What is the Difference Between Bookkeeping and Accounting Services

As businesses grow and start to attract more customers, keeping track of the finances can become difficult. Hiring  online bookkeeping services in UK  or accounting services may be a solution to that challenge. However, do you need a bookkeeper or an accountant? Many people use the terms bookkeeping and accounting interchangeably but the truth is while they are similar and some tasks may overlap, these remain separate services and before you think of outsourcing  online bookkeeping services in UK , you should understand the difference between a bookkeeper and an accountant. Here are some of those key differences.

Bookkeeping Definition 

Bookkeeping is about daily records of transactions . A bookkeeper keeps a tally of all the daily expenses of a business as well as the money coming in. The duties of a bookkeeper however are much wider than just taking records.

Accounting Definition 

Accounting involves summarizing, analyzing, and creating reports  based on the bookkeeping records. An accountant will create concise statements about business transactions over a particular period. To get a better understanding of the two definitions, let us take a closer look at the roles they play in a business.

What a Bookkeeper Does?

This is a service that has been offered for decades. Bookkeepers kept records of early trader’s money inflows and outflows. This service continues today with bookkeepers recording daily transactions in a systematic way that is easy to read. These records will then be used by the accountant to do their job. A key duty for a bookkeeper is the maintenance of a general ledger. This document contains records of expense receipts as well as amounts from sales. Modern technology enables bookkeepers to use software like QuickBooks and Xero to keep track of all the entries made into the ledger. Whatever transaction is made by your business needs to be recorded in the ledger. This function also helps when you have to do your taxes. A bookkeeper doesn’t have to have as much training as an accountant to perform their duty, however, they may need certain principles of accounting like how to use accounting software as well as financial terms. The work of a bookkeeper can be overseen by an accountant or the business owner. Other tasks that they take on include: – Monitoring daily cash flow – Issuing invoices – Following up on payments – Making payments on behalf of the business – Handling payrolls – Preparation of trial balances – Reconciliation of bank and credit card activity – Monitoring and controlling credit card activity – Keeping nominal expense records – Handling multi-currency transactions – Handling other daily financial tasks requested by the client

What Accountants Do?

Accountants pick up from where the bookkeepers stop. They analyze the daily financial records to come up with detailed insights for the business owner to make financial decisions. Accountants can also help in the decision-making process by offering advice in different fields of finance. Some of the roles they play include: – Verification and analysis of data – Reading financial signals to help in forecasting opportunities and trends for development – Performing audits and getting tax records in order – Preparing reports like balance sheets and income statement – Guiding business owners to make the right financial decisions. Accountants can also do bookkeeping but bookkeepers cannot do what accountants do. Some businesses pay accountants to do the bookkeeping as well as accounting.

When Should You Hire Online Bookkeeping?

If your business needs to keep track of its daily financial activities, then hiring online bookkeeping services would be advised. Remember that bookkeeping is about the day to day running of the business’s transactions. It is however convenient when you hire a person or company who can do both bookkeeping and accounting. This will mean when you need reports that focus on the big picture of your business finances, then there would be someone ready to do that as well.

When Should you Hire an Accountant?

You may not need accountancy services every day. Most businesses need accountants when they need to carry out an audit of their financial transactions or when they need to make big financial decisions. Accountants can help prepare reports that give you a clear picture of where your business stands after a given period of operation. Accountants can also be important when you are preparing to present your books to the taxman. They will provide you with sound tax advice and guide you through the complicated UK tax system which many business owners find a headache to deal with.


Both bookkeeping and accounting services are relevant for the smooth running of a business. When you need help for short term daily financial tracking, the bookkeeper is your solution and if the need is to look at the long-term business finances, then you need an accountant. Finding a professional company that can provide the entire package would be the best option as opposed to choosing one or the other.

Attract Right Team Members to your Firm

It is team of employees that defines the success of any firm. Therefore, it is crucial to attracting the right team members to your firm so that both of you can mutually benefit from each other. Before hiring new members to your team, you must have a clear idea about the type of people you want to work with so that you create the right space for them.

  So let us check out how you can create a positive space for your prospective employees so that they are attracted to your firm!

