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" “We operate a group of small entrepreneurial companies that depend on timely and accurate financial reports. SK bookkeepers managed a seamless transition following the unexpected relocation of our in-house bookkeeper abroad and have provided a consistently good service”. "
Michael Walter - Chairman of Royall Fragrance Company (UK) Limited
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Outsourcing your bookkeeping – how to increase your workforce but not your wage bill

SK Bookkeepers London for London bookkeeping

With any business that is more than a one-man-band, the idea is for employees to generate income for you through their work. The thought of employing someone in the business who doesn’t actually generate any income can be quite a daunting proposition. However in today’s business environment there are alternatives, ones which didn’t exist twenty years ago. Outsourcing of work can mean the difference between a company being able to survive, or going under. Where bookkeeping is concerned, why not outsource the work and save yourself money on paying a member of staff why you will struggle for quite some time to keep them busy enough to justify paying them a salary, their NI contributions, additional employer’s liability insurance, holiday pay, sick pay and maternity leave if appropriate.

Is it any wonder that a number of small businesses chose not to expand, but instead remain small and manageable. There comes a point with many businesses where the owner has to take a back seat where the physical aspect of doing the job is concerned and instead has to concentrate on the actual running of the business. In that scenario do you really need a full-time bookkeeper? The answer is usually no, but unless you know you can outsource your business’s bookkeeping, then why consider it? Think on though as with so many trades and businesses today, you pay for what you get, not what you could get. By that we mean that if you want your front living room painted and it will only take three days, you don’t pay a decorator for a full week’s work just to have them stand around doing nothing the last two days. The same applies to bookkeeping. Here at SK Bookkeepers we don’t want to be paid for twiddling our thumbs, we want to be paid for helping you be efficient, remain religiously up to date with your business’s finances, and to know exactly where your business stands from a financial point of view. Now if that only takes us five yours a month, then you only pay us for five hours’ work, it is that simple.

So now that you know we are very flexible when it comes to working out how much our services may be needed and if you are looking for a London bookkeeper, why not give us a call here at SK Bookkeepers and let us see if we can come up with a financial plan for our services that suits your business and budget perfectly.

Last Updated on Friday, 19 June 2015 12:57

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Don’t forget about a bookkeeper when you are starting your new business


This is one area that gets forgotten the most whenever setting up a new business takes place. In some ways it is a forgivable oversight as it seems logical that without any income you don’t need a bookkeeper. Of couare forgetting something rather important here. If you are setting up a business then you are incurring costs, and many of those costs can be offset against tax. If you don’t keep a close eye on the business expenses, then the chances are that when it comes to do your first annual tax return, you will have lost track of much of the expense involved in setting up the business. Everyone moans about how much the taxman takes off them and how painful it is to pay so much tax, but you don’t have to make it easy for the taxman.

Here at SK Bookkeepers we like to become involved with our clients business from the very onset, and to help them allow us to do that, first of all we set about creating an affordable monthly payment to cover our services. It makes no sense to us to make our fees unaffordable to startup SMEs, so they are always an accurate reflection of the amount of work required. For a startup, the fees will be nominal as the work required will be nominal, but as business increases and the financial paperwork increases, then on a pro-rata basis our fees will be augmented. What we don’t like to do is arrive at a position where our fees become a financial burden as that defeats the object of the exercise. Here at SK Bookkeepers we act as London bookkeepers for a great many clients, and all pay different fees based on the volume of work required.

In addition, as a startup business, you are unlikely to be aware of how to minimize your tax liabilities. Did you know that the current tax legislation for the UK is contained in a 1700 page document? It is quite a sobering thought. However while far from every element of that document will be applicable to your business, it is important to know what is and isn’t relevant, which is where we come into view. It is our job as a firm of London bookkeepers to wade through such documentation in order to ensure you only pay what you have to in taxes.

As a new business it will also do you no harm to have a company by your side who can actually keep an eye on the financial aspect of your business and help you forward plan, be proactive towards how the business is operating as opposed to reactive against market forces, and stay on top of the overall financial status of the business. One thing is for certain though, and that is that your business will always be easier to manage and run successfully if you use a qualified bookkeeper to keep on top of all the financial paperwork. So, that being said, please feel free to contact us at SK Bookkeepers and let us see if we can come up with an acceptable quote to look after your business finances, leaving you free to concentrate on the business itself. 

Last Updated on Friday, 19 June 2015 12:44

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5 good reasons why using the services of a bookkeeper makes sense

Let’s be honest, if we don’t have to pay for something, the temptation is to save your money and carry on regardless of the consequences. However if a business moves up a gear, doing your own finances can get in the way of operating the business successfully, and usually when something has to give, it is the books, As a consequence you tend to lose sight of how the business is actually doing and just use the barometer of how busy you are to allow you to make the assumption that you must be making money. The problem is, not all money that comes through the door is yours to keep, and especially of you are VAT registered. So what will it take to allow you to see that while employing a bookkeeper may seem like an unnecessary expenditure, it can actually cost you more in the long-term if you don’t. So why should you really consider using a bookkeeper like SK Bookkeepers?

