Dear Small Businesses, Here are 4 Accounting Tasks That Must be Done on a Weekly Basis

Dear Small Businesses, Here are 4 Accounting Tasks That Must be Done on a Weekly Basis

Keeping the track of accurate and up-to-date bookkeeping and financial data is crucial for businesses of all sizes, whether large, medium or small. These financial data determine the success of any business. There are some incidents in the past that some of the well-established businesses across the world have been doomed for the reason that their accounting processes were not up-to-the-mark, disorganized or incorrect. Not only that, but some small businesses these days are prone to poor accounting procedures, and if you are one of them, then it’s time to wake up.

Most small business owners have the habit of managing their business finances like they handle their personal finances – occasionally checking the balance in the account and paying off their bills when they have money available. What can be worse? Want to make sure that your business is not one of them? Keep Reading this blog.

Listed below are the 4 tasks that you ought to be performing on a weekly basis without fail:

1. Making Payments to Vendors – Your business needs a systematic plan for making payments to your vendors. This will help you keep a track of all your debts. Moreover, it will also help you maintain a good repute and credit rating of your business amongst the vendors.

The date of payment may vary from vendor to vendor; hence, you cannot get away simply by paying your bills all at one time in a month. Among the group of vendors, you have, some might accept or agree to get paid in a period of 30 days, whereas some vendors may request the payment as soon as the bill is submitted. Bookkeeping tasks are time consuming and there is no particular benefit of paying your bills on a daily basis.

Therefore, it is advisable to make the bill payments once a week and enjoy the increasing efficiency of your business. All your bills would be paid on time and your bookkeeper would not face a tough time having to deal with a lot of check runs.

2. Bank Account Reconciliation – Proper bank account reconciliation is extremely necessary for each and every business owner, because it helps them to understand the actual cash they have and then compare it with the cash they believed they had.

Most of the small businesses make a mistake of waiting for their bank statement to arrive and then reconcile it with their account, but the problem here is that bank statements are generated only once a month. This means that you have to wait approximately 31-31 days between the reconciliations and too much can take place in-between this time period. Therefore, it is recommended to all the small businesses to reconcile their bank account on a weekly basis, and if you have time, then doing it every day is also not a bad idea.

3. Record and Maintain Customer Receipts – For a small business owner, an unsatisfied or angry customer is the worst nightmare. Nobody expects to pay a bill and then get a ‘past due’ letter a week later. To avoid such awkward situations, make a habit of recording and maintaining the receipts from your customers in a timely manner. You should follow this routine every day, but if you are occupied with other tasks, once a week will do.

4. Extra Transactional Entries – Being a small business owner, you don’t only deal with your vendors and customers, you also make some financial transactions out of this as well. Financial transactions such as interest payment, a fee levied by bank and auto-debits are required to be recorded at the end of every week. Some bookkeepers opt for recording them prior to reconciling the account to make the procedure smooth and streamlined. However, as your business expands, you have to develop your personalized system to manage each and every aspect of the accounting process, giving the above-mentioned points a fair start.

Need a Helping Hand?

If you believe that all those points discussed above is hard to follow, then you need a helping hand in the form of Small Business Accountancy services from companies like Affinity Associates. The latter, with the help of experienced accountants, will keep you abreast of the complete financial situation of your business.

To discuss how Affinity Associates can create a customized package of small business accountancy for your small business in London, UK, call +44-20-8903-2077 or request a free initial consultation online at https://www.affinityassociates.com/contact-us.

Hiring Accountancy Services for Small Businesses in the United Kingdom

Hiring Accountancy Services for Small Businesses in the United Kingdom

Keeping up precise and exceptional financial records is vital for a wide range of businesses. Despite the fact that you may be able to deal with the bookkeeping of your business all alone, it still proves to be tedious and frequently overwhelming. Luckily, you can somewhat or completely offload the bookkeeping weight to professional accountants for small business in the United Kingdom, who will deal with your accountancy in the most proficient way.

Partnering with the correct firm that offers in-budget and quality accountancy services for small businesses in the UK

Most business owners, especially start-ups, are confused that when they should hire the accountancy services for their small businesses in London. The simple answer could be that when founds that it is not plausible to deal with the accounts of his / her business, all alone.

You, obviously, have a choice to utilize an in-house team of full-time bookkeepers and accountants. Yet, this may prove to be expensive. A full-time staff of qualified accountants will request a hefty compensation! Hence, it is savvy to consider proficient accountancy services for small business. You can hire proficient accountants for small business in London at whatever point the need emerges, and it will demonstrate significantly more savvy than having an in-house team of accountants.

Since you will outsource the accountancy work of your business of an outside firm, you have to collaborate with a trusted firm on whom you can rely and ultimately focused towards building long-term relationship. It is advisable to consider the below points prior engaging with the accountancy firm that offers quality and in-budget services in the UK.

