As a small or new business there is enough pressure to keep the money coming in without worrying about how to deal with the financial aspects of your business. To consider a bookkeeper could be a smart move for you and here we will explain why.
1. Focus on your business.
Small and new businesses require all your attention in order for them to grow from an acorn of an idea to an oak tree of a product or service. We believe that as the business owner you should be devoting your time to marketing, business strategy and driving sales as well as other key areas for the daily operation of your business.
2. How much do you really know?
Business owners may not necessarily come from a background in finance or have a working knowledge of ledgers and bank reconciliations. It may be beneficial to pay a bookkeeper to look after these areas on your behalf. Mistakes will be less likely which is obviously a good thing, errors could cost you extra money and a lot of time to correct!
3. Work-life balance.
Burn out is a common complaint of many business owners. By bringing in outside help for your bookkeeping you will be able to make more time for your friends and family. Without some help you may find that you have very little time left at the end of your day/week for some quality down time - not good and not healthy.
4. Another pair of eyes.
When you're busy with your various different 'hats' on, it is easy to get carried away thinking you know exactly where your business is at. Having somebody look at the numbers for you will give you a different outlook on the situation. A bookkeeper will be able to identify exactly where your money is being spent and what improvements could be made in terms of money in versus money out.
5. It's boring!
Let's face it, looking over the numbers is not everybody's idea of fun. Pass this tedious job over to tedious people like us, who actually quite like staring at numbers all day!
6. Paying on time.
Any payments that are forgotten in the hectic everyday life of being a business owner could lead to a poor credit rating and if you gain a reputation for being a 'bad payer,' suppliers may be reluctant to deal with you. Having a bookkeeper will help to ensure any bills that are due will be paid on time.
7. Correct tax filings.
When HMRC come calling you do not want them to say things are not in order or being filed on time. Each business has different tax requirements including corporation tax, VAT returns and self assessments.
We can handle your taxes along with payroll and other financial issues.
8. Cash flow.
It can be difficult to keep on top of who owes you what and when they should be paying. With a bookkeeper on board they will keep this under control; sending out reminders and chasing your debtors for you to help keep the cash flow at a positive level.
9. Partner conflicts.
If there is more than one partner involved it may cause issues with deciding how money should be spent within the business. A bookkeeper would act as the 'banker' and create a protocol for approval of spending which would prevent partners from simply withdrawing money.
10. Save you cold hard cash.
A very common error from many business owners (particularly start-ups) is to think that by doing all the work yourself you will be saving money. This is a false economy. When it comes to bookkeeping, by bringing in outside help you will save money. There is a reduced risk of human error, more knowledge and significantly less chance of missed payments.
The less time you spend doing your books the more time you have to bring the money in to your business - time really is money!
Time and money savings as well as better cash flow and reduced risk makes great business sense to bring in a bookkeeper. So, what are you waiting for? Give us a call or send a message today!
Comments