Sometimes you can be so involved with the business that you can’t actually see what is really going on. You are ‘too close to the action’ and if you are very much a hands on person, then you will be doing business rather than overseeing the business as well. When you get too involved with a business you can lose sight of what is really happening. It seems silly to say it, but you can become so involved in doing business that you actually begin to neglect the business itself. It is in circumstances like these where neglect can lead to one of the greatest killers of the SME, cashflow problems. Having the services of a bookkeeper keep a regular eye on your business’s finances and ensuring that the books are kept religiously up to date will not only give you a clearer picture of how your business is faring, but another detached pair of eyes, so to speak, can give you an independent opinion f they feel something isn’t quite right.

Did you know that current tax legislation is contained in a 1700 page document according to The Guardian newspaper? Now there is no way that you can run a business and keep up to date with all that legislation. Okay, not all of it will apply to you and your business, but it is knowing what does apply, and how it affects your business that is important. Don’t forget, there may have been a recent amnesty from the taxman regarding delayed tax returns, but that amnesty doesn’t extend to incorrect tax returns. Not only is the taxman increasing the number of spot check and investigation of business accounts, but if they sense your tax return is incorrect, they can investigate your financial affairs going back as far as five years. Now if that happens, you are going to struggle to deal with that and your business. Instead, the sound advice is to use a good London bookkeeper like ourselves here at SK Bookkeepers, and also take out an insurance policy against an investigation. That way you can leave all the work to your bookkeeper if investigated, and the insurance company will pick up the tab. Cover usually starts around £90.00/annum, and is well worth it if only for peace of mind.

If you were good with numbers, enjoyed working with numbers and enjoyed doing profit and loss accounts, you wouldn’t be doing the job you are today, you’d be a bookkeeper or an accountant! If you think about it in logical terms, surely you are better off spending your time making money through your business than taking yourself away from what you do best, to do a task someone else can do, both better, and much faster too. If a good London bookkeeper will take away a lot of the pressure of having to get your books done, leaving you free to probably earn more money than it will cost in monthly bookkeeping fees!

Many business owners, whether small or large, often see accountants as someone you turn to outside the business for managing the financial aspects of their business, but they see bookkeepers as members of staff, as part of the company and, as such, feel that if you need a bookkeeper, the you have to take someone on either full-time or part-time, but on a salary. The prospect for any business of employing someone who doesn’t actually generate revenue can be very offputting, but here at SK Bookkeepers we look to our clients to outsource their bookkeeping requirements to us. We are happy to work out a regular monthly payment and in return we will look after your books and basic business finances, ensuring you know the exact financial state of your business on a regular basis. And yes, you only pay us for work we do – no holiday pay, no National Insurance contributions, sick pay or maternity pay to cover, just a regular monthly fee. It makes a lot of sense when you think about it.

Finally there is taking advantage of the benefit of our experience. Yes, we want you to use us, pick our brains, and allow a fresh pair of eyes to look at the financial side of your business. As bookkeepers we don’t get involved in financial planning or major financial decisions that will affect your business, but we do recognize when things aren’t right and can offer sensible and helpful advice based on experience gained with clients who have been placed in similar situations. There is no substitute for experience, and here at SK Bookkeepers we like to think we have that experience in abundance.

So, maybe now you will see the sense it makes to at least give us a call at SK Bookkeepers and ask us to come up with a monthly cost of meeting all your bookkeeping needs. It won’t cost you anything, and there is every chance you will be pleasantly surprised both at how much we can do for you, and how reasonable our charges are for that service.

Last Updated on Friday, 19 June 2015 12:30

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How do you transition from self-employed to being an employer and dealing with a payroll?

For many who start off being self-employed and running your own business, to begin with there is often the feeling you don’t need professional bookkeeping as there is insufficient business. However if you are any good at what you do, eventually doing your own bookkeeping will eat into time you could spend earing money, and then you have to question the wisdom of your ways. Then you will probably look to expanding the business by taking on couple of employees. It makes sense if the business needs to expand, that there is sufficient extra work that your new employees can do, and you have a long-term plan to employ more staff. However once you start to take on staff, all of a sudden you start making the unavoidable transition from worker to manager/employer, which is a different role altogether.

Asides from having to sort out about employer’s insurance liabilities, you need to start thinking about pay. How do you pay employees and how do you work out how much tax you should deduct? What about different allowances and what do you do if deductions have to be made for child maintenance? What about child support, working tax credits and a myriad other things to take into consideration? All of a sudden doing the payroll isn’t just a question of calculating how many hours they have worked and multiplying that by an agreed hourly rate. Then you have to spend time allocating work, overseeing what they do, and making sure they are working when they should be. With all that to deal with, when do you get the time to work yourself? The answer is, you don’t. Well not unless you learn to delegate, and here we mean delegate all your financial paperwork and bookkeeping, payroll and other appropriate aspects of the business to qualified bookkeepers such as ourselves at SK Bookkeepers, London. If you are thinking of making that transition from one-man-band to a larger business but think you may need advice, why not call us at SK Bookkeepers, London, and let’s see if we can come up with an affordable plan to help you make that successful transit

Last Updated on Friday, 29 May 2015 12:18

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Why SK Bookkeepers

1 Free initial and subsequent consultations
2 Fixed fees, no surprises
3 No fixed term contracts, no tie in periods
4 Dedicated email team for general accounting advice
5 Quarterly income and expenditure reports including estimated tax liabilities
So many others have chosen SK Bookkeepers, why not you?
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