You started your business because you had a passion for something, and because you had a talent. But do you have a passion and a talent for bookkeeping?
If bookkeeping is not your business, why would you want to spend hours of your time doing it every month? Surely your time would be better spent working on your own business? Coming up with new ideas and incentives, working on growth plans and measures to boost efficiency?
Many business owners are of the opinion that doing their own bookkeeping will save them money. In this article we set out to disprove this myth and prove that engaging a professional bookkeeper is a wise investment.
1. A bookkeeper will SAVE you money
If you are saving time then, as a company owner, you are saving money. Think about how much time you devote to bookkeeping every month, and then work out what that equates to in terms of your hourly rate. In other words, you could be earning rather than bookkeeping.
Your freed up time could also be used to work on other areas of the business. Improving your bottom line for example; working on increasing profits; negotiating better rates from suppliers or developing more cost effective ways of working.
Whatever your area of expertise, if you focus on that rather than bookkeeping, then you are bound to start making savings which are likely to counter the costs of your professional help.
What’s more, with your bookkeeping kept up to date on a monthly basis, when it comes to your company’s year-end, there will be less work for your accountant to do, which again will save you money.
2. A bookkeeper will help you make informed decisions
With your books made up accurately and professionally every month, you will have access to up to date information that will assist you in making important decisions.
You will be clear on your cashflow position; you will be able to see your up to date profit situation and you’ll be able to check that targets are being met. Any discrepancies can be dealt with in a timely fashion so that they are not left to fester and turn into bigger problems, and if you wish to invest in a purchase then you will be clear on whether the company can accord it.
3. A bookkeeper provides peace of mind
Accounting, corporate and tax responsibilities for the limited company are vast and complex. Deadlines tend to creep up, and fines for missing them are known to be costly.
It is easy to make mistakes when you don’t fully understand all the rules, not to mention there is the possibility that you could be missing out on tax saving schemes practices that could be saving your company money.
Peace of mind counts for a lot in business. There is nothing better than knowing that all your Companies House, Corporation Tax, personal tax, payroll, CIS and VAT filing responsibilities are being taken care of whilst you focus on running and growing your business.
So there you have the proof that a bookkeeper is an investment rather than a cost.
If you are looking to build a relationship with a bookkeeper that can take care of everything for you on a monthly or quarterly basis, why not talk to Office Assistants? We offer a range of competitively priced limited company packages, as well as a friendly, helpful approach. We look forward to hearing from you.