#1: Meet Face to Face:

Make sure to visit the firm face-to-face and converse with the primary up close and personal before drawing in their services. This is necessary, especially considering that they will be managing your accounts, after all.

During the personal meeting, enquire about the capabilities and experience of the accountants who will really be dealing with the accountancy of your business. While it isn’t essential for any accountant to have any qualification, yet ensure that yours is all around qualified through a perceived UK body like ICAEW or ACCA.

It is additionally fundamental to examine the expenses. You are hiring accountancy services for small businesses with the goal that you can take care of business while sparing the cash. In this way, ask the firm how its services will drive an incentive to your business.

#2: Your Accountants Role

If you happen to be a sole proprietor, when it comes to accounts and finances, the two of the most primary concerns that you may have will be (1) paying the correct amount towards income tax and (2) bookkeeping. Your accountants for small business ought to have the capacity to deal with these accountancy assignments effectively.

Enlisting your business for VAT and submit for VAT returns every month or quarter should be done if your business’s turnover surpasses the limit indicated by HRMC. Planning VAT returns turns out to be increasingly intricate as your business increases, so ensure that the accountants you hired are able to deal with it.

As your business develops, you may require utilizing more staff. Keeping an in-house staff implies the continuous salaries for them. Hence, you ought to make sure that the accountancy firm that you hire is able to handle payroll services as well.

You may, eventually require financial advisory services for your business. Find out that the accountants for small business you choose to hire are sufficiently experienced to offer quality services for the same.

Accountancy service for small businesses proves to be time & money saving. You need to ensure that you hire a professional and qualified accountancy firm such as Affinity Associates. Such firms have qualified and experienced accountants for small business in London, who can deal with each bookkeeping need of your business.

Affinity Associates is a trustworthy firm offering accountancy services for small businesses in London, UK. They have some of the best professional accountants in the UK, and offer a wide range of accountancy services, including bookkeeping services, finance services, VAT return services, individual and corporate tax assessment services, and financial advisory services to give some examples. Visit https://www.affinityassociates.com to discover more about the high-quality accountancy services for small businesses they provide.

If you have any questions regarding our any of our services, feel free to contact us info@affinityassociates.com. Alternatively, you can also call us on +44 208 903 2076 or just fill a simple enquiry form at https://www.affinityassociates.com/contact-us/.

4 Reasons to Consider Small Business Accountancy Services

4 Reasons to Consider Small Business Accountancy Services

Accountancy services are not just for medium or large sized businesses and organizations. Small and start-up businesses can also profit from utilizing such outsourced accountancy services. Truth be told, by connecting with an expert to record and monitor payroll, income, expenses, and taxes can enable any small business to achieve its potential. Here are top 4 reasons for any business owner to consider small business accountancy services.

Reason #1. Enhance Employees’ Efficiency

Most times, small-scale businesses might not have enough paperwork or accountancy relevant work to justify hiring a full-time bookkeeper in-house. In such a case, they may choose to have their non-accountant staff to split their work between keeping the accounts maintained and completing their regular work. This, however, in the long run proves to be inefficient for both the business and its employees. By hiring small business accountancy services to deal with the accounts will allow the businesses to free their employees from the activity they are not capable to do and enable them to focus on what they are hired for, eventually enhancing the general effectiveness.

Reason #2. Accuracy Ensured

Keeping all your business’s accounting records up-to-date such as tax, income, expenses, bookkeeping, payroll, etc. is a tough task. A professional small business accountancy firm that gives quality outsourced bookkeeping services has a team of professionals; skilled and experienced. By hiring small business accountancy services, you could be rest assured that your business’s financial books is accurately maintained. This helps demonstrate the genuine position of where a business is standing, and they likewise help deflect any prosecution.

Reason #3. Remain in Compliance

A business’s tax requirement and the taxation law surrounding it, may keep on changing often, which makes it difficult for the business owner to stay-up-to-date with it. Likewise, if the business is developing rapidly, it tends to be difficult to find out which laws will apply at various phases of the development. A small business accountancy firm, however, constantly keeps the track of the tax requirement changes and the laws surrounding it, and will ensure that your business always remains in compliance with the same.

Reason #4. Business Growth

A specialist small business accountancy firm will have the expertise in experience with the finances of the business from each angle. Their team of professional bookkeepers and accountants will provide you vital financial advice and tax advices that eventually helps your business to save more money. A good small business accountancy firm in the UK, similar to Affinity Associates, will even talk about all the execution improvement measures, which can enable a business to develop.

Regardless of the sort of your business, it is extremely useful to hire a small business accountancy firm in the UK, similar to Affinity Associates. With a pool of some of the best bookkeepers and accountants for small business in London, Affinity Associates gives premium-quality accountancy services to a wide range of businesses over the UK.

