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Tips to Efficiently Manage the Real Estate Bookkeeping Forever

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While the worldwide real estate industry is by all accounts is developing at a promising rate, business owners associated with this industry have been confronting a few difficulties generally, for example, credit crunch, decreased loaning, diminished development, lull, lessened costs of business properties, value befuddle amongst dealers and purchasers, fewer developments occurring, and so forth. According to a report by Forbes, the industrial real estate sector is anticipated to perform better in 2018 when contrasted with commercial real estate. Truth be told, the worldwide land industry income is anticipated to increment in the following 5 years.

As the real estate industry provides plenty of opportunities for high-volume exchanges, it is vital that players in the worldwide real estate keep an eye on the inflow and outflow of cash, almost on a regular basis. However, business owners associated with real estate find it difficult to maintain books of accounts themselves. Bookkeeping regularly can help you stay over the top of your financial standing.

Tips for Efficient Real Estate Bookkeeping

#1: Update your Accounting Books Timely:

Bookkeeping, of course, is a fastidious procedure and it must be discovered that all books are refreshed frequently to limit blunder and provide the greatest visibility. Frequently, small real estate firms tend to overlook the accounting tasks as a result of the dreary idea of the undertaking.

In the event that you think that keeping up records or undertaking these unremarkable strategies isn’t for you or your business, your accounting (bookkeeping) can be outsourced to associations or specialist organizations that not just deal with your fundamental accounting needs, but also takes care of basic bookkeeping needs such as account maintenance, ledger services, forecasting, and budgeting, but also undertakes a lot of bookkeeping related services such as, financial reporting including risk assessment, profit, and loss statements and maintaining expense ledgers and balance sheets.
#2: Perfectly Record Maintenance:
Whatever is the domain of your business, it is necessary that you maintain a perfect record of all transactions. However, compared to other industries, real estate deals with huge amounts of money at a rapid pace with quick and powerful decision-making powers. With a specific end goal to guarantee that all exchanges move easily, it is indispensable to have an unblemished record book. Your accounting can be as basic as Microsoft Excel spreadsheets, and perhaps a tryst with QuickBooks or more modern, complex choices, for example, FreshBooks, BusinessWorks, Buildium, and so forth.
#3: Classify Costs Correctly:

The real estate industry is filled with a few little costs going out in every single distinctive heading; therefore, it is critical to keep up a perfect record of every such cost. Equally important is to classify costs correctly. Hard expenses are easy to maintain. They are for the most part straightforwardly connected with the item and usually make up for 70% of the project costs. They are substantial elements and for the most part, a decent estimator will have the capacity to land at this number at an early stage absent much room for giving and take. The staying 30% of expenses must be painstakingly investigated and delegated required in order to maintain a strategic distance from future mistakes or torment.

Choose Affinity Outsourcing to Optimize Bookkeeping

At Affinity, we offer bookkeeping services for real estate such as creation and management of general ledger, balance sheet, trial balance, financial statements, expenses ledger, and more. Our years of experience in finance and accounting services have brought us accolades and the support of loyal clients who have been our partners for years.

Contact us to outsource your requirements for efficient real estate bookkeeping services at affordable costs. For a free consultation on how we can streamline your bookkeeping tasks, contact us at https://affinityoutsourcing.net, and Our experts will follow up within 24 hours.

Top 5 Concerns Accountants & Accounting Practices Have About Outsourcing of Accounting Services

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The practice of outsourcing of accounting services is still growing among the accountants and accounting firms across the UK. Bookkeeping, payroll management, taxation, and typical accountancy are the common functions that accountants and accounting firms usually outsource. By outsourcing, they not only improve efficiency but also free themselves to focus more on value-added, lucrative and less time-consuming activities.

Outsourcing of accounting services has pitfalls as well! Whether you are an independent accountant or a proprietor of an accounting firm, you must try to overcome the pitfalls by understanding the hurdles of accountancy outsourcing and addressing them aptly.

Here are five common reasons why some accountants and accounting firms are unsure about outsourcing of accounting services:

1. Higher Costs

The costs pertaining to accountancy outsourcing can be tricky to work out. This is especially true in the case of outsourcing multiple processes at the same time.

