The fiscal benefits of a serviced office

Businesses exist in order to generate a profit which is why they recognise the importance of flexible office space that allows them to expand or contract when required, as well as the services that accountancy firms provide such as general accounting, bookkeeping and payrolls , several services that are of the utmost importance to all businesses regardless of their size and the sector they’re in.

Serviced workspace

Whilst flexibility is of the utmost importance it’s actually only one of many reasons that help to explain why businesses search for a serviced office in West End or other prominent parts of London such as Canary Wharf and Liverpool Street. Projecting a professional image, the importance of which can’t be overlooked is another, as is having access to dedicated on-site business and support staff, conference, meeting and training space, as well as other features that help them to go about their business affairs in a professional manner.

Payroll

Due to time considerations many businesses outsource their payroll so that they have the time to concentrate on more pressing affairs, like the day to day running of their business. They also outsource payrolls because they’re often complex and because National Insurance and tax must also be deducted, as do CSA deductions and student loans amongst others. There is no room for error with payrolls and deductions, for not only are they often hard to correct once mistakes have been made, but they can also result in animosity arising between staff and management, which obviously should be avoided at all costs.

Virtual services

Virtual services such as mail forwarding, phone answering and virtual PAs are now widely offered by providers of serviced workspace, like MWB for example. There are many benefits associated with virtual offices, such as lower overheads, enhanced credibility and increased flexibility. This option has been extremely well received by businesses that have little or no need for an office, which could be due to the fact that they work from home, spend a great deal of time travelling, or haven’t as of yet the budget to work from a professional workspace, affordable though they may be.

Bookkeeping

The importance of competent bookkeeping can’t be overemphasised in any way, as there is simply no room for errors with such an important aspect of a business’s fiscal interests. Businesses of all sizes are well catered for regarding professional bookkeeping services, furthermore there are generally many services offered, which could include:

  • Bank Reconciliations
  • Creditors Lists
  • Credit control
  • Debtors Lists and Statements
  • Monthly Reports
  • VAT returns

Most accountancy firms offer additional accounting services, though businesses are advised to contact their local accountancy firm in order to find out for sure. All sectors are also catered for, just as they are regarding serviced office space in prominent business districts throughout London, furthermore accountancy firms with low staff turnover are widely viewed as being the most suitable, because by having familiar staff, businesses benefit from their sound knowledge of their business activities.