  Offer Challenging Opportunities

One of the most important things that attract right talent towards a firm is challenging opportunities. Interesting work and the autonomy to come up with creative problem-solving ideas is always a significant driving force for the employees. Moreover, during the hiring process, you can always check with your prospective employees about their expectations and offer them opportunities accordingly.

  Have Positive Communication

Having a positive relationship is the key to a successful employee and employer relationship. You can attract the right talent to your company by instigating such positive communication. It is essential to understand that everyone has a distinct working style. So, it is best to communicate the expectations positively without criticizing or judging your employees. The final goal must be to instigate healthy communication while keeping the motivation level up.

     Give Possibilities of Growth

The ultimate objective of employees is to look for work opportunities where they can have a proper scope for growth. So, the right team member would need the assurance that they will grow as the company grows. This will also make them stick around with your company for a longer time. Creating an environment of negative competition and pressure is not a sustainable way to help employees grow. Therefore, you must create a positive environment where all the team members work together towards the growth of their company, and their own growth can be a bi-product of their hard work.

  Appreciate & Value Your Employees

You must not forget to appreciate your employees for the hard work that they put in so that they feel valued. You can give them small gifts and bonuses on special occasions if the company does exceptionally well in something. After all, it is your employees who make the company run, so offering them gifts and tokens of appreciation keeps their motivation levels high. If they are happy and motivated, they won’t hesitate to put in some extra effort to get the work done in the best possible way. So, always appreciate your team members for their efforts!

  Be an Empathetic & Kind Firm

You must establish the name of your firm as an empathetic and kind one. Being kind towards your employees is the key to attracting the good ones to your team. We are all humans, and we might face problems in our lives, so in case of an accident or family issues, you must be ready to offer support to your team members. This makes them feel a part of the firm and motivates them to work harder. Kindness and empathy are like investments on your employees that give good returns in the future.

Final Words

To sum up, if you want the right team members, you need to create a comfortable environment that encourages positive outlook and growth. You can work with a simple theory of “we all grow together.” This will make sure the employees have a sense of belonging in the company, and they work together against all the odds. Following the tips mentioned above and attract the right talent to your team.


How to raise fees without losing clients?

The overall cost of living, services keep rising over a period directly in proportion to the rate of inflation and other factors. This gives rise to the need for increasing your fees at regular intervals just to cover the rising costs. However, it is essential to make sure that you do it in a manner your clients don´t feel pressured and you don’t end up losing them.

Here are some tips that can help you raise fees without losing clients!

Justify the raise through your services
First and foremost, you must justify the increase in your fee in a subtle way. Your clients will most likely accept the higher price if they feel it is worth the bargain. One way of doing this is to add some extra services and slight changes in timelines. Doing this can make your services look more appealing and also make your clients more satisfied.

Create packages and club your services together
Another right way is to club two or more services together and offer them a package. This way, you can also make slight increases in individual prices while making it look more alluring. Moreover, you can make bundle up varied services together ranging from a group of essential services to some complicated ones or sometimes one complicated one with a few basic ones. By adding creativity to these packages, you can make your clients happy and increase your fee without losing them.

Raise your fees at regular intervals and promptly
You can also try to fix periods for raising your price e.g annually or once in two years. However, it would help if you justified this increase so that your clients are not disappointed with the rise. This will make sure that the increase in fee does not come as a surprise to them, and they can get accustomed to such increases after certain intervals. Also, if your customers know exactly how and when you increase your fee, they might come to you right before the rise. That way, you can lock in a few more customers before the increase. Overall, it can be a win-win situation for both parties.

Plan it in advance
Planning these increases in advance is very important because that will help you justify it better. In addition to that, planning ahead will help you calculate the current costs and also anticipate any other additional costs that might arise in the near future. It will also give you an idea of the profits that you will make after increasing the fee. You don´t want to be in a situation where you justify the increase and go through all the ordeals to realise that it is not covering your extra costs. Hence, it should be done in a thoughtful and planned manner.

Justify the raise in a concrete manner
Basically, you must have specific justifications for increase because some of your clients may be upset with the rise. In order to ensure that you don´t lose them, you must be ready to explain to them how paying more would mean better services. If you succeed in doing so, you will ensure the loyalty of your regular clients.

To sum up, raising fees is not at all easy and definitely comes with a fear of losing some of your regular clients. But these tips and tricks can help you do it smoothly ensuring that your customers are happy and don´t switch to your competitors after seeing the increase in your fees.


