Bookkeeping Services in Barking

Most small and medium-sized businesses don’t need a full-time accountant. Most part-time accountants hired by these firms generally don’t stay around very long. These companies do their work through an accounting firm.

Generally, a Bookkeeping Services in Barking firm offers two types of services, on-site accounting services, and off-site accounting services. 

For on-site, an accountant goes to work physically at the workplace. It is something similar to the accountant you hire with some differences. The accounting firm sends an accountant to the client’s office.

When you have this type of service, you don’t have to stick with the same accountant if you think it’s not working well for you. Just call the company, and you can have a different person working for you. When you find the perfect accountant, you can ask the company to send the same person to work. You can never do that if you hire an accountant.

Another benefit is that you don’t have to worry about employee benefits. You pay the accounting firm directly, so there is no paycheck involved.

Accounting and tax rules are complex and are likely not fully understood by most accountants. When you receive service on the spot, there are other accountants that your accountant can ask questions of. Most of these companies are willing to help you.

There are also some downsides to on-site accounting. The on-site accounting service differs from one accounting firm to another. Some companies have minimum service purchase requirements. For example, this could mean that you must get at least a certain number of days a week in order to get the service on-site.

Since your on-site accountant is not working full time for you, you will still have to do some work, such as collecting bills and invoices, when you are not working.

For external accounting, the accounting firm does the work in its office. This type of service is also called a virtual accounting service (no, it is not a computer that works for you; a real person works on your files). Basically, it’s like your accountant’s office is far from your business location. You will need to submit your documents such as invoices, receipts, bank statements, etc. to the accounting firm.

The main advantage of external accounting is the cost of the service. It’s surprisingly cheaper (as cheap as $50 per month) than the on-site accounting service. If you cannot afford to hire an accountant, you should at least hire an outside accounting service. At these prices, it is almost ridiculous not to do the accounting or try to do it yourself.

Some companies send their express courier service to collect your documents. You can send your documents by fax on Bookkeeping Services in Barking. While sending a large number of invoices, invoices, and statements via email or fax certainly seem to take more time, these methods are good when you only need to send one or two documents, such as a missing invoice or bank statement, etc.

Always confirm which services are included when purchasing an external accounting service. Some firms do not provide payroll service or tax submission service when you purchase regular external accounting services. Some give you monthly reports, while other companies can provide their annual reports.