Get in touch with one of the professionals at Affinity Associates today, to discover how their small business accountancy services can help you. To contact us call on +44 208 903 2076 or write at info@affinityassociates.com. Alternatively, you can also fill a simple enquiry form at http://www.affinityassociates.com/contact-us/

Why Opt For Small Business Accountancy Services in London, UK

Why Opt For Small Business Accountancy Services in London, UK

Do you claim a business, yet don’t like dealing with the everyday associated paperwork? Well, you don’t need to make a fuss over the installments, payments, receipts, finance, taxes and other such numbers that are associated to keep the business running smoothly. Opting for small business accountancy services in London, UK, is something that you should consider to manage your business’s overall finances. Here are a few reasons that will help you to understand better:

Save Time with Small Business Accountancy Services

Dealing with your business’ records every day all by yourself is obviously tedious. Regardless of whether you are capable dealing with accountancy and bookkeeping, it just takes an excess amount of time for recording, handling and processing every financial transaction incurred. By hiring small business accountancy services in London, you can free up a great amount of time for yourself, divert your focus on your clients, your core business functions, and overall be more creative towards it.

Save Money with Small Business Accountancy Services

You don’t have to procure a full-time, in-house accountants just to deal with the paperwork of your small business. Rather, outsource your whole accountancy to the professional and skilled accountants for small business. Accountancy services for small businesses are significantly practical then utilizing an in-house representative or a group.

Ensure Accuracy with Small Business Accountancy Services

There are quite a few great accountancy software that helps to keep your business accountancy needs in order. However, mistakes do happen and they can end up being expensive. By hiring professional accountants and tax consultants for small business, you can be rest assured that your records will be precise and error free. The HMRC dislike incorrect records and in the event, if your firm is audited, then you are all on your own. Yet with accountancy services for small businesses, you will have a solid sponsorship, particularly during audits.

Stay Organized with Small Business Accountancy Services

Piles of receipts, invoices, and other paperwork can easily turn out to be a stressful situation for your office. Hiring experienced and professional accountants for small business, you can have the power to save all the information online and secured, accessible at any time.

If you’re looking for quality and reliable small business accountancy firm in London, UK, then Affinity Associates is the right firm for you to contact. We offer quality accountancy services to a wide range of businesses in London, and all across the UK.

Importance of Professional Accountancy Services for Small Businesses in London, UK

Importance of Professional Accountancy Services for Small Businesses in London, UK

From start-ups to small businesses, accountancy services plays a vital role in covering an array of different situations faced by the businesses. This could be quite lenient for the start-ups, however for small businesses it is important to ensure about effective financial management, wherein opting for a professional accountancy services is the key. A well-defined accounting package could help small businesses undertake various accounts operations including, but not limited to tax & compliance, bookkeeping, cash flow, invoices and expenses, etc.

The accounting requirements of any businesses, whether it is small, medium or large, constantly keeps on changing with the overall change in the business structure, its flow, as well as the change in the tax laws. This further makes it important for the business owners to always keep a track on their finances and accounts. DIY to manage business accounts is no longer an option for small businesses, neither hiring a full-time accountant, and nor opting for inexperienced accounting firm. A firm offering a good accountancy services will have the experience, expertise and certified professional accountants, possessing immense knowledge and understanding of the constantly shifting accounting needs of small businesses. They understand and acknowledge the fact that keeping a tab on company’s finances can be a key to the failure and success towards any businesses and accounting plays the crucial role in it.

As said a good accountancy services offer a complete package, and could also offer a dedicated accountant to you, all within your budget. They not only help you to deal with your accounts, bookkeeping, finances and taxes, yet at the same time could guide you when the cash is running low, preventive measures to save on the taxes, ways to increase your finances and budget. Overall, a single service package with a dedicated accountant could take care of your business’s all accounting needs. Yet, the drawback is that there are several accounting firms, all claiming to offer better services than others. Hence, it is advisable to do some research before finalizing the one that could match your business’s requirement.

Affinity Associates is one such prominent accounting firm in London, UK, who has years of industry experience, certified accounting professionals and expertise in managing various small business accounts across London. They offer a wide range of accounting services such as

  • Payroll
  • Bookkeeping
  • Company Secretarial Services
  • Capital Gains Tax
  • Special Taxation Services
  • Inheritance Tax Planning
  • Statutory & Other Specialist Audits
  • And more…

Moreover, their accountancy service package starts from as low as £91 per month, which includes an array of services such as dedicated accountant, Xero Subscription to manage online accounting, Invoices and Expenses, etc.

To know more about Affinity Associates and how they can help your business’s accountancy services need, feel free to visit their site at www.affinityassociates.com or email them at info@affinityassociates.com

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