Are you getting the most from your outsourced bookkeepers? You need them to keep your accounts up to date and make sure your business meets all those onerous HMRC deadlines. But they can do so much more than that for you.
Making Sense of the Figures
When they give you the reliable data you need to make the right business decisions, don’t just look at all those pieces of paper, or figures on screen, in isolation. Have a dialogue with your bookkeepers and make sure you know exactly what they mean, and what opportunities and/or threats they represent.
Discuss them in several contexts:
- your business situation, of course
- the current market in which you operate
- your competitors’ performance
- the wider economy
Your bookkeepers’ viewpoint can be more objective than your own. They have a breadth of experience, from a wide range of clients, which can often supplement your own.
Helping you Meet your Business Objectives
If you involve them in discussions about your business plans, you might get new ideas in areas like improvements to processes and procedures; boosting the cashflow; raising funds, and so on. They would be invaluable in setting realistic and manageable budgets for proposed projects, and then overseeing them and alerting you to any potential overspends with possible solutions to problems.
Helping you Save Money
One of the most important ways that bookkeepers ease your finances is by making sure you don’t incur any late payment fines or penalties. For some this saving makes up for the cost of the service. Again, there are other ways they might help you save money.
Your bookkeepers can often see new possibilities for cost cutting, but unless you ask them or provide opportunities for dialogue, they might not pass them on. It’s really important to talk to them. While you are the expert on your business, what it offers and how to offer it, their expertise lies in administration and finance. And these different aspects of commerce have to go side by side in any business for it to succeed.
You could get their help in installing a new accounting system, overcoming teething problems and getting it running smoothly. They could give your staff training in using systems and following accounting practices, and then take on a supervisory role.
Good bookkeepers can also save you some of the more expensive time of your accountant. When they produce everything needed for the year end accounts package in a way that is easy for the accountant to check, it will just be a simple matter to compile your Annual Accounts and confirm your tax position.
If you are not receiving all these benefits from your outsourced bookkeepers, it’s time you did something about it.