Are you overwhelmed by the thought of having to keep track of your finances?
Do you feel like you don’t have enough time in the day to manage everything that’s on your plate? If so, you’re not alone. Many small business owners and entrepreneurs struggle with financial matters.
Affordable bookkeeper services can take the burden off of your shoulders and help you get your finances under control. Here are five reputable companies that offer affordable bookkeeper services in London and in the UK.
Table of contents:
- Affordable bookkeepers
- What does a bookkeeper do
- What services can a bookkeeper offer
- What qualifications do you need to be a bookkeeper
- Bookkeeper salary and cost
- How do you find a bookkeeper
- What is the difference between a bookkeeper and an accountant?
- Frequently asked questions about bookkeeping
5 Affordable bookkeeper services in the UK
The following bookkeeping companies have a good reputation and constant 4-5* reviews:
Affordable bookkeeping services in London for small to medium-sized businesses.
⇒ Unicorn Price: ££
⇒ Sectors Unicorn operates: Technology, Professional Services, Entrepreneurs, Healthcare, Real Estate, E-Commerce, Legal Services, Retail, Financial Services
⇒ Services Unicorn offers: Accounting Services, Payroll Services, Outsourced Accounting, Company Formation, Xero Online Accounting, VAT Advice, Finance Director Services, R&D Tax Credits, Personal Tax, Management Reporting
⇒ Unicorn Office: 5 Merchant Square, London, W2 1AY
Professional bookkeepers for a fixed monthly fee with over 30 Years’ experience providing bookkeeping and accountancy services.
⇒ PBS Price: ££ – £££
⇒ Sectors PBS operates: All Sectors including Startups, Entrepreneurs, Establishing New Businesses
⇒ PBS offers: Bookkeeping, Accounting, Auditing, Payroll, Tax Return, VAT Registration
⇒ PBS Offices:
- 26 York Street, London, W1U 6PZ
- 4 Old Park Lane, London, W1K 1QW
3. MH Services
Michael Hayden and his team have been offering bookkeeping, tax and accounting services for over 20 years in Manchester & London for SMEs, self-employed and Ltd.
⇒ MH Services Price: £ – ££
⇒ Sectors MH Services operates: Hospitality Industry, Entertainment, Retail, Tradesman, Healthcare, Real Estate, Small Businesses, Contractors, Sales Representative
⇒ MH Services offers: Bookkeeping, Self Assessment, VAT Registration, Payroll, Tax Services, Account Management, Accounting Services, Company Formations
⇒ MH Services Offices:
- Imperial Court, 2 Exchange Quay, Manchester M5 3EB
- Business Xchange Hub, 3-5 Landsdowne Road, Croydon CR0 2BX
- 60 St Martins Lane, Convent Garden, London WC2N 4JS
A professional accounting team that has international experience in accounting and bookkeeping services.
⇒ Right Choice Consulting Price: ££
⇒ Sectors Right Choice Consulting operates: Business Professionals, Service Sectors, Manufacturing, Retail, Importing Businesses
⇒ Right Choice Consulting offers: Accounting, Tax Return, Payroll Managing, Bookkeeping, Accounts Management, Company Formation
⇒ Right Choice Consulting Office: 22 Peterborough Road, Harrow, HA1 2BQ
The firm is run by entrepreneurial accountants who are business owners themselves, meaning they understand the daily challenges faced by business owners and what kind of help they need.
⇒ Preneur Price: ££
⇒ Sectors Preneur operates: Hospitality Accountants, Property Accountants, Start-ups, Small Businesses, Property Tax, UK and Ireland Company Formation
⇒ Preneur offers: Bookkeeping Services, Payroll Services, VAT Services, Corporation Tax Return Services, Self-Assessment Tax Return Services, Tax Advisory Services
⇒ Preneur Office: Second Floor, 26 Goodge Street, Fitzrovia, W1T 2QG
What does a bookkeeper do?
A bookkeeper is responsible for tracking and managing a company’s financial transactions. They maintain records of income and expenses, manage invoices and payments, and keep track of other financial matters.
Bookkeepers are essential for businesses that need to focus on their day-to-day operations and do not have time to track their own finances.
Also, bookkeepers can provide valuable insights into a company’s financial health and performance via additional data software. By analysing past transactions and trends, they can help business owners make informed decisions.
What services can a bookkeeper offer?
A bookkeeper can offer a variety of services, depending on the needs of the business. typical services include bookkeeping, accounting, invoicing, and financial reporting. They can also help manage payroll, tax filings, and other financial matters.
Bookkeeping: The most basic service a bookkeeper can offer is bookkeeping. This involves tracking and recording all of a company’s financial transactions. This includes income, expenses, invoices, and payments. This information is important for businesses to have an accurate picture of their financial health.
Accounting: In addition to bookkeeping, a bookkeeper can also offer accounting services. This involves preparing financial statements, such as balance sheets and income statements. This information is important for businesses to understand their financial performance and make informed decisions.
