This is actually a really easy one to answer. If you had a leaking toilet would you fix it yourself or call out a plumber. Similarly, would you cut your own hair to try and save the cost of a haircut. Why wouldn’t you outsource your bookkeeping.
Running a small business is hard and traditionally every small business owner has also been expected to keep their books in good order.
When I was growing up, my dad used to have a chemist shop. He would work all day in the shop and spend every Friday night slogging over the books so that they would be up to date ready for VAT return time. In truth, apart from the fact he was missing out on family time, he really wasn’t much good at it and it used to take him hours. As he got older, and had less energy, he finally employed a book-keeper who would come in to the shop once a month and get the books up to date. The amount of stress this relieved was enormous.
Generally, most small business owners are really good at what they do – whether they are a florist, electrician or hairdresser, but not so good at keeping their books in order.
To outsource your bookkeeping you could actually save money as well as time. If you weren’t spending your time book-keeping you could be chasing more sales leads or developing some other side of your business. Trained and experienced book-keepers are generally quicker and more accurate than the average business owner so what might take the small business owner 4 hours to do, a trained book-keeper might undertake the same task in less than an hour. If your book-keeping is accurate right from the start, the amount of work needed to undertake your year end accounts is also reduced.
Regular book-keeping by a trained professional can also help you keep your eyes on how your business is doing. Included in our book-keeping service are monthly management reports which show how much profit (or loss) you are making on an ongoing basis. You don’t have to wait until the end of the year to find out if you’re making any money.
This is why we’ve developed the dot-to-dot accountancy package which includes your book-keeping as well as your year end accounts and tax returns. Not only will this get our clients ready for making tax digital (where quarterly submissions will need to be made to HMRC) we believe that regular monthly book-keeping which feeds directly into the year end accounts, together with the monthly management accounts, will greatly enhance our clients’ businesses and help them develop.
If you want to find out more about our accountancy packages, please give us a call on 0800 0519 446.
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