Life After COVID-19

The COVID-19 pandemic has disturbed the lives of individuals in the UK just as around the globe. Furthermore, as life and organizations begin to get back gradually and bit by bit, there appear to be indications of new ordinary.

‘Living day to day after the pandemic’ has just begun adjusting to the new standards where innovation has a gigantic task to carry out. Attributable to the lockdown limitations numerous organizations are as of now completely utilitarian by means of digitalization and many are gradually rebuilding their current plan of action to adjust to the changes.

Here we will talk about how life, all in all, will be after the pandemic and move onto examine how organizations (generally Accounting administrations) are going to ascend against the harms previously done by the pandemic.

For Businesses:

• Outreach and Communication
• Rising need for Cloud-Based Accounting and SaaS-based compliance solutions
• Virtual Bookkeeping and Accounting
• Rise of advisory responsibilities
• Mergers and Acquisitions

For Us:

• Face Masks becoming everyday essentials
• Social Distancing is here to stay for a while
• Work from home culture
• Focus on boosting personal immunity and hygiene

Source:- https://outbooks.co.uk/latest-thinking/life-after-pandemic/

COVID-19 Impact On Business

While the effects of the pandemic appear to build each day, both in greatness and length, a couple of enormous bookkeeping Service firms have seen a job switch over from outsourcing accounting services practices to warning administrations that organizations are severely needing at the present time. Notwithstanding, little bookkeeping firms have been definitely hit by the unannounced appearance of the Corona episode.

Impacts on the Accounting Industry:

During these extreme occasions when the monetary downturn has done what’s needed harm, getting financing has gotten considerably progressively hard for a couple of little size Accounting firms. Therefore, numerous such firms are reacting to the emergency by either selling their business or scaling down tasks as a cost-cutting measure. While selling their organizations at such occasions is bringing about less costs that is anything but a reasonable incentive for the business, cutting back is bringing about firms losing customers because of labor lack.

All businesses are going through a nightmare and while everyone is looking for their survival, Accounting firms and specially small-sized ones that offer services to small businesses are seeing either delay in their payments or termination of contracts. Even though the UK government did announce various aid schemes for businesses as a response to the ongoing pandemic, the impacts have already gotten deeper into the economy. 

Digital Bookkeeping | Outbooks | Outsource Accounting

Cloud based bookkeeping allows your businesses to record online. You can digitally create and send invoices, keep up to date with payments and open your accounts at one touch. The biggest advantage of digital bookkeeping is you get real time updates on your finances anytime and anywhere. Online bookkeeping allows you to keep track of your every business aspect without any hassles

Following are the benefits you can reap with digital bookkeeping service:

Create and send invoices at one go

You get real time information about your business and its finances

Connect to your back and receive real time updates

Manage your customer and supplier information.

It is the most secured form of storing data. You need to educate your business clients about MTD.

Making Tax Digital for VAT and Digital Bookkeeping

What is Making Tax Digital?

MTD was announced in 2015. It is an initiative by the UK government and HMRC to make tax filing electronically easier, faster for people to record and understand. 

If you pay taxes and file a return in the UK, then you are affected by MTD. It includes individuals, businesses, landlords, nonprofits and more. If you file taxes, use an accountant or get an income from any other place other than standard PAYE payroll, MTD matters to you. 

HMRC have clearly stated MTD would NOT affect pensioners, people who are paid through PAYE/payroll or who have a secondary income less than  £10,000.

MTD is a new approach to updating, reporting and filing tax information. For individuals, self-assessment tax returns will become a history. It is compulsory for all businesses and individuals to use MTD. There is good online accounting and bookkeeping services software that helps integrate directly with MTD. 

As a bookkeeper service, you can grow your business by ensuring your practice is ready and taking your clients to HMRC- recognised software. 

Following are the benefits of using MTD:

1.  You will get a centralised view of your tax information, entitlements, liabilities so you have a clear idea of how much you owe at a certain point of time. 
2. It reduces errors and increases accuracy in reporting and filing of taxes. 
3. You get an up to date understanding of how much you owe and the tax payments you need to make. 
4. You will get more time to grow your business as updating HMRC with your business financial information will become faster and easier. 
5. There is a low chance of compliance checks and audits by HMRC.
6. You’ll get digital nudges from HMRC to ensure you’re reporting correct information at the right time. 
7. Online billing means you can straight away pay your tax.  

All VAT registered businesses must keep and preserve records and accounts. 

When we need to outsource accounting and bookkeeping?

Many UK firms spend hours of time on manual accounting and financial tasks. They may lack behind in making crucial business and financial decisions. Or if the companies happen to make decisions in a rush, they might make few errors. Many accountants and bookkeepers including CFOs put a lot of time in manual accounting, checking and rechecking figures, calculations, and analysis. To manage time and make tasks easier, outsourced accounting services and bookkeeping services come into the picture. Many businesses in the UK are opting for offshore outsourcing.

There are many benefits that reap with the outsourcing of accounting and bookkeeping services. Let’s take look:

1. Focus on revenue generation: Outsourcing firms help businesses save money and focus on revenue generation. And the question you will ask is how is it possible? Well, an account outsourcing services and bookkeeper is taking care of all accounting functions and businesses do not have to worry about any issues and thus save cost and time. If you are outsourcing accounting activities, there is no need to have in-house accountants this will automatically help save cost and is beneficial for small and mid-sized businesses.
2. More important to the outsourced function: An outsourced bookkeeper provides priority to its client. The top priority is the financial health of its clients. If this task is handled in-house, the attention can go secondary or on any other revenue-generating process. Outsourcing companies make sure the financial information is up to date and in safe hands. Outsourcing allows businesses to focus on their core business objectives and thus they can grow and sustain in the market.

What is Outsourced Accounting or Bookkeeping?

OUTSOURCED ACCOUNTING & BOOKKEEPING
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Outsourced bookkeeping is a help which gives a full, bookkeeping division experience for private ventures. A bookkeeping office handles the everyday exchange coding, creditor liabilities, records of sales, finance, the board monetary detailing and numerous different administrations.
Re-appropriated bookkeeping suppliers have a full commendation of bookkeeping experts permitting them to offer a little group of bookkeepers at a lower cost to employing.
Benefits of Outsourced Accounting

1. FREEDOM
2. REAL-TIME INFORMATION
3. ELIMINATE HIRING COSTS
4. ENHANCE BUSINESS CONTINUITY
5. SECURITY