Accounting-For-Small-Business-SuccessBookkeeping can take up lots of your time when you are trying to run a business and this means they can often end up being done sporadically and in my experience not very well.

The obvious solution is to outsource your bookkeeping work but is it worth the expense?

 

Here are the top five reasons why you should consider outsourcing the bookkeeping for your small business:

  1. A good bookkeeper will actually save you money, giving you back the time you’d normally spend on your accounts. Consider this – if you currently spend 10% of your time doing bookkeeping activities – payroll, invoicing, expenses, etc., in a 40-hour week, this amounts to 4 hours – that’s 2 days a month! How much more would you earn if you were actively selling your service or product for an extra 2 days every month?
  2. Some business owners think that they’ll lose control of their finances by outsourcing their bookkeeping. If this is your experience, you need to find another one quickly! A good bookkeeper will keep you regularly informed as to how your business is progressing and should give you better control of your business finances, for example, preventing non-payment or double-payment mistakes that are easily made if you don’t have a good system in place.
  3. Any bookkeeper worth her salt will keep abreast of any legislation changes that will affect your business. Things like VAT, PAYE and mileage rates are regularly changing and it’s good to know that there’s someone out there who will ensure your business is kept up to date with these kinds of things.
  4. Submitting their annual tax return causes much burning of the midnight oil for many small businesses and, if records haven’t been kept in the right way, finding all the right information becomes a very hit-and-miss affair. With a bookkeeper, not only will your financial records be up to date, they’ll also be structured in a way that makes it very easy for your accountant to complete your tax return. Remember – accountants charge far more than a bookkeeper and keeping their work to a minimum will save you money.
  5. Finally, and perhaps most importantly, a good bookkeeper will help you to understand your business much better – where your biggest profits (and losses) are, how much you’ve spent on marketing, how healthy your cash flow is looking. Having this kind of information to hand is vital if you’re to make the best decisions for your business and ensure its success.

Is it time to liberate yourself from your business bookkeeping and let a professional bookkeeper handle it?

 

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