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Please Avoid These Accounting Mistakes in the Coming Years

Please Avoid These Accounting Mistakes in the Coming Years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Being an accounting practice in the UK is not easy. It demands a lot of patience, time, hard work, and focus in maintaining clients’ financial data accurately and in a presentable format. A small error or mistake can lead to serious damage to your business. Therefore, you cannot afford to make a mistake while maintaining and filing the data. Based on our years of experience, below are some of the most common accounting mistakes that you can avoid to ensure a happy year for you as well as for your client, and they are:

1] Wrong Entries:
Accounting and bookkeeping are all about numbers, but a single wrong entry can spoil all your calculation resulting in a waste of time and effort. The most common error is simply entering the wrong amounts, incorrect dates, or selecting the wrong category of the given cost, and you need to make sure you are not repeating these mistakes in the coming year. This incorrect hurts even worse if you are doing it for a VAT-registered client.

 

2] Skipping Receivable/Payable:
Well, the second error on the list is not checking the account payable and account receivable. Accounting to accounting experts in the UK, you can easily overcome these mistakes is to bring up a ‘Accounts Payable’ report, as it shows who you owe what to on any given day. If you have some items that are negative figures, then it’s likely you have a bookkeeping problem. Another common indicator of a mistake is where this report has negative figures on it, aka incorrect balances. So, to avoid this mistake, closely check your accounts payable and accounts receivable reports.

 

3] Avoiding the Use of Modern Accounting Software:
We live in the age of the internet and if you are still using spreadsheets to maintain your clients’ financial data then it is time to reform and modernize your accounting practice. Modern accounting and bookkeeping software are easy to use and affordable. Investing in the right accounting and bookkeeping software can help you avoid mistakes and ultimately make it easier to handle your finances. There are many benefits of using reputable accounting software such as it becomes easy to back up data in case of an emergency, you can have all the financial data at a centralized location, and easy availability of the data whenever required. Additionally, you can also suggest your clients consider cloud accounting and cloud bookkeeping services as it comes with tons of benefits.

 

4] Not Having the Habit of Taking the Back:
In case, you keep manual records using Excel or Google Sheets, it is crucial to back your data up daily. You should back up your data even if you are maintaining the records digitally using online accounting software. Most online accounting software (including Xero) will back up your data automatically every 24 hours but always check with your software provider to ensure it is backed up at least once a day, ideally to several safe and secure locations.

How Will You Avoid These Accounting Mistakes in 2023?

If you are still repeating these mistakes or feel like taking assistance from accounting experts in the United Kingdom, then help is just a call away.  Call Affinity Associates at +44 20 8903 2077 and get all your problems sorted out by industry veterans. Whether it is bookkeeping, accounting, payroll, or anything related to Tax accounting, you will get expert assistance and services at affordable rates.

Affinity Associates is one of the best accounting outsourcing services providers in the UK. To learn more about the outsourced accounting services, how much will it cost you, or how you can hire an accountant, feel free to write your requirements to Affinity Associates at info@affinityassociates.com.

Affinity Associates is Here to Help

If maintaining your clients’ accounts, books, and other financial data is giving your sleepless night, then it’s time to consider professional help from Affinity Associates. Our outsourced accounting, bookkeeping, and financial services will make sure your time is saved, you are not falling victim to common mistakes, and you have enough time to focus on business growth activities. Get in touch with our expert accountants today.

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

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 UpToDate 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 affordable than hiring a full-time in-house resource. Moreover, you enjoy professional services at the fraction of the cost.  If you have any questions related to pricing or hiring a tax accountant, please refer to this page https://bit.ly/3qpm2yt.

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. Here’s the list of services offered https://bit.ly/3JmOhGu.

What type of services do 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?

If you have any more questions before hiring small business tax accountants in the UK, then please refer to this web page https://www.affinityassociates.com/useful-links.

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.

Reasons You Should Consider Affinity to Manage Your Company’s Payroll

Reasons You Should Consider Affinity to Manage Your Company’s Payroll

While many businesses across the UK prefer to manage their payroll on their own, but some businesses choose to outsource their payroll task to accounting companies in London like Affinity Associates. When you choose Affinity Associates to manage your payroll task, you can rest assured about highly professional work in a stipulated time frame. Here are some more reasons to consider Affinity for outsourced payroll accounting services.

  1. Time-Saving: Time is money, and the time that you invest in managing your payroll tasks can be invested in finding new clients and prospects for your business. You can focus on activities that can lead to business growth and increase your ROI drastically. Moreover, you also have to stay updated with tax compliances so that you don’t have to experience any heat from the tax department in the future. Affinity’s payroll services unburden you from worrying about these. It frees you from this time-consuming task that requires 100% precision.
  2. Saves Money: Small and medium-sized businesses in the UK can certainly save several dollars by outsourcing their payroll tasks to Affinity Associates. The large-sized organization has hundreds of employees; thus, they can afford to manage an in-house team of payroll experts. But, small businesses with limited employees cannot have a dedicated department. In this scenario, Affinity’s payroll service is the best alternative you have. Professional services that help you save money.
  3. Team of Experts: That’s one more advantage that you can enjoy when you hire Affinity to manage your company’s payroll tasks. The team of payroll experts is certified and experienced in managing benefits and deductions so that your company’s accounts are also managed accurately. Moreover, the team stays updated with the latest tax compliances, ensuring 100% accuracy and updated payroll data.
  4. No infrastructure Cost: When you consider outsourced payroll services offered by Affinity Associates, you don’t have to worry about infrastructure costs. In-house payroll management means investing in paid software plus upgrade costs. Since you need the latest tax tables installed on your systems, that’s an extra time and money-consuming strenuous activity you can’t evade. However, by outsourcing, you can say goodbye to these maintenance and infrastructure cost woes with utmost ease.

