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Why Accounting Firms in London Are Increasingly Outsourcing Tax Preparation?

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Plenty of accounting firms in London are looking abroad in hope that outsourcing accounting, bookkeeping and other tasks may consolidate their business and offer them free time to focus on more productive work.

Some of the common tasks to outsource are bookkeeping and tax return preparation, and small-scale accounting firms and individual accountants in London have been benefiting from affordable labor costs and fast turnaround times that an outsourcing company offers. Outsourcing accounting tasks such as bookkeeping and tax preparation have numerous advantages and accounting firms have achieved good results.

Listed Below are 6 Reasons Why Accounting Firms are Outsourcing Accounting Services:

1. Compared to all other reasons, the most common reason behind outsourcing is the expansion of the business. Likewise, procuring new clients turns out to be simple when you outsource accounting and bookkeeping services. Whenever accountancy practices in London outsource their tax preparation tasks, they get a longer time to pay attention to the important requirements of the clients.

2. Whey you hire an in-house resource, then there is a rise in the operating cost of the firm.

3. Losing a client is the nightmare for any firm, and when you outsource your accounting tasks to the offshore businesses, you can magnify your return by having to pay less. Additionally, there is no need to lose those valued clients as it may transpire if you happen to be caught up with crucial tasks.

4. Another crucial reason of outsourcing is the fact that you obtain a premium quality work job within the agreed time period.

5. Working with an outsourcing company like affinity for bookkeeping and accounting tasks is quite simpler as compared to dealing with an in-house team of accountants.

6. You possibly can boost the efficiency of business whenever you get a pool of qualified staff pertaining to an outsourcing company.

At Affinity Outsourcing, we can take care of bookkeeping and tax preparation for accounting firms very well. To know more about our outsourced bookkeeping and accounting services, get in touch with us today at 0203–848–4450 or mail us at info@affinityoutsourcing.net. We offer no-obligation quote and free consultation.

Here are How QuickBooks can Improve Your business’s Cash Flow

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It’s not surprising that Intuit’s QuickBooks has been named as the best accounting software for small businesses in 2019. It not only helps a small business streamline the entire bookkeeping and accounting system, but it can also be used as a tool to help inform a business’s financial management strategy.  In fact, many small business owners make use of QuickBooks to enhance their company’s cash flow. Here are 3 ways you can use QuickBooks to improve cash flow in your business:

Make use of QuickBooks for Billing and Collection

A really recommended way to enhance your cash flow is to ensure you are regularly collecting your payments from customers and clients, and optimize your method for how you get paid. QuickBooks allows a small business to accept payments via credit cards and also via mobile. Things are made quite simple with QuickBooks – businesses can email invoices to customers with the payment link. Once the payment is made, QuickBooks automatically posts the payment to the customer’s account receivable, saving you the time of having to input the data manually.

The faster and the regular you get paid by your customers, the better your cash flow will be. With more cash on hand, you avoid wasting valuable time on collections, and you can take advantage of early payment discounts and interest earned on more money in your bank for more days.

Make use of QuickBooks to Download Bank and Credit Card Statements

Businesses using QuickBooks can set up a system by which they can download the bank and credit card statement online. This will offer you more realistic view of their current cash flow situation. You can quickly pull up these balances to gauge where your cash flow is in order to make more informed spending decisions right then and there.

Make Use of QuickBooks to Forecast Cash Flow

With the help of QuickBooks, you can create a 13-week cash flow forecast reports to help you take better financial decisions. QuickBooks users can download Accounts Receivable, Accounts Payable, and Recurring, Non-Payable Expenses from QuickBooks and lay them out in Excel to analyze the data and predict cash flow over the course of the next 13 weeks. This data can help businesses take better business decisions and even plan further ahead for the future.

If you are unable to manage your cash flow properly, then there are chances that your company may face a risk of failing. Therefore, it is advisable that you manage your accounts properly and regularly. Don’t let your business become a statistic; do your homework.

If you need help in managing your QuickBooks or any other accounting related tasks, then feel free to contact us at Affinity Outsourcing https://affinityoutsourcing.net. We are accountancy outsourcing company with more than 30 years of industry experience. Contact us for a free quote and consultation as well.