What are Financial Accounting Services and What services are rendered in it?

What are Financial Accounting Services and What services are rendered in it?

Financial accounting is a dedicated segment of business accounting that involves the process of recording, summarizing, and reporting the variety of transactions resulting from business operations over a period. All business transactions are summarized in a form of financial statements such as balance sheets, income statements, and cash flow statements. As financial accounting is a bit different from general accounting, you will need a dedicated financial accountant of a company that offers the best financial accounting services accommodating your business transactions.

However, instead of hiring financial accounting services for your business, if you are interested in DIY financial accounting , then keep reading this blog. Here, we will be sharing some useful points/insights on how to keep your company’s financial statement UpToDate.


How to Keep Your Business Financially Sound?

You might think that you don’t need to worry about the financial side of your business because you’re just a small company and there’s not that much money involved. However, if you want your business to grow, then you will have to think about how it will deal with cash flow and marketing.

You should always be on the lookout for new opportunities for your company, but make sure that they are in line with your goals and values. For example, if you are a small company, don’t invest in expensive marketing campaigns because they might not provide enough return on investment. Focus on low-cost marketing alternatives like social media instead.

Don’t be afraid to be creative. If you are a small businesswoman, think about crowdfunding to finance your product or service. You can also use your blog as a way of building up a following and marketing yourself as an expert in your field.


How You Should Start Planning Your Financial Statement

Financial statements are a crucial part of the financial reporting process. They provide an overview of the company’s financial health and information about its operations, assets, liabilities, and equity. A well-prepared financial statement can help investors make more informed decisions when they invest in your business.

It is important to start planning your financial statements early on because it can be difficult to gather all of your records at one time, especially if you have had the company for a while. The financial statement should be prepared using current accounting standards, which is why it is important to plan ahead in order to gather all of the required information. The following are some key elements that you will need to include in your financial statement:

  1. Income Statement : This section includes revenue and expenses as they are received or incurred. You may also need to include your cost of goods sold in this section, depending on the nature of your business.


  1. Cash Flow Statement : This section includes the change in the cash balance during a period of time and should cover all sources of income and expenses for the current period.


  1. Balance Sheet : This section includes accounts receivables, liabilities, stockholder equity, and owners’ equity accounts. These are the balance sheets that reflect how much a company has in assets and liabilities. They can also be known as the accounting equation: Assets = Liabilities + Owners’ Equity.


What Services Are Rendered in Financial Accounting?

Accounting is essential for any business, and knowingly or unknowingly you are into it by keeping the record of your expenses, tracking your incomes, preparing your taxes, and more. Financial accounting is at the core of any business and plays a crucial role in deciding the fate of a business; thus, it must be managed by a certified professional. But, if you are not sure what types of services fall under financial accounting services , then we have listed some of the services for your understanding:

  1. Accounting Services:
    1. Public Accounting
    2. Govt Accounting
    3. Internal Finance Audit
    4. Management Accounting
    5. Business Tax Accounting
  2. Accounting:
    1. Tax Preparation
    2. Tax Consultation
    3. Annual Audits
    4. Financial Forecasting
  3. Bookkeeping:
    1. Record Maintaining
    2. Financial Statements
    3. Bank Reconciliation
    4. Accounts Payable
    5. Accounts Receivable
  4. Payroll Processing:
    1. Payroll record maintaining
    2. Collecting employee details
    3. Time-tracking
    4. Submitting payroll
    5. Distributing payroll

We understand that different business has different accounting requirements; thus, we are equipped with all the modern amenities and resources to take care of your business’s financial accounting. To understand more about our pricing structure and hiring models, please click here

Should I consider Financial Accounting Services?

Definitely, yes. If you are among the UK businesses that are looking for affordable Financial Accounting Services for complete peace of mind, then accounting outsourcing companies like ob体育首页下载安装 are the right choice. Schedule a free consultation today to learn more about small business financial accounting services and how they can help your organization grow. You can call us at +44-20-8903-2077 or visit our services page .

To get important tax-related updates on your timeline, please feel free to follow us on Twitter and like us on Facebook .

What is Small Business Accounting Services and Why it’s So Important?

What is Small Business Accounting Services and Why it’s So Important?