If you are looking to increase your work, grow your bottom line, minimize your risk and access to the latest technologies, outsourcing accounting services from UK is the ideal solution. The article shares the benefits of outsourcing your accounting and bookkeeping functions.


info@米6米乐体育 Info Solutions  in UK have pre-built processes. Because of the well-set pre-built processes, the cumbersome task of recording, analysing and tracking transactions can be prevented. Such a kind of accounting outsourcing provides a high level of accuracy.


The market is continuously evolving, and it becomes mandatory for the firms to stay updated with recent technology. Outsourced accounting services have skilled talent pool of outsourced consultants and have required subscription for the technologies. Therefore, the clients get the best service in the business through accounting outsourcing services in the UK.


Unfortunately, maximum records of frauds have been recorded due to the foul play of the in-house team member. By hiring outsourced accounting services, these risks can be removed. The accountant will always have an external watch which looks after the general ledger at regular time intervals, the transactions processed by the firms, etc. Not only can the risks from the perspective of frauds but also the aspect of errors be minimized. Reporting errors can be super expensive from the economic as well as the social front of the firm. If such errors take place, HMRC levies enormous penalties. Along with monitoring of risk, data security issues are also taken care of by the accounting outsourcing services in the UK.


It makes no sense to be the jack of all and master of none. Accounting outsourcing firms are masters of tasks ranging from online bookkeeping to finance function services. As a result, business owners can spend their time on more important core activities while allowing outsourcing companies to take care of rest. More importantly, it saves the time required for the recruitment and training of new employees.


The primary benefit of outsourced bookkeeping and accounting services is cost saving. So the cost incurred by the firms in hiring them full-time employee is way higher than hiring an outsourced accountant. This is because the full-time employee will expect different monetary perks from the firm, unlike the outsourced accountant. Also, the overhead expenses like the training, recruitment expenses, payroll taxes, benefits, etc. can be avoided. Every penny invested by the business should be justified, and outsourced accounting services have that potential to explain it.

Accounting and bookkeeping is a serious business because even a small error or a misplaced zero can lead to huge financial consequences.  info@米6米乐体育 Info Solutions  is a master of this domain and have experience and expertise in handling complicated accounts without any error. We look forward to  schedule a meeting  with you!


Change is the law of nature, and outsourced bookkeeping services are no exception. It is essential to adapt to new practices and technologies to provide the best services to the client. We have seen significant changes in the  industry  from various perspectives. So, I have pinned down some of them.


The accounting principles have not changed, but the approach to accounting has seen drastic variation. Cloud-based computing has enabled accountants to be mobile and reactive to the needs of the client not only across the corner but globally. This method of online bookkeeping has encouraged outsourced accounting services. Most importantly, modern outsourced accountants are leveraging cloud-based software’s for outsourced bookkeeping to make better decisions and provide fast services.


Initially, clients and accountants preferred conventional brick and mortar locations. Therefore thought of outsourced accounting services was never given any attention. But with technological development and globalization, accounting outsourcing services were brought into the picture. We have got many firms providing accounting outsourcing services in the UK.


Accounting outsourcing services in the UK was hired for their accounting expertise. But now the client needs value-added benefits as well. Therefore accounting alone won’t help the clients. That is to say, clients are looking for software options available to them and are including software developers and designers in the team. In short, a perfect blend of accountant and software engineer is the need of the hour.


Gone are the days when the communication was over the phone call or email. The meeting dynamics have taken a sharp turn. Today the clients and the accountants have face to face meeting via video conferencing. However, this option did exist in the past, but it was unreliable and expensive. But with the help of tools like Skype, Zoom, etc. it has become affordable.


Outsourced accountants are using artificial intelligence and robotics for outsourced bookkeeping services. Be it online bookkeeping or finance function services; robots are being used in every stream. Most importantly, the efficiency of accounting has set new standards with the use of robots. Besides, the accountants will not spend their time on entering transactions. Rather they can utilize the time for increasing the bottom line of the client’s firm.


