The simplest equation in any business is Profit = Income over Expenditure. If the business earns more income than what you spend on it, obviously it is a profitable business.
How you keep the profit and make it multiply over years is totally a different proposition. And there is no business in this world,
without profit motive. Philanthropic and service organizations cannot come into the purview of businesses. For this bottom-line of profit making, it is imperative that you keep your Account Books crystal clear, so that on any given time period, you can say – at a glance – whether your business is running profitably or not.
It is easier said than done to keep your Books of Accounts up-to-date. Professional talent with figures and calculations, strategies and planning, shrewdness in making right judgments, and readiness to foresee any unforeseen events – are some of the essential talents, required for persons heading the Accounts Department of any business corporate, firm, partnership or individual businesses like a restaurant.
The business transactions vary according to the nature of the business a company undertakes and carries on – such as manufacturing, trading, commission, brokerage, service to public or any other profession like dentist etc. The day-to-day accounting is responsible for recording every transaction into numbers and money value.
For example in a manufacturing company, the number of transactions involving money includes everything without exception, like the total number of raw materials issued to production shop. These accounts are kept by the Stores Department and then transferred to the Accounts Department, on a monthly basis. In such cases, the overall profit of the company can be ascertained only once a month. But safe guesses can be made by the shrewdness of the Accounting people and projected to the owner or owners of the business, on the approximate profit of the company, taking into consideration all the relevant figures.
Book Keeping Services in London are ready to undertake as freelancers, any or all of the Accounts Department’s jobs as explained above. Whatever the business is, the accounting principles are one and the same. Hence, their service is in no way different from that of the Accounts Department, manned by the company employees. In fact, the professionals at work by the service firms of Chartered Accountant in London will be more efficient and effective in working as a private service.
The distinct advantage of engaging such Book Keeping Service is, they are not employees of the company, and so all the applicable expenses towards salaries and perks are saved by their contract package of fees.
Being third party observers, they can advise the company management without inhibitions on matters of financial planning, strategies to be adhered in investing, methods of saving money in taxation legally, cost analysis and saving procedures in production, maintaining a fluent cash flow for the smooth working of the company and many other financial matters. Money saved is money earned and this way these Book-keeping Services can certainly boost your finance significantly
