Showing posts with label Management Accounting & Bookkeeping Consultant in UK. Show all posts
Showing posts with label Management Accounting & Bookkeeping Consultant in UK. Show all posts

Monday 13 February 2017

Remote Bookkeeping Services - Accounting Firms or Sole Practitioners?

So, you do not approve of maintaining huge books on all the business transactions for your small or medium sized business. Enough of a box of receipts and notes. It is high time that you switch to using online facilities for keeping books and records. However, here lies the big question whether you should hire a solo practitioner or a management accounting & bookkeeping consultant in UK. Read through this post to find out about the pros and cons so that you can choose the best option. After all, you will be investing money to receive the service and you will definitely want the best service providers.

A Comparative Study

Here we are bringing a comparative study on each practitioner so that you can choose the best.

Bookkeepers


Majority of people are confused regarding the functions of bookkeepers and accountants. They have clear area of functions which does not overlap. Both of them work on your finances but in different capacities. The remote bookkeeping services in UK focus on the regular monetary transactions for your business whereas an accountant works with the overall finance structure and is also capable of advising small and medium business owners regarding better financial management. Maintaining payroll, processing invoices are some of the functions carried on by bookkeepers.

Remote Bookkeeping Services in UK

There are certain pros and cons to this practice. A bookkeeper helps in running the day to day business quite efficiently. They ensure that your finances are all in proper category and the record is clear for the accountant to take a look into. However, he/she is not capable of offering help with audit, tax or corporate reporting.

A Sole Accounting Practitioner


A sole accountant is professional who is practicing alone. He/she can handle the financial needs of clients in a very broad manner. An accountant is supposed to help the small or medium business owner to have sound finances running and also evaluate the financial structure of the organization. He/she not only takes care of the bigger financial structure but also provides advises on the financial health of the business entity.

The biggest advantage of working with a sole accountant is that you will get more customized solutions for your business. A single professional or a smaller firm might tailor make services pertaining to your business. On one hand he/she will always be on toe whenever you need his service but on the other hand he/she may not be able to cover all the aspects of accounting for your small business. Sometimes, it is a problem about finding out the quality of an individual practitioner’s service.

Financial Accounting Firms


There are larger accounting firms offering accounting services for small and medium business enterprises. These firms hire competent people for taking care of the financial needs of their clients. In fact, they can provide all those services provided by a sole practitioner but are also capable of providing some more on a large scale basis like international financial management. Some of these firms also offer logistics and business process outsourcing services.

The biggest advantage is that these firms will offer tailor made services and that too at a large scale. Also, they usually work with various types of clients which makes them more professional in their approach. The disadvantage is that there is less of personalized service and the service packages might be expensive as well.

However, even after you have hired any of these for your to take care of your finances, chances are that you will have to take care of your expenses on a personal level. Also, you have to keep working towards maintaining a good relationship with the clients. Using a software that both of you are comfortable with is also important. If everything is put together properly, your tax time will be easier.