger is a principal book. It is the key to the finances of your business; hence, it needs to be accurate.

Bookkeeping can be simple initially, but as the size of your business and the number of transactions increase it can quickly become difficult to manage. In such a case, engaging quality bookkeeping services for small business in the UK from a reputable firm like Affinity Associates can be helpful.

Methods of bookkeeping

The two prevalent bookkeeping methods are single-entry bookkeeping and double-entry bookkeeping. Of these two methods, most businesses use the double-entry system. In this system, “every entry to an account needs a corresponding and opposite entry to a different account.” For example, recording an expense of £20 would need two entries:

  1. A debit entry of £10 to an “Expense” account
  2. A credit entry of £10 to a “Cash” or “Credit” account

Bookkeeping can be carried out on a piece of paper or a spreadsheet, like Microsoft Excel. Today, however, much of the bookkeeping is done using specialised accountancy software applications.

Whether carrying out bookkeeping on a paper, spreadsheet, or an accountancy software, it is a time-consuming task. Furthermore, whether being an expert or not, an in-house bookkeeper (or you if you are doing the bookkeeping yourself), can make errors. For that reason, it is beneficial to engage bookkeeping services for small business, where professional bookkeepers will quickly complete the task, under the direction of an experienced accountant, which by the way, minimises the errors.

What is accounting?

Accounting or accountancy is a broad terminology. It deals with summarising, analysing, and reporting financial information of the business. Accountancy or accounting provides information on the current resources available to the business, how those resources are financed, and the results the business achieves through the use of those resources.

The function of accountancy is to prepare statements of the financial affairs of the business. It also includes the analysis of the figures recorded by the bookkeeper in order to ascertain the financial health of the business. Furthermore, the function of accountancy also extends to the preparation of various business taxes and other financial materials.

The one who carries out the accounting or accountancy is called an accountant. Employing full-time, in-house accountants can be very expensive. Therefore, whenever the need arises, engaging certified accountants for small business in London from a firm like Affinity Associates, can be beneficial.

Who qualifies as an accountant?

In the UK, there are no license requirements for anyone to call themselves an accountant. Nevertheless, it is wise to deal only with trained and qualified accountants. Such a qualified accountant is referred to as a CA (Chartered Accountant) or ACCA (Chartered Certified Accountant). In order to achieve a qualification, an individual needs to pass a series of examinations and undergo a period of appropriate work experience.

Accounting can be difficult, depending on the size and nature of the business. Therefore, as mentioned before, engaging accountants for small business can prove to be sensible for a business owner.

So now you know what bookkeeping and accounting are. You can, of course, carry out both bookkeeping and accounting in-house, but they often prove to be uneconomical, especially for small businesses. Therefore, it will be in your best interest to engage both bookkeepers and accountants for small business.

At Affinity Associates, we offer both bookkeeping services for small business and accountancy services for small business in London and across the UK. Contact us today to discover how we can help you keep your books accurate and up-to-date and how we can help you manage the finances of your business. Get in touch with us through the following link http://www.affinityassociates.com/contact-us/.