How your business can benefit from a good bookkeeper
Bookkeeping is an essential part of any business – but it’s much more than just notes and numbers.
Many business owners try to do their own bookkeeping in the early days to keep costs down. However, most soon realise that it’s a task best left to the experts – and not only because of the time it takes a business owner to do their bookkeeping (which might be better spent doing some more revenue-generating business tasks!).
The skills of a good bookkeeper
In this blog, we take a look at what’s really involved in bookkeeping and why you could find yourself better off by outsourcing your financial paperwork to a professional bookkeeper.
A good bookkeeper will bring many skills to the table, but first and foremost they bring organisation to your finances! Unlike busy business owners, a professional bookkeeper won’t miss a handful of receipts because they’re exhausted, or set that reconciliation task aside for another day because they have hundreds of orders to fill. They’ll get everything done and they’ll get it done on time – because that’s their job.
Not only does this provide you with the wonderful feeling of everything being in order, but this accuracy will also mean that your taxes will no longer be higher than they should be AND that you won’t pay over the odds for extra work on your end of year accounting submissions.
Next there’s your VAT returns! If you’ve ever missed the chance to claim something back because you didn’t have the time, or because you just weren’t sure if you could, or if you’ve been fined for a late submission (eek!) then a good bookkeeper can definitely help you out.
You’ll be amazed how much you can save on your VAT bill when it’s being handled by a professional, and you’ll no longer need to worry about what you can claim, when you should claim it or what on earth you need to fill in when your customer or supplier is overseas!
As if all of that wasn’t enough, having a bookkeeper can help you to save money in all of the day-to-day aspects of running your business, and make smarter business decisions. You may believe you have a good idea of the state of your financials, but the newfound clarity provided by your bookkeeper will allow you to make more sound financial decisions going forward. Through them you can clearly see how you are doing each month, where your money is coming from, where your money is being spent and which overheads are really worth it. They can also be on hand to pay your bills on time, send out client payment reminders and to help maintain healthy credit and accurate cash flow should you need them to.
Although it’s natural to assume that you can save money by doing everything yourself, the fact is that disorganisation, human error, lack of specific knowledge, missed payments and a wildly fluctuating bank balance could cost you much more in the long run. Plus, your time is much better spent on building your business, keeping your customers happy and bringing in even more sales.
If you want to know more, just give us a call!