Signs that Indicates Your Accounting Firm in the UK in Ready for Outsourced Bookkeeping Services in 2021

Being a accounting firm, most of the time you are occupied in running your business ignoring some important tasks such as managing your clients’ books and accounts. Moreover, you cannot afford to hire a fulltime in-house bookkeeper or accountant to help you. Or, make the switch to an outsourced bookkeeping service provider to save time, money and quite frankly, the headache that comes with bookkeeping and accounting.

  1. You Cannot Spend More Time on Your Core Business Processes: Back office tasks such as inventory reporting, payroll as well as managing receivables and payables are very important. However, they take a significant amount of time away from your core business.

Outsourcing your bookkeeping needs transfers these critical tasks to a team of experts, freeing up your time to focus on value-added activities such as building better client relationships, exploring new partnerships and expanding your business.

  1. Your In-house Resource Has Let You Down Too Many Times: Many small businesses hire part-time or fulltime bookkeeper to manage the books, but what if your part-time in-house bookkeeper:
  • Is unable to keep up with changing tax regulations?
  • Often goes on vacation for two weeks?
  • Leaves you entirely without informing?

Although this is a conventional way to find a bookkeeping solution for your business, when you’re relying on a single person to keep your books up-to-date it leaves your business at risk. By hiring an outsourced bookkeeper to manage your books, you gain access to an entire team of professionals who are available whenever you need them to be. This ensures business continuity and also gives you peace of mind.

  1. Your in-house Resource is More Expensive: Aside from the risk of entrusting your precious financial documents to a single person, there is also the issue of cost. A typical full‐time bookkeeper can costs you something your small business cannot afford.

On the other hand, the outsourced bookkeeping services are more dependable and affordable than the full time or part time bookkeepers you hire. Outsourced bookkeeping services are at a fraction of the cost of having someone in-house who may or may not be meeting your business requirements in the first place.

Contact Affinity Outsourcing for Bookkeeping Services

As your small business shapes into a large one, Affinity Outsourcing allows you easily customize the scope of work required and tailor solutions to fit your budget. Leveraging our scalability means you get to save the time, cost and hassle of adding personnel in-house.

To know more about our bookkeeping services, please visit us at http://affinityoutsourcing.net. We free consultation and quote as well.

Follow These Tips to Effectively Manage Your Bookkeeping Tasks

Managing books is not an easy-going business to most small business owners. However, it is one of the most important tasks that can make or break your business in the long run. If you are a small business with lots of books to manage but don’t have a robust system in place for tracing your day to day financials, then this blog has some useful tips for you so that you can effectively manage your books in the coming years.

#Tip 1: Select a Bookkeeping Method: There are 2 bookkeeping methods – the single and the double-entry methods. However, the former ideal for a business that has a very simple structure and a low volume of activity.

Most businesses use single-entry method to maintain the records of the financial transactions in a simple spreadsheet, with a single entry for each transaction. However, it is necessary to note that this method does allow you to anticipate your cash flow needs as it does not track accounts like inventory, accounts payable or accounts receivable.

If you wish to benefit from these insights then you need to use double-entry bookkeeping. With this methodology, every transaction affects two accounts — in other words, for every debit in one account, there must be an equal credit in another.

#Tip 2: Properly Categorize Transactions: Maintaining business transactions in a proper account is one of the most fundamental principles for small businesses that use the double-entry method.

There are five account types; hence, classify your accounts accordingly;

  1. Assets
  2. Liabilities
  3. Equity
  4. Revenue
  5. Expense

To avoid any missteps, we strongly suggest you in investing in accounting software like QuickBooks which will help you to select the right accounts based on your industry and transaction type.

#Tip 3: Track Accounts Receivable: More than likely, your business does not always collect payment the very instant you deliver a product or service to a customer. And without a strong accounts receivable system, you may run into cash flow problems very quickly. The accounts receivables management process must include:

  • An efficient invoicing platform that allows you to bill customers quickly; and
  • A robust collections system to follow up with late paying clients.

Working with an online bookkeeper will help you to streamline the steps involved in billing your clients. For example, Outsourced Quality Bookkeeping can customize and send out invoices on your behalf in a timely manner. Furthermore, we can send collection notices to delinquent customers so you don’t have to spend precious time chasing payments each month.

#Tip 4: Reconcile Your Accounts: Whether you use a bookkeeping program like Quickbooks, an Excel spreadsheet or just a good old-fashioned ledger book, the ultimate goal of bookkeeping is to reconcile a trial balance, which means the final total of debits and credits must match.

This can be a tedious process since it involves comparing your record of transactions to your bank statement and being able to explain any discrepancies but it is essential if you want to have an accurate view of your cash flow position and know exactly where your business stands each week or month. In addition, it also provides an important starting point for you to forecast cash flow and plan for future expenses. Finally, bank reconciliation also helps you to detect fraud, prevent overdrafts and identify any banking errors.

Time to Consider Outsourced Bookkeeping Services: For some business owners, keeping up with the steps described above might sound like a fun challenge; but for most, it sounds like a nightmare. If you fall into the latter category, the good news is that you can consider Outsourced Bookkeeping Services at Affinity Outsourcing. We can take these small business bookkeeping tasks off your plate so you can focus on forging a lasting competitive advantage in your industry.

Contact us today http://affinityoutsourcing.net to see how we can help you save time and money with our small business bookkeeping solutions.