Bookkeeping is a legal requirement when running a business, no matter what your business structure looks like. When you first start out in business you may find it easy keeping on top of your bookkeeping yourself. However the busier you get the harder it will be. Your bookkeeping will never be prioritised as you will always concentrate on generating more business or nurturing your existing clients.
The problem with neglecting your bookkeeping is that you’ll never have an accurate picture of your finances. This then has a knock on effect as you won’t be able to make accurate business decisions which could impact the health of your cash flow.
What does a bookkeeper do?
A bookkeepers’ role involves keeping a close eye on your business transactions. A bookkeeper will get an insight into how you run your business by getting inside knowledge of who your clients and suppliers are and by learning your business processes.
Costs and Efficiency
A bookkeeper can offer advice on how to cut costs and streamline your processes in order for you to become more productive and efficient. They will highlight areas where you may be overspending in order to improve your cash flow.
Cash Flow Forecasting
We can produce insightful reports to give you an idea of what the future looks like for your business. This allows you to make more accurate business decisions. It will also identify areas of your business that are doing well and areas that require further attention.
Software
A bookkeeper is knowledgeable when it comes to technology. We have the experience of dealing with various types of accounting software and can recommend the perfect fit for your business. We use cloud accounting which means you’ll get access to your financial data in real time, from wherever you have an internet connection, any time of day. Introducing the right software into your business will increase productivity and efficiency. There may be processes in your business which can be automated saving you time which you can invest in areas of your business which need you most.
Funding
You may not be aware of particular grants or government funding you’re entitled to. By hiring a bookkeeper you will get access to eligible funding which could make a huge difference to your business. With the use of our reports we can help you to secure investments if ever the time should arise.
Expenses
Are you confident that you’re claiming for every expense you’re entitled to? We could help you to save money on your tax bill by making sure you’re not missing out on vital expenses. We can also ensure that you’re not claiming for anything you’re not entitled to claim because if you make a claim for something which isn’t allowable it could result in penalties and fines later down the line. You certainly don’t want to be paying the taxman more than you need to!
If you’ve been considering outsourcing your bookkeeping tasks and want to get a better insight into what your business figures mean then we’d love to hear from you.