What are Small Business Accounting Services?

Small business accounting services is a popular term among businesses in the UK and across the border. But what is accounting services for small business, and why it is trending and gaining popularity among small businesses around the globe? Let’s understand it.

As we all know, accounting is a very important part of any business. It is the backbone that keeps track of all the finances and transactions. Many small businesses don’t have an accounting service because they can’t afford it.

The small business accounting service is the one that helps small businesses in this process. But there are some companies like ob体育首页下载安装 that offers accounting services for small businesses at affordable rates without compromising on quality. Moreover, these companies also ensure that the quality of the work is not hampered, and tasks are completed within the given timeframe. Under the hood of small business accounting, you can outsource tasks such as taxes, payroll, bookkeeping, VAT preparation, financial report preparation, and other financial tasks to reduce your workload and make things easier for you to manage. If you are interested in having a look at the list of services/tasks that you can outsource, then please click here .

Now, if you are impressed by accounting services for small businesses but want to learn more about the advantages/benefits of small business accounting services, then continue reading. We have covered some popular benefits of accounting services for small businesses.

What are the Benefits of Accounting Services for Small Businesses?

Small business accounting services can be a great option for small and medium-sized businesses.
It provides the necessary tools and supports to help them keep track of their finances and stay compliant with federal regulations. They also provide other services like payroll, bookkeeping, tax preparation, financial reporting, and more.

The benefits of using small business accounting services are many.

  1. The first and most obvious one is that you will be able to stay on top of your finances. This means that you will never have to worry about not knowing how much money you have in your bank account or how much money you have to pay to the government as tax.
  2. The second benefit of accounting services for small businesses is that they will make sure that your taxes are filed correctly and on time. This means that you won’t have to worry about being audited by the Tax Department or having any other financial problems with the government.
  3. The third benefit of accounting services for small business is that, if there are any issues with your taxes, they can help you work them out so that they don’t become a bigger problem in the future.
  4. The fourth benefit of using these services is that it will save you time and energy because they do all of this for you!

There are plenty of many benefits of small business accounting and bookkeeping services, and if you want to learn more about them, then feel free to schedule a free consultation with one of the accounting outsourcing experts in the UK.

What is the Cost of Small Business Accounting and Bookkeeping Services?

Many parameters define the cost of small business accounting and bookkeeping services such as the number of resources you hire, the volume of tasks you want the team to handle, what type of task you want them to handle, and more. Thus, if you want to know how much small business accounting and bookkeeping services will cost your business then feel free to contact the experts at ob体育首页下载安装. To elaborate, the approx. The cost of hiring an accountant or a bookkeeper depends on the type of task you assign to them.

For instance, a bookkeeper can take care of tasks such as recording transactions, processing payroll, invoicing customers, and balancing your books. Whereas an accountant can help you with more advanced tasks, such as filing small business taxes, generating statements, analyzing costs, and giving advice. Thus, if you are hiring a bookkeeper or an accountant for a specific set of tasks, the cost may vary from resources to type, and volume of tasks assigned.

If you want to have an idea the about pricing and packages of small business accounting services, then you can refer to this price and package breakdown here. ob体育首页下载安装 is one of the top-rated accounting services providers in the UK and offer a free quote to small and medium-sized businesses across the UK.

Where Can I Find the Best Accounting Services?

If you are looking for a small business accounting services provider in the UK, then you can take the help of Google to find some options around you.
You can also ask someone in your family and friends to recommend an outsourcing accounting firm that can efficiently offer the best accounting services for your small business in the UK .

However, after so many attempts and efforts, if you are unable to find a top-rated small business bookkeeping and accounting services provider then it’s time to contact Affinity Outsourcing. The latter is one of the top-rated UK outsourced accounting and bookkeeping firms/practices known for its professionalism and quality of work at unbelievable rates.

You can refer to the pricing and packages page to learn more about the cost of outsourced accounting and outsourced bookkeeping services for small businesses in the UK. The accounting and bookkeeping services provided by ob体育首页下载安装 are designed to keep you and your business out of financial stress. If you want to discuss how accounting services for small businesses can prove to be a turnkey solution for your business, then schedule a free consultation with one of the accountants at ob体育首页下载安装 in London. You can send us your questions at info@affinityassociates.com or call us directly at +44-20-8903-2077 .