Solution: The cost of outsourcing of accounting services can be easily turned in your favour by working out the pricing in advance before signing the contract. Many providers of accountancy outsourcing services in the UK have the pricing mentioned on their site; however, you always have an option to negotiate the price and bring down the costs, especially if you are outsourcing multiple processes.

2. Clients’ Data Security

Outsourcing of accounting services means handing over the clients’ sensitive financial data to the concerned provider. Transferring financial information, or in fact, any information about a client to the third-party may raise the risk of a breach of confidentiality. Further, in case the information is misused in any form, it could complicate matters severely.

Solution: Security of clients’ financial information is indeed a major concern when it comes to outsourcing of accounting work. However, the cloud technology and the strict protocols that reputable providers of accountancy outsourcing in the UK follow have taken data security to new heights today. Many accountancy outsourcing providers also comply with the UK data protection act. Therefore, if clients’ data security is a concern, you should find and collaborate only with the provider who takes security seriously.

3. Quality

Outsourcing of accounting services also raises the concern of the quality of work. Will it be of the highest quality? Will it be completed on time? Will it be done in my or my client’s desired format? Questions such as these always surface when a third party handles your clients’ work.

Solution: The real problem of quality only arises when working with an accountancy outsourcing provider who is inexperienced and does not have proper processes in place. Therefore, always partner with an experienced provider who adheres to efficient processes.

Find an experienced provider of accountancy outsourcing in the UK who has a considerable team of qualified chartered or chartered certified accountants. Working with such a provider ensures accuracy and timely delivery of accounts production work.

4. Control

It is possible to lose control over the accounts production work of your clients that you will be outsourcing, considering the fact that the work will be carried out elsewhere. You would surely like to know the status of the work that is being processed by the provider at all the times – right?

Solution: Engage a reputable accountancy outsourcing provider who has an efficient communication system set in place. Reputable providers usually have an effective communication setup in place, which will update you from time to time regarding the number of jobs being done, the status of each job, and the expected return date of each job. Some providers of accountancy outsourcing services will also offer a client manager and a team leader the moment you assign them a job, who will be always available to answer all your queries and manage your workflow.

5. Practicality

Many accountants and accounting practices know the advantages of outsourcing services but still cannot determine whether or not such services will benefit them specifically.

Solution: Experience the services first-hand. Some top accountancy outsourcing providers in the UK, like Affinity Outsourcing, offer a free trial job, which you can use to see just how much your accounting practice can benefit from their services. If the accountancy outsourcing services benefit your practice, there is no reason why not to avail it.

Want to outsource the accounting services of your practice?

Searching for a reliable accountancy outsourcing partner in the UK?

Just get in touch with us!

To contact us, simply head to https://affinityoutsourcing.net/contact/.

Is Your Practice Getting Stagnant? Consider Accountancy Outsourcing Services

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Are you operating an accounting practice in the UK? Are you feeling that your practice is getting stagnant lately? Maybe, it is now time that you consider accountancy outsourcing services in the UK from a professional firm like Affinity Outsourcing.

These days, numerous accounting practices in the UK are becoming stagnant, considering that they are being swamped with trivial tasks, such as bookkeeping and payroll accounting, which are not only time consuming but less lucrative as well. By getting bogged down and burned out with such petty tasks, it is obvious that you will not be able to focus on bringing new clients and taking on any new work.

By engaging accountancy outsourcing services in the UK at Affinity Outsourcing, however, you will surely be able to pull your practice out of stagnancy. By outsourcing some portion or the entire accounting work of your clients to Affinity, you will be able to free yourself and your staff from the monotonous, low fee jobs. And, instead, you will be able to focus more on the expansion activities as well as the value-added accounting services of your practice, which are more profitable.

Outsourcing of accounting services is totally normal. And, if you collaborate with a reputable accountancy outsourcing provider in the UK, then there are almost no risks involved.

Many accounting practices and accountants across the UK are already engaging accountancy outsourcing services, and they are doing exceptionally well too! Not only were they able to pull their practices out of stagnancy, but in fact, were able to improve their margins too.

Read how an accountancy firm in London with less than £90,000 GRF (gross recurring fees) was able to increase its GRF to over £250,000 with our quality Accountancy Outsourcing Services.

