Why you should have a Bookkeeper?

If you spend days preparing your books for your annual tax and quarterly VAT returns, or an accountant has to shuffle through all the paperwork, it’s going to take you more time and money to do the work than sourcing a bookkeeper to do it for you. Your time should be spent growing your business and engaging with your customers.

The following sets out the main reasons why small businesses and sole traders should use a bookkeeper.

It’s Tedious

Bookkeeping can be tedious; balancing transactions, payroll, bank statements, P&L account etc. Let someone who is good at the details and who is motivated by details, do the work for you.

Being Prepared

If you have a bookkeeper, you will be well prepared for your tax and VAT returns. Depending on the way your business is set up, you will have various filing requirements. If those requirements are not met, the last thing you want is an HMRC audit, or fine for late filling.

Your Business Needs You

No one else can run your business like you do. You need to focus on your business and its growth, procurement, operations, and customer relationships. Save the bookkeeping for someone else!

You cant do everything

Often when running your own business you have to do everything yourself. When your business grows, goes through busy periods or you want to spend time in other areas of your life, hiring a bookkeeper reduces the pressure of having to be ‘Jack of All Trades’

Cash is King

A bookkeeper helps you to manage cash flow, which is the overall financial focus for your business. It shows how much money is available to run your business, pay staff, develop and reinvest.

Money Saving

You may think that hiring a bookkeeper is going to cost you money, but at the end of the day, a bookkeeper is going to save you money. They will decrease your risk of an audit, late payments, human errors, tax penalties, and cash flow issues. Many of these issues could cost you way more than having a bookkeeper.

Work Life Balance

We all strive to reach the perfect balance. If you feel that work is weighing heavily and impeding on your time with family and friends, it’s time to outsource some of the work to a professional and free up your time to experience and live life to the fullest. Spend more time doing what you like most and are good are, running your business and achieving work life balance. Feel confident knowing that your bookkeeping is operating at a more streamlined, efficient level.