Will You Provide Me Free Advice/Help on Accounting Services?

At ob体育首页下载安装, we are always open and available to help our clients with all the accounting and bookkeeping-related problems. Contact our professionals if you have any questions such as,

  1. What are small business accounting services?
  2. How outsourced accounting and bookkeeping services work?
  3. What is the cost of outsourced accounting services?
  4. How accounting services for small businesses can benefit your business?
  5. How can I hire an accountant or a bookkeeper from an outsourcing company?

Our team of experts is always there to help you and offer satisfactory answers to your questions. If you are not sure what types of services outsourcing accounting companies offer, then please click here . You can also like us on Facebook and follow us on Twitter for daily updates on tax and accounting.

Try the Best Accounting Services in the UK

Try the Best Accounting Services in the UK

Best accounting services in the UK are a must for any small business owner not only in the UK but also across the globe. It is one of the most important things for a small business needs to succeed; thus, it is essential to find the best accounting services nearby for your small business. Whether you operate as a sole proprietor or have employees, there’s never been a better time to get professional accounting services for your business.

Good accounting service for small businesses in the UK can help you with many things, such as helping your company with their taxes, creating a financial plan, and managing your cash flow. Accounting services are also very helpful for businesses that need to get loans or investors because they will be able to show them their financials to get what they need. There are many reasons why small businesses need professional accounting services, including:

  • The complexity of the tax code and federal regulations that govern small businesses.
  • The need for cash flow forecasting and budgeting to sustain the business.
  • The need for accurate reporting to lenders, investors, and other stakeholders.
  • The need for tax planning and compliance in order to minimize taxes owed and maximize deductions.
  • The need to ensure that bookkeeping is done on time so that reports are generated on time with accuracy and detail.

Who Offers the Best Accounting Services for Small Businesses?

There are plenty of accounting services providers in the UK, and everyone claims to be the best but very few offer the best accounting services for small businesses. When you hire an accounting firm to take care of your company’s accounts and other financial transactions, please make sure that the company has enough knowledge and expertise in work. Also, ensure that the outsourcing accounting firm you are about to hire has a team of certified accountants and has prior experience working with domain/industry/business like yours.

However, if you don’t want to do so much hard work, then ob体育首页下载安装 offer the best accounting services for small business in the UK. They have years of experience, a team of certified professionals, and all the latest software to stand up to your expectations.

Professional Online Small Business Accounting Services

Outsourced accounting services are a flourishing industry. It has become the norm for small businesses to outsource their accounting and bookkeeping services to reduce their costs and improve efficiency.

There are many benefits of outsourcing your accounting tasks. First, it will save you time as you’ll be able to focus on your core competencies and other business operations. Second, it will help you manage cash flow more effectively by eliminating the need for certain capital expenditures.
Third, it will allow you to have access to more sophisticated tools like cloud-based software for monitoring financial performance and controlling spending.

Finally, it will allow you to take advantage of the expert knowledge that comes with an outsourced team who can provide guidance on how best to run your business to maximize profits and minimize taxes.

How Much Should A Small Business Pay For Accounting?

Accounting services are a crucial part of running a business. It is important to have accurate records of all transactions and to ensure that taxes are paid on time. There are many different types of accounting services, including audit, tax preparation, payroll, and bookkeeping. A small business may need some or all of these services to keep its financial records in order.

The cost of the service will depend on the type of service being provided, the size and complexity of the company’s finances, and the number of hours required for the job. Some companies offer a flat rate for certain tasks like bookkeeping while others charge by the hour for more complicated work like an audit or tax preparation.

  • Small business accounting services
  • Accounting services for small business
  • Online small business accounting services

If you want to learn more about ob体育首页下载安装, how it can help, what are the charges of accounting services, and what other services are offered by ob体育首页下载安装, please check out our official website .

For daily updates, you can also like us on Facebook and follow us on Twitter .

Financial Accounting Services – Get Premium Quality Services at the Best Price

Financial Accounting Services – Get Premium Quality Services at the Best Price

What are Financial Accounting Services?

