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Bookkeeping

Is Outsourcing Really A Sensible Option
Is outsourcing really a sensible option? 758 513 Stepping Stones Accountancy

Is outsourcing really a sensible option?

Businesses are continually looking at ways to implement initiatives which save both time and reduce costs. If we look solely at accountancy firms, over the past 3 years there has been a major push towards outsourcing, using third parties to complete many of the day-to-day tasks required. Often this will be to individuals or companies located overseas, who can provide very low service costs and often will turn the work around with 24 hours.

However, is outsourcing really a sensible option?

One of the key benefits associated with outsourcing is that an accountancy firm can take on extra clients without having to employ more staff. Often utilising companies located overseas where fees are very competitive. Companies can access skilled staff who are readily available to work on projects resulting in speed and efficiency, whilst also lowering costs and increasing profits.

Day-to-day activities that can be outsourced include bookkeeping, VAT returns, accounts payable, accounts receivable and preparation of financial statements.

So, if outsourcing can seem so advantageous why is it not a model adopted by all?

Upon initial review this model may seem to hold many advantages, but the negatives are far more apparent.

  • Loss of control – outsourcing overseas means less visibility of day-to-day activities which could lead to basic errors being made where these mistakes are then passed on to the end client.
  • Communications – using outsourced workers where English might not necessarily be the first language can bring issues. Combine this with different working time zones and reliance on virtual meetings where work is assigned, again errors can quickly arise. Translating what work needs to be completed can turn into a problem where misunderstanding and incorrect work delivery is experienced.
  • Security – by using a third-party company a business has little control over what they do with very sensitive client data, if data is compromised then the UK accountancy firm will be at risk of investigation and potential regulatory fines.

As an accountancy firm do we outsource?

No, it is not an operating model which we feel comfortable with. For us it is very important that all our team members are located in the same location, that they fully understand what is expected of them and that our clients are provided with continuity, no matter who they speak with. We have full operational transparency and every staff member is fully trained to ensure that they uphold our core business values with everything they do. We all understand and appreciate everybody’s role in the business, we all use the same technology and business processes, we are all focussed on providing an elite customer experience. We feel none of this is possible with an outsourced business model.

Should you have any questions regarding any aspects of business accountancy then our team can offer both help and support. Please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk.

You can also book a free 20-minute call with Yarka – https://calendly.com/yarka-ssa/20min

Reflecting on 2023
Reflecting on 2023 758 513 Stepping Stones Accountancy

Reflecting on 2023

December is always an exciting month; businesses start to slow down and everybody looks forward to a much needed break spending time with friends and family. It is also a perfect time for reflection.

For us here at Stepping Stones it has been another enjoyable year supporting the small business community with all their accountancy needs. We have further cemented relationships with existing clients and have introduced a number of new clients working with them as their in-house accountancy department offering standard compliance services of:

  • Payroll
  • Tax returns
  • Tax planning
  • Bookkeeping
  • VAT returns
  • Year end

We have also seen growth in our management accountancy services, offering more strategic advice within areas of:

  • Business advisory
  • Compliance and incorporation

With so many areas to be positive about we are excited to see what happens in 2024.

Of course, first though we are looking forward to putting our feet up and relaxing. Our offices will be closing on Friday 22nd December 2023 and we will be back open again on Tuesday 2nd January 2024.

Finally, thank you to all our staff, suppliers and clients for their support this year.

We wish you all a Merry Christmas and Happy New Year.

For anybody that does need some accountancy help, please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free 20-minute call with Yarka – https://calendly.com/yarka-ssa/20min

How to get a mortgage if you are self-employed
How to get a mortgage if you are self-employed 758 513 Stepping Stones Accountancy

How to get a mortgage if you are self-employed

At various times in our working life, we may all have a desire to do something for ourselves and step into the world of business ownership. However, it is only a very small percentage of people that take the plunge and become self-employed. Those that do take the required steps benefit from total independence, a true love for what they do, flexibility in working hours and potentially unlimited earnings.

There are a number of excellent benefits of being self-employed. However, the one problem that can arise is with trying to secure a mortgage. Historically securing a mortgage when you are self-employed can be a challenge as lenders are concerned about the lack of evidence when demonstrating income. To help with this process there are several steps that can be taken to put a self-employed professional in a positive position when applying for a new mortgage.

  1. Preparation

Keep excellent bookkeeping records of income and expenditure, look to use an accounting system which, when populated, can prepare reports of accurate and meaningful data. Always ensure you have a positive credit score and if possible, have a good level of savings.

  1. Speak to the experts

There are several excellent mortgage advisors that specialise in self-employed mortgages. Seek their professional advice and guidance as they can complete an initial fact find, check on affordability scales and match you to the right lenders.

  1. Seek financial accounting help

Use a professional accountant to prepare all financial information. A lender will look more favourably on the application if the accounts have been prepared by experts. The credibility of providing accurate information gives a lender lots of confidence.

  1. Credit history

Try to maintain a positive credit score and if there are any negative connotations then work to address these and allow time before completing the mortgage application. It goes without saying the better your credit score, the better the chances of securing a mortgage.

  1. Positive cash flow

Try to ensure you have a positive cash flow which demonstrates that any bank accounts have a healthy credit. Where possible also have good levels of personal savings which, should income one month be slow, demonstrates that the repayment of mortgage fees will always be covered.

  1. Present the right documentation

Copies of trading history (for the previous two years), HMRC documents such as an SA302 and evidence of upcoming contractual agreements will be required when any mortgage applications are made.

Other personal information used for evidence will also be required these can include passport or driving licence, utility bills, council tax bills and bank statements.

Finally, being on the electoral register with the right to vote is also advantageous as a lender can research this and use it as verification for identification purposes and proof of address.

If you have any questions or need some help with any aspect of self-employment and accountancy support then would be happy to help. Please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free call with Yarka – https://calendly.com/yarka-ssa/20min

Bookkeeping and why to do it regularly | Bookkeeping Bristol | Help with Bookkeeping
Bookkeeping and why to do it regularly 758 513 Stepping Stones Accountancy

Bookkeeping and why to do it regularly

Whilst the words bookkeeping, spreadsheets and accountancy software can fill you with dread and the thought of inputting all that data and ensuring that it all adds up can be overwhelming, a little planning can make the whole process much more manageable.

By allocating your bank transactions on a regular basis you can save yourself a huge headache at the end of the year. Not only will it seem less daunting, but it can also provide you with many other benefits:

  • It delivers an accurate picture of how your business is doing.
  • By completing it whilst transactions are fresh in your mind, it can provide up to date profit reports.
  • It lessens the delay of completing tax returns and year end accounts.
  • Little and often is key. It will take much longer to complete if it is only done every 6 months or worse, once a year.
  • What takes longer, costs more!

If you are struggling with sticking to a regular bookkeeping routine, ask your accountant, they will be very happy to help.

Alternatively if you are looking for a new accountant we would be delighted to offer our support. Please call us on 01173 700 079 or e-mail hello@steppingstonesaccountancy.co.uk. You can also book a free 30 minute call with Yarka – https://calendly.com/yarka-ssa/30min

Key accountancy dates to remember 150 150 Stepping Stones Accountancy

Key accountancy dates to remember

In this latest animated video we provide some of the key accountancy dates that everybody should be aware of.

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