Reasons to use a bookkeeper: #1 – your time is valuable
Posted on 20th January 2020 at 15:17
A bookkeeper can help with the financial aspects of your business, giving you back valuable time to spend on customer service, strategy, marketing and operations.
What’s you time worth?
Don’t think about the cost of using bookkeeping service. Instead, think about the contribution your time makes to your business.
There are some things nobody else can do, so focus on those while your bookkeeper provides the detailed attention your financial records need.
You don’t have to know everything
There are a lot of responsibilities involved in running a business. These include filing your personal and corporation tax and VAT returns on time and making sure you have enough money to meet your liabilities.
A qualified bookkeeper will understand all these requirements and will make sure that everything is properly and accurately recorded, so you don’t have to spend time worrying about it.
Very few business owners have time to keep up to date with the latest changes to tax rules and new regulations. Your bookkeeper will understand current good practices know about any changes, so they can tell you if your business will be affected and advise you about anything you will need to do.
Keeping your cash flowing
Keeping track of the payments you should receive and bills you need to pay can be time consuming. Your bookkeeper can help you to set up and use processes that will streamline these aspects of your business and make sure that your cashflow is healthy.
They can create reports for you each month so that you can see how your business is progressing. It’s also important to remember that forgetting to pay bills can adversely affect your business credit rating, making it more difficult to obtain a business credit card or to borrow money.
Avoid year-end pressure
When you work with a bookkeeper your records are regularly updated. This means that you always have an up-to-date picture of how your business is performing.
Even better, it means that at the end of your financial year when your Company tax return is due, you will have all the information you need.
You will be able to offset the tax you need to pay against your allowable business expenses, and you will know what to expect when your tax statement arrives from HMRC.
You can also be confident that you won’t face any fines or penalties to late submissions.
Planning for the future
With accurate information at your fingertips you can create forecasts and plans and make good decisions about what you can afford to invest in the future of your business.
You can also set realistic budgets, based on past performance and monitor them on a monthly and quarterly basis. You will quickly see if something isn’t quite right and will be able to take action quickly to get back on track.
Modern bookkeepers will probably recommend a Cloud-based accounting package like Xero to streamline your processes.
Once they have set up your records, you can see all your bank transactions and match them with your purchase invoices and receipts, using an easy tool like Receipt Bank.
You can check anything you like at any time using a PC on your desk or a mobile device wherever you are. With an easy-to-use dashboard tailored to your business, you can see exactly what’s happening.
Having a good work-life balance
We all need time for ourselves, our family and friends. To reduce stress and improve the quality of your life it’s important to prioritise how you use your time.
Spending evenings and weekends organising your business expenses and reconciling you bank account won’t allow you to enjoy the quality of life you deserve.
We like giving back valuable time to our clients, so please get in touch.
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