Affinity Outsourcing is the leading provider of accountancy outsourcing in London, UK. With over three decades of experience in the accountancy practice, Affinity helps all those accounting firms and accountants who want to increase their profit margins, expand their business, and improve client satisfaction.

The professionals at Affinity Outsourcing will efficiently handle almost every accounting function of your practice, be it bookkeeping, taxation, payroll, or typical accountancy. Highest quality, on-time delivery, and clients’ data security are the top concerns of Affinity; hence, you would not have to worry about anything by partnering with Affinity Outsourcing.

There are no long-term contracts and just clear, simple pricing, which is predominantly defined to be in your best interest! Discover how our pricing works here.

Want to pull out your practice from stagnancy? Want to increase your margins? Want to improve your client satisfaction? Get in touch with Affinity Outsourcing today and seek high-quality accountancy outsourcing services. Currently, we even offer to run a free trial job so that you can see and understand just how much your practice can benefit from our accountancy outsourcing services. To contact, please head to our ‘Contact’ page now https://affinityoutsourcing.net/contact/.

How Outsourcing of Accounting Work Benefitted a London-Based Accountancy Practice

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Outsourcing of accounting work of your accountancy practice can indeed prove very beneficial for you! Let us tell you a success story of one of our clients, a London-based accountancy practice, who has benefitted a lot by engaging our accountancy outsourcing services.

The Dilemma

Our client is a sole proprietor of an accountancy practice in London with a GRF (gross recurring fees) of less than £90,000. The problem our client faced was that their practice was getting stagnant. The proprietor was having trouble finding a skilled and qualified employee who can take care of the accounts production work of their clients. As the proprietor did not have the right employee, he had to do all the work himself. As a result, he could not take time to find new prospects and work. Ultimately, the accountancy practice was not going anywhere.

The Solution

The sole proprietor approached us and considered ‘outsourcing of accounting work’ of his accountancy practice to us. The proprietor outsourced the entire accounts production work of his clients to us. The proprietor initially felt a slight drop in his income. However, he availed a lot of free time, which allowed him to focus on bringing new clients and increasing the GRF of his practice.

The Outcome

While at first, our client felt a small drop in the income, but at the same time, he gained enough time to find new clients and pull his accountancy practice out of dormancy. By outsourcing the accounting work, our client, over the course of four years, was able to increase the GRF of his practice from £90,000 to £250,000. Further, his income too increased substantially. All these increases, both GRF and income, and the client haven’t even had to prepare a set of accounts! Our client had set his accountancy practice free by considering outsourcing of accounting work to us. Even when the client was out of action for almost six months, his practice never ceased working because our experienced and qualified professionals were there to continue the accounts production work.

The client today has a stress-free accountancy practice with healthy profit margins and more leisure time, which he spends with his family.

Conclusion

If you want to transform your practice, just like our clients, consider outsourcing of accounting work in the UK to us. We are the leading provider of accountancy outsourcing services in the UK and will help you set your practice free.

Wondering how ‘outsourcing of accounting work’ works! Simply click here.

In case you have any questions about our accountancy outsourcing services, feel free to contact us https://affinityoutsourcing.net/contact/.

How Outsourcing of Accounting Services Works?

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You might have heard about the concept of outsourcing of accounting services or outsourcing for UK accounting firms. However, do you really know how it works?

When it comes to outsourcing of accounting services, different providers of accountancy outsourcing services in the UK follow different processes. We at Affinity Outsourcing have been in this field for over three decades, and we have our own unique process, which proves efficient and beneficial to both our clients and us.

Here is how outsourcing of accounting services in the UK at Affinity Outsourcing works:

When you first consider us for accountancy outsourcing, one of our partners will visit you in person to explain our process, from establishing a service agreement to returning your accounts production jobs. They will shed light on how our other clients have established their in-house systems to familiarise with using our accountancy outsourcing services and offer practical advice and solutions to address your specific business needs.

In order to make your in-house systems adapt with our accountancy outsourcing services, our partner can also spend time in your practice. Once everything is set up, we will always be readily available to offer practical advice and assistance with any queries you may have.

