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Here’s Why You Should Engage Bookkeeping Services for Small Business

Business owners often know the true value of bookkeeping. However, with so many things to take care of, it is quite impossible to be an all-rounder who simultaneously runs the day-to-day operations, addresses minor details, and records every transaction that incurs daily in the books. Business owners who need to take care of their bookkeeping efficiently can either hire a full-time, in-house staff of bookkeepers or engage bookkeeping services for small business from a reputable provider.

Technology today has enabled engaging bookkeeping services for small business an easy task. The provider of bookkeeping services for small business helps you with all sorts of backend tasks, such as recording every transaction and monitoring the books. The provider can do all these tasks without having to be present physically in your office! Here are some notable benefits of engaging bookkeeping services for small business.

More Time, No Headaches

Doing bookkeeping on your own will actually be a waste of your precious time. Rather than bookkeeping, you must spend your time more fruitfully thinking about how to bring more customers, improve business, and streamline various processes. When you engage bookkeeping services for small business, you can avail more time, which you can spend wisely for the betterment of your business. Also, it will give you the peace of mind about keeping your books accurate and up-to-date.

Economical

If you decide to hire a team of full-time, in-house bookkeepers to take care of all your bookkeeping tasks, then be prepared to pay more. Not only the salaries but you will need to consider recurring expenses such as payroll taxes, insurance, and employee benefits among others, which are mandated by law.

When you engage bookkeeping services, however, you get a team of professional bookkeepers to whom you need to pay on a monthly, weekly, or hourly basis. The pricing will actually depend on your requirements, the size of your business, and the amount of work that needs to be done.

Bookkeeper Vs. A Pool Of Bookkeepers

When you engage bookkeeping services, you are basically getting access to a pool of experienced bookkeepers, who can help each other to deliver the best for your business. What is great about this is that it will not cost you as much as when you employ the same number of bookkeepers or accountants to work in your office.

Scalability is also not an issue with professional bookkeeping services. As your business grows, your bookkeeping needs also increases, but the provider can adjust easily to these challenges as it already has enough workforce set in place.

Experts At Work

Bookkeeping is always at its best when bookkeepers are at work! Not that you are bad with numbers, but it is wise to leave the bookkeeping to the expert bookkeepers. The provider of bookkeeping services for small business has professional bookkeepers who know what they must do even when they are half asleep. The skilled and experienced bookkeepers will always be there to address all your concerns and queries. What is great is that they will not leave you stranded but instead provide practical answers and solutions to run your business better.

Quality Work

Quality is everything for the providers of bookkeeping services for small business. In order to maintain the reputation of their business, these providers have stern quality-check measures in place to ensure errors are avoided at all cost. Keep in mind that a bookkeeping error can have a ripple effect, which can create headaches for business owners. To avoid this, bookkeeping needs to be accurate and error-free, which the providers of bookkeeping services are expert at doing.

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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 ob体育首页下载安装 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:

A debit entry of £10 to an “Expense” account
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 ob体育首页下载安装, 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 ob体育首页下载安装, 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 https://www.affinityassociates.com/contact-us/ .

Top 5 Ways a Professional 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 ob体育首页下载安装. 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/ .

Benefits of Engaging Bookkeeping Services for Small Business

Recently started a business? How long has it been? Six months, a year? Well, by now, you might have understood how difficult and stressful it is to handle the business. As a proprietor, handling the business is a demanding task. In addition to looking into the core business activities, you also need to take care of a lot of things, some petty and some essential. Bookkeeping is one such thing that needs your utmost attention.

In brief, bookkeeping is mandatory for any kind of business, whether small or large. Although, a pretty straightforward task, bookkeeping can eat a lot of your time. It can be so time-consuming that if you do it on your own, you would not be able to look into other things, even your core business activities. In order to free yourself from this simple, yet important task so that you can focus on running and expanding your business, it is vital to consider bookkeeping services for small business .

Get in touch with a reputable accountancy outsourcing firm, like ob体育首页下载安装, and engage its quality bookkeeping services for small business today!

Benefits of Engaging Bookkeeping Services for Small Business:

Instead of doing it on your own or hiring full-time staff, engaging professional bookkeeping services for small business in order to take care of your books is beneficial in many ways. Here are just three significant ones:

Saves Money: Engaging outsourced bookkeeping services prove to be a much cost-effective solution in contrast to keeping a full-time team. The rates at which you will be outsourcing the bookkeeping part of your business are much lower than the rates of employing a full-time team of in-house bookkeepers to do that part.

Frees You : With the time-consuming bookkeeping task being handled by the professionals, you will have a lot of time, which you can use to focus on running and bettering your business. By engaging bookkeeping services for small business, you will also free yourself from the worries of being able to produce accurate records of your books. The outsourced bookkeeping services provider has some of the best professionals who specialise in bookkeeping. The bookkeeping work they produce is between 99 and 100 percent accurate!

Gives You an Expert : Did you find any problem with your books? Do you need advice on your business finance? By engaging bookkeeping services for small business from an accountancy outsourcing firm like ob体育首页下载安装, you get not only skilled bookkeepers, but also experienced accountants, who can give an invaluable financial accounting, corporate tax, and business advice. They can assist in every financial matter and can also help you make your firm stay in compliance with the current legislation.

With quality bookkeeping services for small business in London from ob体育首页下载安装, you can save a lot of money and time. They will take care of the bookkeeping of your small business and will help you cross every financial hurdle that your business may face.

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Reasons Why You Should Consider Professional Bookkeeping Services for Small Business

As soon as you start a business, any kind of business, you will need to deal with numbers. Whether large or small, every business needs to keep an accurate record of its every financial transaction. Purchases, sales, payments, receipts – every single movement of money that goes in and out of your business must be recorded.

