Whether you run a large company or a small business, bookkeepers are the heroes of the payroll department.
The benefits of hiring a bookkeeping service for your company come in waves. At first you are grateful simply that you no longer have to record incomes and expenditures by yourself. After a week of living off that high, you will receive feedback on the status of profits and losses. After a few weeks of this, you get an update on the year’s taxes… Bookkeepers are worth their weight in tax returns.
What does a Bookkeeper do?
There are so many opportunities for making mistakes when you are filing your taxes. A bookkeeper’s real job is to prevent these from happening. They prepare the accounts on the company’s behalf. Those fulfilling or searching for Bookkeeper Jobs can either find work as part of an agency, or strike out on their own as a sole trader. Occasionally very large companies seek to hire their own bookkeepers so that they always know what state their finances are in.
Monitoring the incomings and outgoings of your business in real time lets you reap the benefits of total control without having to do all that extra work. This is the primary and foremost reason why your business needs to hire one. You can either hire a solo bookkeeper who works freelance, hire one to onboard permanently and have them close by, or hire a bookkeeping service from a business or agency, instead.
Reasons a Bookkeeping Service Makes Business Life Simpler
Here are the other great reasons that will convince you to hire a bookkeeper.
A Bookkeeper Saves You Time (and Money)
A bookkeeper saves you from spending all the hours you currently spend in keeping your accounts neat. All those saved hours can add up to a cost saving, too. If you work out your own hourly rate, then you add it all together, do those hours cost more if you do them, or less? It’s bound to be a close call. Not only is it close, but it’s also a wiser investment in terms of skills. A bookkeeper has training in doing exactly what you need to do for the HMRC. Since your business probably isn’t in the accounting industry, you gain the benefit of their special skills.
Continuing along that same thought process, you can borrow the loopholes, discounts, deductions, reductions, and any other formal expertise that your new bookkeeping service provider gives you. They might know of a better software program for keeping your accounts. They could advise you on payroll and automatic hour allocation services. Borrow the skills of a bookkeeper, free up your time, make more money, and thank us in the long run.
Cash Flow Problems
If you don’t spot a cash flow problem and rectify it early, it can cause serious back logs to your whole system. Forget to pay a single supplier, for example, and you run the risk of becoming cut off. Running all of your incomings and outgoings through a single system – such as what a bookkeeper might do as they arrange your accounts for your taxes – can identify cash flow issues before they drain your available funds.
Potentially Lower Taxes
If you were putting your tax information together by yourself but you are not a qualified accountant, a bookkeeper can help you. A bookkeeping service will identify areas where you could be paying too much tax. Even just having someone properly register all your outgoings in real time can save you a small percentage each year. The service pays for itself.
Once you hire an onsite bookkeeping service to come to your business and show you how it is done, you might eventually learn to do it better yourself. Do this often enough and in the future you ought to be able to do this for yourself. Look into your local council or government careers site to find advice on courses you can take to further your own knowledge without you having to study full time.
It’s not just about recording your business’s incomings and outgoings every day. Bookkeeping also requires that the person presenting this information do it in an easy to understand way. Instead of facing off against a wall of numbers, your bookkeeper can put taxes, accounts, and sales records into a format that you understand at a glance.
What’s the Best Reason to Hire a Bookkeeper?
The best reason overall to hire a bookkeeper is that they take away the stress. Those who are no good at maths know the fear it brings come tax time. With a bookkeeper, that part of you can rest easy.