We are ob体育首页下载安装, and we offer the most professional financial accounting services to small businesses across the UK . Being small businesses or medium-sized businesses, if you are looking for the best financial management services such as tax compliance, wealth management, and wealth protection, then feel free to get in touch with our experts today.

We have a team of financial professionals for whom, financial planning is a process that entails developing relationships, finding your objectives, and summarizing a long-term plan to meet those goals. We work with young entrepreneurs, startups, and businesses to help them fulfill their financial goals.

About Our Accounting and Finance Services in the UK?

Our accounting and financial services are designed to increase your wealth through sound financial decisions. Our team of experts is proactive and skilled in tax planning to aid you in tax preparation while helping you create, manage, and protect your wealth. Our objective is to find and reach your goals faster than ever before with foolproof strategies. Whether you’re a young entrepreneur or a business owner seeking debt freedom, our professional is committed to helping you make your financial dreams a reality.

What are the different types of financial accounting services?

It has been more than three decades since we are offering the best financial accounting services to small and medium-sized companies across the United Kingdom. Below is the list of financial accounting services we offer:

1] UK Tax Planning + Preparation :

If you believe that tax planning and preparation is a complicated process, then we are here to help you. We can help you skip the complicated process and tax laws and return filing. We strive hard to find every single deduction and credit you are eligible to. Our team of tax accountants will leave no stone unturned to make sure you get all deductions you are allowed to take.

2] UK Corporate Tax and Business Advice :

We help you cover your annual accounting cost with your annual tax savings. We ensure you meet your corporate tax deadlines with confidence and ease.

3] Financial Planning :

We can help you manage your expenses, increase your savings, and manage your debts in the most professional way. Based on your preference, we will prepare a personalized strategy for all your financial goals.

4] Payroll Services :

Our team of professionals holds excellent experience in offering payroll services to any type of business belonging to any domain/industry. We support a wide range of payment types and schedules.

5] Bookkeeping:

If you think bookkeeping is a tedious task, then we would like to let you know that we love bookkeeping . You can take this task off your plate, so you can focus on what really matters.

Best Financial Accounting Services in the UK

UK Small businesses are constantly looking for ways to save money, and if you are among those businesses then our financial accounting services can help. From helping your business with tax deductions to finding new ways to save money, our team of financial experts can help you with everything related to stabilizing your company’s finances.

To learn more about our small business financial accounting services , please contact us .
Let’s get connected over social networks – like us on  LinkedIn  and  Facebook  for daily updates.

Here’s Why Outsourced Bookkeeping Services are Long Term Partners of Small Businesses in London

Here’s Why Outsourced Bookkeeping Services are Long Term Partners of Small Businesses in London

Most of the small businesses and startups keep doing everything by themselves – sales, marketing, HR, IT and sometimes they manage their own books as well. This constant juggling between the different roles results in unnecessary tiredness; thereby losing focus on the core business activities. As the business owners keep stretching themselves thinner and thinner, at one point of time, they decide to offload as many responsibilities as they can in an attempt to cope with the necessary business activities.

If you are a small business owner or a start up in the UK, then you might be aware about this common mistake. Figure out what’s necessary for the growth of your business – list out the tasks that you need to carry out and list out the task that can be outsourced. Outsourcing is an economical option not only small and medium sized businesses, but most of the established brands across the globe also benefit themselves from this.

Outsourced bookkeeping and accountancy services are helping countless business across the globe and serve them as their long-term partner. Here are some reasons, why outsourced bookkeeping services are considered as the long-term partners of small business in London and across the UK, and they are;

From Recording Transactions to Financial Reporting and Forecasting

In simple to understand words, a bookkeeper is the one who maintains a company’s financial transactions at sequential intervals – every day, in most cases. The definition of a bookkeeper is quite simple, but the task and responsibility associated with the job is much more complex. Depending on the nature of the business, maintaining the company’s financial reporting can be time-consuming and complicated, and it has to be accurate and up-to-date.

Many startups, small and medium-sized businesses understand that keeping the records of all the money that’s coming into and going out of their business on a daily basis — and reconciling those figures at weekly, monthly, quarterly and yearly intervals is not their cup of tea. It is a job of a full time professional, and this is the reason why most of the businesses in their growing stages tend to choose outsourced bookkeeping services. Modern day bookkeeping solutions make use of the latest technologies (including the cloud) to offload the business owners as well as to offer them an accurate insight on their financial status.

