It is a question that undoubtedly is asked whenever evaluating your finances when structuring your business – Do we need to shill out for a bookkeeper?
Truthfully the answer comes down to exactly how much time you have within your business. Is it all hands-on deck and all guns blazing for you every day, with not so much as a second to catch your breath or are you like the many small business owners who find they just don’t have the time to handle the financials along with the day to day running of their business?
Many business owners are not so great when it comes to numbers or time management, which can see financial year ends providing a scramble to collate everything, a process that affects both work and family time to achieve.
Seeking the Professional
Many business owners realise upfront the struggle that is inbound as the year progresses. Whilst many make the mistake of pushing away until it’s time to deal with it, many others accept that they are going to need help upfront to better utilise that later time to continue company growth.
Companies tend to grow and take on more employees the bigger it branches out, and with those areas comes even more responsibility for the financial side of the business. Those businesses with outsourced bookkeeping services in Manchester will already have better peace of mind knowing it’s a daily task that is off their plate.
When bringing in a bookkeeper, the first part of your business covered is the day-to-day transactions and verification of accounts and analytical data.
Already that sounds like a lot on the menu for you to take on yourself. Company payroll being correctly processed and filed as well as invoices to clients and customers are day to day functions that your bookkeeping services handle regularly also, as well as those company bills that need to be paid. Missing these crucial areas can add a lot of pressure onto a business reputation and work rate,
Keeping track of all expenses and having full records of every outgoing expenditure is often misplaced or lost track of when handled by a company director, but having this area maintained by a bookkeeper ensures that the proper attention is given and documented. It saves the headache at year-end.
Many business owners blur the line between needing an accountant or a bookkeeper for their business. In truth, an accountant can do it for you (although they will no doubt charge higher fees for the service.)
Some accountants will even have bookkeeping partners to help their clients, and in truth, they work very well together in helping businesses achieve financial strength and growth strategy. Whilst an accountant can provide a strategy and file the company tax returns, bookkeeping services can provide the full business reports, accounts and analytics to better achieve the layout and resources for your accountant, as well as be a fresh set of eyes on your accounts to converse with.
Bookkeeping, whether inbound or outsourced, is vital to the successful growth and gain of small, medium and large businesses. It keeps you informed of your progression whilst also providing moveability in your financial business goals.