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

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 consult an accounting firm like Affinity Associates that can save time, money and quite frankly, the headache that comes with bookkeeping.

Here are 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:

  1. Doesn’t keep up with altering tax regulations in the nation?
  2. Goes on vacation for 3 weeks? Or worse case,
  3. 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 cost 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. Availability of all the data 24*7 will help you take real‐time decisions based on the financial health of your business.

Contact Affinity Associates to Know More

If any of the above mentioned points imply on 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, please contact us today for a free consultation at https://affinityassociates.com.

Why Outsourced Accounting Services are More Reliable for Small Business

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.