Undoubtedly, exchanging documents over the post is quite an old stream. Outsourced bookkeeping services have seen a paradigm shift due to the usage of technology. Tools for carrying out operations in accounting are being appreciated by the clients and extensively used by the accountants. There is nothing like offline work in the accounting sector. To sum up, documents, clients, accountants are all online.

To ace in the race, outsourced bookkeeping services have equipped itself with all the modern technologies and smart accountants to give the best services to the client. By all means, it is a no brainer why accounting firms from the UK are outsourcing their accounting work to firms like  info@米6米乐体育 Info Solutions (P) L td .

The firm has got employee, expertise, and experience to keep your company in safe hands. Contact us at  info@米6米乐体育 . We look forward to schedule a meeting with you.

Benefits of outsourcing your accounting work

Do you feel your competitors are taking away your clients because they can out the price you? Do you feel threatened by the ongoing onslaught of technology in your profession? Why don’t you try to outsource your accounting work?

Do you feel you need to add new service offerings to your clients?

Then read below and consider  accounting outsourcing and outsourced bookkeeping  work to achieve various improvements in your practice.

Outsourced accounting  services are not just about cost-saving. Here are the top 10 advantages of outsourcing accounting and bookkeeping services for accounting firms.

1. Faster growth for your practice- Outsource your accounting work. 

One of the significant benefits of outsourcing is that you can have more time on your hands to increase your efficiency, grow your firm and restructure your operations and maximize your return on investment (ROI) on the core competencies of your business. You can use this extra time to try to bring in more clients, by improving your marketing efforts and customer services and more by just outsource your accounting work. Outsourcing accounting services is most likely to reduce your costs by 30 to 50%.

2. Never Lose a Client to non-availability of time.

Outsourcing provides you with a team of professionals at a short call, and your ability to deliver services is no longer limited to how much time you can personally put in around the clock. Hence, you can now entertain new projects and clients coming your way with all the help you are getting.

3. Don’t Pay for the Overheads pay for the actual work.

When you outsource, you do not need to pay for the overheads, vacation, sick leaves, NI, training, and other staff expenses. You pay for the actual work done for you at most of the time at an agreed price.

4. Alleviate the risk of overnight losing of your staff. 

The stuff bad dreams are made of. You reach your office to find one of your staff is ready to put in his/her papers. If you have been in practice for long enough, you would have faced this situation. Most of the methods can’t afford a backup person, but when you hire accounting outsourcing services provider in UK, you don’t have to worry about such cases, as their business nature requires them to have an expert, qualified and experienced team that is reliable and ready with a capable backup.

5. Standardise quality control. 

Most of us get frustrated over review times and other delays and efforts required to minimize errors in the final output. Having an outsourcing team changes all this as you get the advantage of standardised quality control procedures put in place by them, and you could even mutually agree to more stringent requirements.

6. Utilise diverse experience across various lines of business.

Outsourcing companies work for various accounting practices, thereby earning diversified experiences across multiple sectors. You can utilise this expertise to gain a competitive edge in your area.

7. Allow you to introduce new services.

If you had always wanted to introduce some new services to your customers but could never take the initiative because of lack of time and expertise available, hiring outsourced services can help you change that. You can introduce new services to your customers, which is just like adding new sources of revenue and making the best use of your in-house and outsourced capabilities and expertise.

8. Reengineer your Practice with online bookkeeping. 

You can reengineer your services offerings to shift from compliance work to higher proportion of advisory services enabling your firm to be future-ready in the upcoming digital work environment.

9. Work less, Earn More with the finance function services.

An outsourced accountant helps you to cut expenses on overheads and pare down your salary bill. You are able to increase your bottom line without an increase of efforts from your side. Moreover, you can utilise savings in profits to teach yourself and your staff for more value-added & niche services.

10. Increased valuation of practice.

The firms that outsource show increased profitability as compared to their peers, not using the services. As such, you would enjoy higher valuation multiplier increasing the valuation of your firm. This also helps firms in case they wish to raise borrowed funds from banks.

Steps to follow before you opt for accounting outsourcing services in the UK

Are you looking for outsourcing your accounts work to a professional and capable firm? Indeed, it is a precarious job to look for a  proficient company  that provides accounting outsourcing services in the UK. But adequate assistance can help you save operational overheads by saving time and effort spent in managing your accounts.

