Running a business can be extremely stressful at times, especially when you are juggling too much in one go. When it comes to certain aspects of the business, do you struggle through even when it’s not in your area of expertise, or do you delegate the tasks and use an external source of knowledge? For example, when it comes to finances, is the bookkeeping an element you have time for? Below we will explore 3 benefits of using a bookkeeper for your business.
What is bookkeeping?
Bookkeepers are employed usually for small to medium sized businesses. They are an individual, or a bookkeeping company, which helps to keep an eye on your transactions, order them and sort them out for your business. This could be transactions for the following; sales, purchases, payment of bills, payroll and much more.
Accounting Coach describes a bookkeeper as someone that can work efficiently, quickly and accurately when it comes to dealing with a businesses’ financial paperwork. They will be comfortable using the right software for balancing books, such as Quickbooks. They will also be knowledgeable in the financial sector and will help to take the stress out of sorting through your financial affairs. Bookkeepers take control of your financial admin and upkeep, freeing you up to focus on what you do best.
#Benefit 1: A bookkeeper must meet statutory obligations.
You don’t need to worry about creating a special contract for your business to use when hiring a bookkeeper. Bookkeepers must meet statutory obligations by abiding by laws set out by the HMRC.
The International Association of Bookkeepers explains that bookkeepers must adhere to the Money Laundering Regulations, set in 2017. If your bookkeeper does not stick to these regulations, they risk financial penalties. Of course, those that are registered as a bookkeeper will know all about the laws and regulations that they must abide by as they would not want to risk their business suffering. However, those that manage their own books may not know anything about these laws and regulations.
If your business receives an audit, you will be far less nervous if you know that your accounts and financial matters have been taken care of by a fully trained bookkeeper whom is aware of the regulations that they are obliged to stick to.
2. A bookkeeper has vast knowledge in the sector.
Naturally, those that are bookkeepers have been through a training process, had exams to sit and have had to apply to be registered as a bookkeeper. Therefore, they will have a vast knowledge in the financial sector. They will know exactly what makes a balance or loss. They also know exactly where to fill things in. It is not uncommon for businesses to be filing the wrong financial data into the wrong fields, or filling forms in incorrectly.
Your bookkeeper will be knowledgeable in many areas, such as where you can claim expenses. They will be able to organise your business’ financial records so well that you will be able to clearly see where you need to draw back on certain other elements to your business, such as advertisements and you can also get a view on profit more clearly.
3. The delegation of tasks.
Let’s face it, we all know how precious time is – you can’t put a price on that!
The art of delegation is to take those business tasks out of your life that are not in your field of expertise and give them to someone else to do. This leaves you more time to do what you do best. You’re the master of your business for a reason; you excel at your job.
When you are faced with the many tasks and jobs it takes to run a successful business, even with a team of dedicated individuals whom help to run your business, there are still other areas, which can be delegated to an outside source. Bookkeeping is one of these.
A bookkeeper is fully qualified and trained in the financial matters of a business when it comes to balancing the books and keeping an eye on transactions. So, if you take on a bookkeeper, you will find that you have more time to focus on what you do best for your business.
There are many benefits to using a bookkeeper. They will not only be fully qualified and trained, but there will also be statutory obligations for them to adhere to. They also know exactly what they are doing when it comes to balancing the books, which is something you can trust them to do, knowing that your business will be taken care of well and your finances will be looked after. This is the most essential aspect to a business in terms of caring for it. You don’t want to be making a loss, and have no idea about it.
The best benefit though, is that when you delegate this important task to an external source, you are making room for more time for you and your staff to take care of the rest of your business with no worries.
If you would like to talk about outsourcing your bookkeeping, feel free to get in touch with McCarthy Browne Bookkeeping.
Info@mccarthybrowne.co.uk or 07595160911