All right, now let us look at the process that we follow to complete your accounts production work.

Step 1.

Assuming you have received all the records from your client, you need to scan and send them to us.

If scanning it too much of a bother, then you can, of course, ship or bring the records to our office in Wembley, where we will do the scanning.

Once the records are scanned, we will upload them to our very own secure servers in the UK.

During this stage, you need to advise us the fee you are charging your client in order to get the work done. Based on that, we will propose the best pricing. Read more about our unique pricing here.

Step 2.

You are allocated a client manager who will be assisting you throughout the tenure of the job at hand.

This client manager will check all the records we have received from your end.

The manager will confirm that we have everything needed to start the job. If any information or records are missing, the manager will contact you so that you can obtain the missing data from your client and furnish it to us.

Step 3.

Once we have everything, we will allocate your job to our skilled and certified accounting team in India.

The accounting team in India will complete the accounts production job in line with your service agreement or special request.

Your job is returned back to the UK in the agreed format.

Note: Rest assured, the data of your clients will always remain safe and confidential.

Step 4.

We will forward the completed job to you where you can review and deal with any queries.

If any adjustments are required, you resend the job to us, and we will make the necessary changes and send it back to you, which you can forward to your client.

That’s it. Pretty straightforward, isn’t it?

Outsourcing of accounting services in the UK at Affinity Outsourcing will prove vastly beneficial for you and your practice. Many UK accounting firms are already engaging accountancy outsourcing services and enjoying numerous benefits.

If you aren’t too sure about such services, then why don’t you run a free trial job? Yes, we do offer a free trial job so that you can see how much you and your accounting practice can benefit from our service. Just contact us, and we will work out a perfect solution for both of us. To get in touch, follow this URL: https://affinityoutsourcing.net/contact/.

Outsourcing of Accounting Services of Your Practice is Beneficial

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Being a proprietor of an accountancy practice does not mean that you cannot think of outsourcing of accounting services of your firm! Whether you are a sole-proprietor or a partnership, you always have an option to offload some (or entire) portion of the accounts production work of your clients to a reliable provider of accountancy outsourcing services in the UK. In fact, outsourcing of accounting services of your practice in the UK to a specialised firm will prove significantly beneficial!

Engaging a reputable provider of accountancy outsourcing services in the UK, like Affinity Outsourcing, will be very helpful to your accountancy practice, especially during the tax season and financial year-end time. During this period, there will be a lot of work for your accountancy firm. In fact, so much work that you may need to recruit additional staff and/or carry out long nights in order to be able to address your clients’ accounts production work. By outsourcing the accounting work of your clients to an accountancy outsourcing firm, however, you actually eliminate the need to recruit an extra staff and carry out long nights.

Accountancy outsourcing services provider, such as Affinity Outsourcing, has a considerable team that is highly qualified to complete the accounts production work of your clients in the most efficient and swift manner. They can use any accounting software of your choice to complete the work and still guarantee the highest quality. If you desire, they can even employ the accounts production methodology and format that you carry out in your own office.

The cost of outsourcing of accounting services of your practice is also reasonable. Compared to the amount of money you need to pay if you recruit additional staff, engaging accountancy outsourcing services provider is very cost-efficient. Most accountancy outsourcing services providers to whom you can outsource the accounting services of your practice usually charge a fixed amount of money on an hourly basis or monthly basis. A reputable provider of high-quality accountancy outsourcing services in the UK, like Affinity Outsourcing, however, charges a set percentage of the fee, which you usually charge to your clients. This way, you will know how much profit you will make on each job.

Outsourcing of accounting services of your practice is the best way to set yourself and your firm free. By partnering with a reliable provider of quality accountancy outsourcing services in the UK, such as Affinity Outsourcing, you can say goodbye to headaches of recruiting additional staff, late nights, and worries of getting your clients’ accounts production work done. What’s more, Affinity Outsourcing also guarantees quality work, in your desired format, and at affordable pricing!

Sounds too good to be true? It is not! Get in touch with Affinity Outsourcing today to discover how outsourcing of accounting services of your firm is beneficial. To contact Affinity Outsourcing, kindly visit https://affinityoutsourcing.net/contact/.