Irrespective of the size of the business company, the majority of organizations are now turning to outsource accounting services providers to solve all issues related to accounts and earn more profit. Accounts form the core of businesses in any field as it holds the most confidential and sensitive financial information about the business structure. There is always a risk of malfeasance, and therefore, there is a need to assure that the data is safe with the service vendor. To make this easy, there are a few steps one can follow before hiring a company to opt for services.

Accounting Outsourcing Services

Irrespective of the size of the business company, the majority of organizations are now turning to outsource accounting services providers to solve all issues related to accounts and earn more profit. Accounts form the core of businesses in any field as it holds the most confidential and sensitive financial information about the business structure. There is always a risk of malfeasance, and therefore, there is a need to assure that the data is safe with the service vendor. To make this easy, there are a few steps one can follow before hiring a company to opt for services.

Analyze your requirements

At the very first step, the company should be clear about what is that they need help in. Besides looking for the general service provides look for a firm that specializes in what you need. Here you can be specific about what tasks you want the outsourced accountant to do for your company. For example:

Write up and bookkeeping work

Annual accounts production

Accounts management

Preparing Vat returns

Preparing cooperate and personal tax returns


To avail these services, there is a need to regularly provide all transaction details of the cash that flows in an out of the firm on a daily, weekly and monthly basis. The service will provide all the support you need to manage your business accounts.

Find an experienced outsourcing team

Before choosing a firm to handle your accounts, it is recommended to verify their work experience. One can check the number of years the company has been working, variety of clients the company serves, the size of the company they are serving, the testimonials the company has. All of these must be checked and verified before finalizing the accounting outsourcing services in the UK to handle your accounts. These will help you overcome various fears regarding outsourcing.

Compare the service providers

Once you understand that it’s time for you to opt for an accounting outsourcing company, then do not restrict yourself to local options. Thoroughly compare various service providers. All you have to keep in mind is that you hire a company that is aware of the local laws dealing with tax filings. While comparing various companies, look for their reviews online, business information and their reputation in the market and enquire about their certifications. To understand their methods of working and the quality of work provided, you must always ask a company for sample works to testify and check if it suits your requirement.

Ask for quotes

One can ask the accounting company to present its proposal. Along with that, the company should be ready to develop a strong communication link which supports in avoiding any kind of discrepancy.

Keep security in mind

As a company, whether you hire an in-house accountant or outsource accountant, you have to be careful as and when you are handling your confidential information to the outsourced bookkeeping company. Know their security measures, encryption methods they employ on websites and internet portals. Clear all your doubts before finalizing the company.


Outsourced accounting services provide an organized approach in handling the accounts outsourced to us by big and small business firms, and at the same time, they reduce the overhead costs. They offer a systematic way to streamline the company’s finances and helps in growing the business. All you have to do is opt the right accounting outsourcing company in the UK. Contact  info@米6米乐体育 Info Solutions  at info@米6米乐体育 for your accounts solutions and enjoy a fruitful relationship with us. We at  info@米6米乐体育 Info solutions  use the latest technology and use the best practices as per the norms of UK Accounting and Reporting standards. This helps us in achieving the desired result in the projects outsourced to us. We make sure to handle them critically and give better results.

What does it cost to hire a new Employee today?

Are you planning to hire a new team member for your practice? An accounts assistant would cost about £ 23000 these days varying from about £21k to £29k based on a city. You would be wrong if you consider this to be your total costs for a new hire. There are various other employment costs that you need to keep in mind too.

Hiring Costs

To get the right person you would either take help of some recruitment agency or do it yourselves on social media and job sites. The recruitment agencies normally charge around 20-30% of yearly pay, which would come around £ 5000. In case you use LinkedIn or other job sites such as monster it will cost you around £300 – £ 500, add your time costs for interviews etc.

Bonuses, NI Contribution & Pension

A bonus has become a norm these days and average payment as per govt estimates are around 5% of yearly pay. Employer NI contribution adds another 13.8% & pension adds 2%. Total costs around 20%.

Other Overhead costs

As if this was not enough there are various other hidden costs to be considered too.

Office space – The cost of providing a desk in your office. Calculate this from your rent.

Office Equipment – Computers, peripherals, phone line etc.

Training – Most of the new employees would require in-house training just to understand your way of working. This would normally come to 10-15 days of time.