Working with Your In-house Resource for an Efficient Process

Here’s one more reason for small businesses across the UK to go for outsourced bookkeeping services. During the tax seasons, when it becomes tough for you and your in-house bookkeeper to prepare and submit the tax, the outsourced bookkeeping services come to the rescue and offer the much needed helping hands. Thereby saving you from unnecessary stress. Not only experienced bookkeepers, but outsourced accounting firms have teams of proficient accountants to help you during the Tax Season.

Gaining Real-Time Financial Insight

Here’s the third and one of the most important points. An outsourced bookkeeping services provider allows you to track the key performance indicators (KPIs) of your business. That’s a great way for business leaders to gain new insights into their company’s financial health.

Outsourced bookkeeping services offer you access to all sorts of high-level expertise – from input on how to make the tax laws work in your favor to advice on improving your profit margins.

Hence, to conclude, outsourced bookkeeping services not only save you time and money, but it also offers a level of service and professionalism far beyond what you could attain by doing everything yourself.

Outsourced Bookkeeping Firm in London

If you want to know more about outsourced bookkeeping services, how it works, how it can benefit your business and how it can increase your profit margin, then feel free to contact us at ob体育首页下载安装. You can email us your questions / queries at info@affinityassociates.com or dial +ob体育首页下载安装 (London) to talk to our experts. We offer free consultation and quote as well.

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.

ob体育首页下载安装 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 ob体育首页下载安装 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

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 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:

  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 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/ .

What is an Income Statement & Why it is so Important

What is an Income Statement & Why it is so Important

Why is the income statement important?

An income statement, otherwise known as a profit and loss (P&L) statement and profit and loss (P&L) account, is a record that measures and shows all the expenses and revenues a company incurred during a specific period of time. The income statement helps determine a company’s financial health and the financial progress it made during a particular period.

The income statement contains sections for revenue and expenses, which include net sales, gross profit, cost of goods sold, selling expenses, general and administrative expenses, and net profit.

Small businesses can easily prepare an income statement using popular accounting software, such as XERO or QuickBooks. Businesses should consistently prepare a profit and loss statement in order to determine whether they are making a profit or loss and why.

In order to have an accurate income statement, accurate bookkeeping is necessary.

Why Do Small Businesses Need to Prepare an Income Statement?

Small business income statement: There are many reasons why small businesses should be preparing income statements – and other financial statements.
Here are three good reasons:

Helps Make Better Decisions

With a profit and loss statement on hand, a business owner is able to look at the past financial performance of their company. With essential data at hand, from sales to profits and operating and non-operating aspects, a business owner will be able to make better financial decisions. By having accurate figures, a business owner is able to make swift decisions, which would otherwise require unreliable guesswork.

Acts as a Proof of Business Success

Having income statements on paper means that a business owner is able to show a chronological record of how their business has been performing over the course of its existence. This ultimately allows a business owner to play the cards right around the stakeholders, or with the buyers if the owner has the intent of selling the business. A P&L account also becomes useful when new clients who wish to do business want solid proof of a business’s success.

Helps Prepare a Business to File Taxes

A small business and its owner are subject to various forms of business taxes. Paying these taxes is obligatory by law. In order to ensure what tax liabilities a business has, income statements and other financial statements help a lot. Accurate and up-to-date income statements (along with other financial statements) give business owners all the necessary information they need to calculate various taxes.

An income statement is one of the vital records that every business must prepare. Preparing an accurate income statement and other financial statements can be challenging for a business owner; however, professional help is available! Get in touch with ob体育首页下载安装 and engage their skilled accountants for small businesses in London.

ob体育首页下载安装 is a reputable provider of professional accountancy services for small businesses in the UK. They have some of the most skilled and experienced accountants and tax accountants for small businesses in London. They can help business owners prepare all the essential financial statements, from journals and ledgers to income statements and balance sheets. These accountants for small businesses in London can also assist businesses to prepare and file various taxes.

Contact us at ob体育首页下载安装 to learn how our accountants for small businesses in London can help you.

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  3. What are Financial Accounting Services and What services are rendered in it?
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