When you’re running a business you need to look after your accounts. And you might be considering whether you need outsource to a bookkeeper.
Whether you’re a fledgling limited company or self-employed, looking after your own books can be a good idea. But as you grow and increase your client base, then bookkeeping can be an extra task you have little time for.
Then again, if there are fees to pay, do you really need to outsource to a bookkeeper? Here’s our guide to why outsourcing your books is worth considering. And why it’s a false economy to join the 61% of new business owners who avoid using an accountant.
Why do I need to outsource to a bookkeeper?
- Save money
Hiring a bookkeeper will cost you some fees, but the truth is that outsourcing the task can actually save money in the long run. Keeping records is a HMRC requirement, so don’t bury your head in the sand. Your company may use senior team members to input data and keep track of invoices. Paying them extra to do the task might seem a good idea, but if they are being diverted from daily tasks, it does cost you.
Using junior members to help out and paying them extra can, eventually, add up to being less effective. Correcting errors and the extra time it takes because bookkeeping isn’t their strength can add up to additional costs.
A qualified bookkeeper will take care of your books more efficiently and quickly than a member of your staff. And that will usually cost you less in the long run.
- Save time
As you can see from the paragraphs above, saving money is great for a business. But don’t forget the saying, ‘time is money!’ If you’re self-employed, this is particularly the case. All the time you spend on bookkeeping could be better spent on working for paying clients.
Companies with staff who carry out bookkeeping will also save their team time if they choose to outsource. Experienced bookkeepers can pick up errors and omissions quickly while untrained team members might miss them. And once your accountant finds a problem, it will take time to rectify, which will also cost time and money.
- Access expert help
Most accountancy companies offer bookkeeping services – you can ask our team for a free consultation. Bookkeepers within accountancy companies can access the expertise of accountants within the firm.
All this means they can pick up potential issues before they become a problem. Spotting bookkeeping errors months after they occur can create a headache, but a bookkeeper are more likely to spot them early.
Having access to advice from an accountant means you can take advantage of making the most out of your situation. It’s a much better way of keeping your books than employing the services of an admin person who simply inputs data.
- Simplify tax returns
By updating your books regularly, you’ll avoid submitting tax returns late. Having the bookkeeping in order really takes out the stress of tax returns. And as we know, that can be a real issue!
How we can help
We can take care of your books using our skilled and experienced team. Just fill in our form and we’ll get back in touch to arrange your free consultation.