Misc. – HR costs, Sick pay, Holiday cover, maternity leave etc.

Total Employee Costs

  1. Salary                                – £23000
  2. Hiring Costs                     – £5000
  3. Bonus, NI & Pension       – £4600
  4. Other Overheads           – £8000

The total amount that you would spend on a new hire in the first year would be £40600 as opposed to £23000 that you would pay. The total costs nearly double the “perceived costs” and small to mid-sized practices need to budget carefully while taking on a new member on their team. No doubt taking on new people is essential for the future growth of practice but creating unnecessary financial burdens also take its toll.

We at info@米6米乐体育 provide ample opportunities to accounting practices to grow their practice by outsourcing their work to us. You can expand and grow without extra financial strain on the practice. Please contact us at  info@米6米乐体育   or call at 020 3012112 for further details.

Importance of WIP (Work In Progress) Sheets in Practice!!!

Closings are the time of month you dread the most. Many enterprises form businesses to govt entities dislike the time as they need to put in extra time & energy to close their books. The public and other stakeholders rely on receiving reliable financial information on a monthly basis. But an accountant is the only person responsible for preparation of management accounts and information required for various stakeholders on a timely basis. This is where a work in process sheet is essential.

The goal of monthly WIP sheets are to:-

  • Use it as a tool to plan & allocate your available resources.
  • Tool for timely completion of monthly tasks in hand.
  • Outline due dates.
  • Document responsibility of each resource person for achieving the targets / completion of tasks.
  • Keep the whole practice on course.

It should be used as planning tool to determine available resources vice versa the time required to complete the tasks in hand. In terms of shortfall of resources you might feel to postpone the important tasks to a later date & vice versa in case of excess of resources postpone some tasks for next month. Needless to say that monthly WIP sheets play an important role in ensuring your practice stays on course.

We at info@米6米乐体育 provide ample opportunities to accounting practices to grow their practice by outsourcing their work to us. You can expand and grow without extra financial strain on the practice. Please contact us at  info@米6米乐体育   or call at 020 3012112 for further details.


  1. Cheaper the labor, lower the service quality.

It is a general tendency to assume the quality of a commodity in proportion to the cost price. But, when the global factors are in play it is a whole different game. In India, there are a lot of skilled, highly-qualified and experienced graduates  in the workforce.  Service provider’s long track record of working in the British environment is an asset.

info@米6米乐体育 is able to successfully provide you a competitive pricing as compared to other local outsourcers as it is located in a sub-urban area (as opposed to a metropolitan). The skilled and trained qualified workforce along with the locational advantage is what info@米6米乐体育 offers to all its clients.

  1. Outsources have tendency to extend the working relationship which is against the long-term interests of the company.

The process of outsourcing is at best an ‘evolving’ one. Both parties see in time how things are working for them, what needs to be changed so on and so forth. As a business looking to outsource your operations one should openly discuss the plans for the future with their outsourcing vendor, which must be signed under an agreement between both firms.

Being straightforward about the kind and volume of work will ensure that confusions are kept at bay.

Communication is the key!

  1. Constant excuses for not delivering as promised.

Such hitches can be avoided by ensuring that you choose an outsourcing company with high work ethics and adherence to the standards of service quality. The accountancy getting their work outsourced should keep the teams (both offshore and onshore) involved, giving incentives and appreciation as an encouragement to work harder.

At info@米6米乐体育 we maintain a strict regime of maintaining and adhering to the work processes. We also ensure timely exchange of information between the client and the team to avoid any kind of gap that may lead to unwanted delays.

  1. Different person to deal with every time.

It is the basic protocol of any outsourcing firm to dedicate a specific team to their client. The team manager (Accounts Manager in this case) will be there to receive any query or instructions from the clients end. In case there is a new person on the job info@米6米乐体育 ensures that he is properly trained to deal with the specific conditions of the client and a prior notice is given to the client informing them about the change.

  1. Impossible to bring the services back in-house In future.

Or is it? Most accounts outsourcing businesses have their own technical infrastructure. At info@米6米乐体育, we access your systems through a remote desktop access. At any point you wish to bring back the activity into your facility, you simply change the login details provided to us and that would terminate our access to your system. All data is kept and processed on your systems and none of it is held by us.