Finance and accounting is one of the most important parts of any organisation. How else does an organisation know if they’re making a profit, how much they have spent and how long they can continue in business?
It’s not just about putting numbers into a spreadsheet. It’s about understanding and communicating detailed financial information in an easy to understand way.
We at Affinity are talented and determined people who use their skills in the same way as lawyers, engineers or architects to find the best solution for their clients.
We get to know organisations inside out and understand the challenges they face. Using our knowledge, skills and experience we guide people and organisations to make the right financial and business decisions.
Bookkeeping, also referred to as keeping the books, is the process of keeping full, accurate, up-to-date business records. Proper methods can help businesses effectively manage cash flow, stay abreast of profits and losses, and develop plans for the future based on financial trends. Furthermore, keeping accurate books is required by tax agencies.
The bookkeeping process involves making a record of the monies received by a business as well as the monies paid out. It encompasses money a company owes to vendors, employees, tax agencies, contractors, and any other individual or entity. Likewise, accurate records of amounts owed to a company by outside individuals and organizations are also recorded in a company’s books.
Though necessary and beneficial to business owners, the task can be very time consuming. With no exceptions, every monetary amount that is paid or received must be recorded. Additionally, accuracy is of the utmost importance, making keeping the books in a rushed manner a very bad idea. As business owners are often lacking in time, many choose to hire professional bookkeepers to keep company records well maintained.
Our bookkeeping services are customised to your requirements. Depending on the complexity of your business and bookkeeping requirements, we will tailor our bookkeeping solution to provide you with a bookkeeping service and also make suggestions to help you streamline your processes, with a view to saving you money in the long term. We are extremely flexible and very capable of delivering on your requirements.
Accounting for VAT and VAT Returns
Incorrect accounting for VAT is a common problem and can result in errors on your VAT account, incorrect payments to HMRC and possible fines, affecting your cash flow. As a client of Affinity you can be sure that your VAT is being managed by experts.
Management accounts are what they say they are.
Accounts which are prepared with the aim of helping managers make important business decisions, whilst having the benefit of full financial information. Many small businesses rely solely on the end of year accounts to understand their financial situation and as a result probably miss a number of opportunities or make bad decisions, simply because they did not have access to accurate, timely, financial information. Management accounts can be produced monthly, quarterly, half-yearly or any other period that is relevant to you.
Most businesses receive a Profit and Loss and Balance sheet relating to the previous accounting year, from their accountants. The only problem with end of year accounts is that the first period on those accounts can be more than 18 months from the current month, which makes the information less useful as a tool on which to base business decisions. A lot of small businesses only use their end of year accounts to compute their tax liability and have to pay a lot of money for the privilege!
How can management accounts help improve your business?
Many business have commercial loans with retails banks, our service means you meet your contractual obligations of providing management accounts on a quarterly basis.
Having regular reports allows you to examine your cash flow, observe trends and seek additional capital injections should it be required, based on accurate forecasts.
By looking at a profit and loss statement you can very quickly see where your business stands in terms of profitability, on a regular basis, giving you the right information to make changes, if necessary.
Lastly, it allows you to predict future events based on historical trend information, giving you an edge over your competitors.
Upon agreement we will consult with you as to what management information would add value to your business and allow you to make the right business decisions.