It is possible to record daily financial transactions by yourself; however, not all small business owners are trained or experienced enough to carry out bookkeeping on their own. For that reason, it is a common practice for many businesses to rely on professional bookkeeping services for small business from reputable accountancy firms in the UK.

In this blog, we will explain why engaging a professional bookkeeper, who provides quality bookkeeping services for small business, is a great idea.

Three reasons why you should consider getting bookkeeping services for small business

If you are just starting a business, you may think that you do not need a professional to look after your daily accounts. You perhaps feel that appointing a small business accountant once a quarter, once every six-month, or once a year to sort out the numbers is just enough. But, there are several good reasons for engaging a professional bookkeeper for small business. Here are three good reasons:

Professional Bookkeepers Save Time

It is not a good idea to carry out the bookkeeping on your own unless you already have enough skills for it. Recording and processing payments, expenses, and receipts are just a small part of the work of a professional bookkeeper. They know how to streamline your entire bookkeeping process. They have the skills to take all the figures, enter them into an accounting software, and make good sense of them. A professional bookkeeper knows how every transaction should be treated to give you useful business reports. Overall, bookkeeping is a skilled and challenging job, and your expert bookkeeper will carry it out much quicker and efficiently than you can.

Furthermore, getting bookkeeping services for small business takes away the hassle of maintaining the accurate financial records and gives you more time, which you can use to focus on your primary business activities.

Professional Bookkeepers Understand Your Business

Professional bookkeepers have a deeper insight of your finances because they deal with them on a day-to-day basis. By sharing the insight of the finances with you, skilled bookkeepers can help you navigate your business on a strong course. They can help you detect the potential financial pitfalls in time so that you can do something about them. Overall, professional bookkeepers oversee your finances and help you keep your business away from trouble.

Professional Bookkeepers Help Manage Cash Flow

Professional accountants and consultants provide a valuable service, especially when it comes to financial advice, tax issues, and annual returns. They, however, do not normally see your books every day. An experienced bookkeeper, on the other hand, keeps a close eye on your books on a daily basis. This helps them understand your cash flow better and keep it under control, which is important for the growth of your business.

Engaging an experienced bookkeeper for quality bookkeeping services for small business is always valuable for any kind of business owner. If you are seeking expert bookkeepers for high-quality bookkeeping services for small business in the UK, then just contact us at ob体育首页下载安装.

ob体育首页下载安装 is a leading accounting and consulting firm in the UK. It has some of the best professionals who provide a range of high-quality services, including bookkeeping services for small business, in London and across the UK. Explore more about our bookkeeping services for small business at https://www.affinityassociates.com/affinityservices/bookkeeping-services-for-small-business-in-uk/ .

If you have any questions about our bookkeeping services for small business, feel free to enquire at https://www.affinityassociates.com/contact-us/

Why Consider Professional Bookkeeping Services for Small Business

Running a business is not simple. Along with handling the day-to-day operations, you need to take care of the financial paperwork, which needs to be accurate and in proper order, or you could face some legal consequences.

As a business owner, you need to keep track of all the income and expenditure transactions, including profits, expenses, taxes, and tax benefits among others. It is mandatory by law as well. Of course, you can handle these details on your own, but the best way is to consider professional bookkeeping services for small business.

There are many good reasons why bookkeeping services for small business could be beneficial for you. Here are the three significant ones:

Professional Bookkeeping Services Ensure Accuracy

When it comes to bookkeeping, accuracy is crucial. Unless you are qualified and highly competent, professional bookkeeping services will handle your financial accounting more accurately and swiftly than if you try to do it yourself. Experienced accountants carry out bookkeeping work on a daily basis and can focus even on the minutest details. Depending on the nature of your business, there are different accounting methods, which can be used to maintain financial records. A small business accountancy firm can analyse your company and determine which bookkeeping method will be the most accurate and efficient for your finances. By hiring bookkeeping specialists, you will always have an up-to-date idea of how your small business is doing financially. Further, a small business accountancy firm can carry out the bookkeeping tasks much quicker than an average business owner.

Professional Bookkeeping Services Save Time

Carrying out accounting and tax filing on your own takes time. In most cases, it takes considerable time. The amount of time it takes for you to calculate right figures can drastically impact the daily operations of your business. Bookkeeping services for small business, on the other hand, can free you from this burden. Since experienced local accountants will take care of your entire bookkeeping in the most efficient manner, you will have more time to focus on your core business activities. Therefore, while a small business accountancy firm may initially seem a bit expensive, think about how much more money you can make or save by not spending most of your time looking after your financial books.

Professional Bookkeeping Services Help Avoid Potential Conflicts

If there are any potential conflicts of interest, then hiring bookkeeping services may make sense. If you are a partnership firm, or if you have a complex business arrangement, there could be several parties with interest in your financial accounting. By bringing in a professional accountancy firm, all your interested parties can be assured that the financial numbers of the venture come from an unbiased, independent source. You also get accurate numbers, which will further prevent any likely suspicion between parties.

Overall, getting professional bookkeeping services can be a great way to keep your small business running smoothly. When the tax season comes, accurate financial records will help make filing the returns much easier.

If you are looking for high-quality bookkeeping services for small business in London, UK, look no further than ob体育首页下载安装. We have decades of experience and immense expertise that allow us to provide quality bookkeeping services in London and across the UK to all kinds and sizes of businesses.

Get complete bookkeeping services from the most experienced accountants in London, UK, at ob体育首页下载安装.

Want to know more about our bookkeeping services? Enquire now at https://www.affinityassociates.com/contact-us/ .