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Business Accounting: Everything You Need to Know

Running a business is a fun, exciting, and rewarding experience. Do you know what isn't so fun? Doing your own accounting.

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What Is an Outsourced Accounting Service?

They're accounting firms that specialise in providing accounting services to businesses.

This means that you don't have to hire an internal accountant as a permanent staff member, or even worse, do it yourself. 

Due to this, smaller businesses that are on a tighter budget may find outsourcing their accounting services particularly helpful. 

Read on to learn everything you need to know about having your accounting tasks outsourced and how it can benefit your business in numerous different ways. 

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5 Benefits of Using External Business Accountants

Save Time and Improve Efficiency  

On average, small business owners spend 10 hours per month on bookkeeping. This is wasted time that could be spent focusing on improving other areas of your business. 

Save money

Outsourcing your accounts is far more cost-effective than hiring a full-time member of staff, as you're not paying a salary, sick leave, holiday pay, or any other benefits your business may offer. 

Avoid HMRC Penalties 

If you submit your VAT returns via paper without authorisation, HMRC will fine you £400. 

This is just one of many baffling fines that you could end up paying if you don't truly understand how to navigate HMRC. 

Record Keeping 

It doesn't matter if you're a limited company or a sole trader; you need to keep your financial records for at least six years if you're a limited company and five years if you're a sole trader

Failing to do so could result in a £3000 HMRC fine and being disqualified as a company director.

Keeping track of and properly storing these documents can be a time-consuming task that is easily avoidable by using external accountants. 

Expert Skill Set

With their years of experience, accountants can help with other areas of your business, such as financial strategy and relationship building with banks and solicitors. 

They will also often have access to specialised accounting software, which will help eliminate any risk of human error. 

How to Outsource Your Accounts

Now that you're an expert on outsourced accountants, it's time to get set up with one yourself.

Picking the right accountant for you might seem as difficult as making sure HMRC doesn't fine you for some trivial thing, but it doesn't have to be - Not if you use our service!  

Just tap the button below and answer a few questions about your business to get a range of free quotes tailored to your specific business needs.

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FAQs: Your Accountancy Services Questions Answered

This will vary depending on the level of service your business requires. 

Basic recurring packages will typically cost between £59 - £200. 

Tax returns, which are one-off services, will cost about £75 -£300. 

Some examples of services that outsourced accountants provide include:

  • Bookkeeping 
  • Tax accounting 
  • Payroll and auto-enrolment
  • Accounts payable 
  • Accounts receivable 
  • Bank reconciliation 
  • Year-end accounts 
  • VAT returns 
  • Self-assessment tax return 
  • Partnership tax return

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