Best Payroll Services in the UK

If you are planning to offload yourself, then it’s time to contact Affinity Associates for Payroll Services. We have thorough experience and knowledge in the field of payroll accounting and analytics. Our mission is to offer the best payroll outsourcing services to small and medium-sized businesses at a much lower cost. To learn more about our payroll services and pricing, please visit https://bit.ly/3aq4jiv.

Reasons Why Small and Mid-Sized Businesses in London Should Consider Payroll Outsourcing Services

Reasons Why Small and Mid-Sized Businesses in London Should Consider Payroll Outsourcing Services

Small and mid-sized businesses in London often find it difficult to manage payroll accounting. In most cases, they have to keep aside some of the most important business works just to complete payroll accounting so that they can pay their employees on-time and accurately. Just like other small businesses and rising entrepreneurs in the UK, if you too feel that payroll accounting is not letting you to focus on the core business activities, then Payroll Outsourcing Services is the solution you have. Here are some of the top reasons, why you should consider payroll outsourcing services in London for your small business; and they are;

  • Offer You Free Time: Keeping yourself occupied in payroll accounting may not result in the growth of your business. Instead, it is advisable for you to forward the task to the experts and invest that time in focusing on the core activities that can lead to the growth of your business. Work on a new business plan, meet new prospects and focus on the streamlining your business processes.
  • Accurate Payroll Services: As your small business is in the growing stage, you need to concentrate on many different directions at the same time. In such circumstances, there are chances that you may make some minor mistake in calculating the amount. On the other end, when you hire professional payroll experts in London, you can expect 100% accuracy because it is their profession. And the thing that you cannot afford to get wrong, it’s paying your people the wrong amount. Outsourcing ensures payroll is done right, which can help keep your people onside.
  • Cost Effective Payroll Services: When you are a startup or a small business, it’s usual for you to wear many hats and have a range of roles and duties. Instead of hiring a dedicated resource for a respective role and paying him a part of your fortune, you can go for payroll outsourcing services that are affordable and accurate. You can contact payroll accounting firms like Affinity Associates, and free yourself for other lucrative business activities.

Affordable Payroll Services in London

If you are looking for affordable and accurate payroll services in London, then Affinity Associates is here to help you with more than 30 years of industry experience. Regardless to the nature of your business, when you consider payroll outsourcing in London, you know you will be working with someone who is thoroughly professional and who understands your business.

To know more about payroll services, schedule a free consultation at https://www.affinityassociates.com/contact-us/.

Highly Professional and Best Payroll Services for Small Businesses in London by Affinity Associates

Highly Professional and Best Payroll Services for Small Businesses in London by Affinity Associates

Whether you are a small business or an established one, payroll accounting is one of the most critical aspects of any business. It is one of the most time-consuming and tiring job, but has to be done with 100% precision. Moreover, ever-changing payroll regulations also add fuel to fire, making it more complex for business owners to manage the payroll tasks. Just like plenty of other businesses in London, if payroll management is a hassle or you do not have the right resources, we can help manage the whole function. Yes, you heard that right – We Can Help.

With more than 30 years of industry experience, Affinity Associates is one of the leading payroll service providers in London and nearby areas such as Harrow and Wembley. We understand that being a business owner and an employer in the UK, you have to operate PAYE (Pay As You Earn) as a part of payroll. PAYE is a system that HM Revenue and Customs (HMRC) uses to collect Income Tax and National Insurance Contributions from the employees’ earnings. Being a small business owner, managing, reporting, and paying HMRC every month is not easy, especially when you are highly occupied with some really productive tasks.

Being one of the most reputed accounting firms in London, at Affinity Associates, we have a team of payroll experts to take care of all your payroll tasks in the most professional way possible. Our 30 years of industry experience makes us capable of helping our clients in almost every vertical. We pride ourselves in providing highly personalized payroll services to businesses of all types and sizes in London and nearby areas such as Harrow and Wembley. Regardless of the nature of your business, when you consider payroll outsourcing in London, the UK to Affinity, you know you will be working with someone who is thoroughly professional and who understands your business.

Here are Some of the Reasons that Sets us Over and Above the Ordinary Payroll Service Providers in London:

Affinity Associates is one of the top small business Accounting and Consulting Firms in London, UK. We not only take pride in our grand industry experience, but we also hold a flawless reputation for providing seamless payroll services to our clients coming from different parts of the UK. Our staff is highly experienced and possess a proper understanding of the system to offer you the most professional payroll services.

Whether you are a small business and whether you want to partially outsource your payroll or completely outsource your payroll, Affinity Associates is your best partner. By considering us for payroll outsourcing services, you can benefit in many ways:

  • Increase your payroll efficiency
  • Ensure your payroll remains compliant with the ever-changing legislation
  • Get advice on improvements to your existing payroll systems
  • Free yourself from the hassle of payroll management
  • Protect yourself against employee dissatisfaction

If you need helping hands to take manage your payroll tasks efficiently and professionally, then contact us today at http://bit.ly/2KNh4EM. We offer Free trials, Free consultations, and Free quotes for our services. We’re flexible, approachable, and on your side – here to make your life easier, give you peace of mind, and stop any chance of inaccurate information affecting your business.