Invoicing: Another common service a bookkeeper can offer is invoicing. This involves creating and sending invoices to customers. This is important for businesses to ensure they are paid on time and manage their cash flow.
Financial Reporting: A bookkeeper can also prepare financial reports, such as profit and loss statements. This information is important for businesses to understand their financial performance and make informed decisions.
Payroll: A bookkeeper can also help businesses with their payroll. This involves managing employee salaries, tax withholdings, and other payroll-related matters. This is important for businesses to ensure their employees are paid on time and accurately.
- Tax Fillings: A bookkeeper can also help businesses with their tax filings. This involves preparing and filing tax returns. This is important for businesses to ensure they are compliant with tax laws and regulations.
What qualifications need a bookkeeper?
You need at least a high school diploma or equivalent to become a bookkeeper. However, many employers prefer candidates with some post-secondary education in accounting or bookkeeping.
You also need to have excellent math skills and strong organisational skills. Additionally, you should be able to stay up-to-date on changes in tax laws and regulations.
Bookkeeping course providers:
- ATT – short bookkeeping qualification that takes from 2 to 12 months to complete
- Kaplan – an entry-level qualification that gives you the skills to become a bookkeeper
- Training Centre – range of bookkeeping courses that can be taken full-time, part-time or online
- IAB – courses are broken down into different levels, each level working towards the final qualification
Bookkeeper salary and cost
The average annual salary in the UK is £25K to £27K. However, it depends on the size of the firm and the sector it operates in and what position are you in: Junior, Senior, Partner etc…
=> £50K+ – partner bookkeeper
=> £35 – £45K – established /senior bookkeeper
=> £25 – £30K – beginner/apprentice bookkeeper
Freelance bookkeepers usually charge between £15 and £30/ hour.
How do you find a bookkeeper in the UK?
When looking for a bookkeeper in the UK, there are a few things to keep in mind.
- It is important to find a reputable company that has qualified bookkeepers.
- You should ask for references and reviews from previous clients.
- It is important to discuss the services you need and ensure that the company can meet your needs.
Where to search for bookkeepers in the UK?
Some good places to start your search for a qualified bookkeeper are online directories such as ICB or Xero. These directories have listings of qualified bookkeepers from around the UK. You can also ask your friends and family for referrals, or contact your local Chamber of Commerce for recommendations.
Or simply just use the Google search bar, type eg. London Bookkeeper
Once you have a shortlist of potential bookkeepers, it is important to interview them to make sure they are a good fit for your business. Some questions you may want to ask include:
⇒ What qualifications do they have?
⇒ What services do they offer?
⇒ How much do they charge?
⇒ What experience do they have working with businesses like yours?
Bookkeeper vs accountant?
A bookkeeper typically tracks expenses, invoices, and other financial matters. Bookkeepers are not typically licensed to prepare tax returns, while accountants are.
An accountant typically prepares tax returns and provides other financial consulting services.
When it comes to tax returns, many business owners may feel overwhelmed or confused. This is where an accountant can be a great help to prepare and file their tax returns. This is important for businesses to ensure they are compliant with tax laws and regulations. Tax is due on the 31st of January every year, and businesses must file their tax return by the end of the tax year.
Business bookkeeping & financial transactions
- What is a full-service bookkeeper?
Full service bookkeepers can be a valuable resource for small businesses that need assistance managing their finances but don’t have the time or resources to do everything themselves.
- Difference between bookkeeping and bookkeeper?
=> Bookkeeping is the recording of transactions, while a bookkeeper is someone who performs bookkeeping tasks. A business may do its own bookkeeping, or it may hire a bookkeeper to maintain its financial records.
=> Generally, bookkeepers are responsible for more than just basic bookkeeping tasks, such as preparing and filing taxes and reconciling bank accounts. They may also be responsible for tracking inventory and expenses and providing analysis and recommendations related to the business’s finances.
- How much should I pay a bookkeeper?
A bookkeeper in the United Kingdom will earn between £15 and £30 per hour. You should discuss the services you need with potential bookkeepers to ensure that they can meet your needs.
- Is it worth it to hire a bookkeeper?
There is no one-size-fits-all answer to this question, as the cost and benefits of hiring a bookkeeper will vary depending on your business and its needs. However, hiring a qualified bookkeeper can be a valuable investment for businesses that need assistance managing their finances. your needs.
- Is a bookkeeper cheaper than an accountant?
The answer to this question depends on the services you need and the qualifications of the bookkeeper. Accountants typically charge more than bookkeepers, and their services may be more suited to businesses with more complex financial needs.
Hiring a bookkeeper can be a valuable investment for businesses that need assistance managing their finances. Bookkeepers offer a range of services, such as preparing and filing taxes, reconciling bank accounts, and tracking inventory and expenses.
The cost and benefits of hiring our bookkeeper services will vary depending on your business needs. However, hiring a qualified bookkeeper can be a great way to take the stress out of financial management for small businesses.
If you need any support or bookkeeper services, MH Services has qualified bookkeepers and accountants that can help your business with all of its financial needs.