Bookkeeping – why outsource?
Do you spend your nights, long after the business day has finished, hunched over your books, trying to make everything check and balance?
Do you miss hours you could be spending with your loved ones, enjoying yourself, or getting some much needed rest worrying about your accounts and whether everything will add up at the end of the month?
Many business owners spend countless hours worrying about their bookkeeping, their cash flow and making sure that their business is viable – instead of actually focusing on their business.
This is, one of many reasons, why you should outsource your bookkeeping.
Proper bookkeeping is a fine art. It takes years of study to become a qualified bookkeeper, and with the years of study behind you, hours every week keeping up with changes to tax laws and business legislation.
Chances are you chose to open and run your business because you are doing something you are passionate about, something you enjoy and something you are good at.
Chances also are that you do not feel that passionate about bookkeeping!
Despite all of your best efforts and hard work, there is also every chance that you are not keeping your books to proper accounting standards, and as the tax office continues to get tougher on tax cheats (yes, you are classed as a tax cheat even if your mistake was made honestly, due to ignorance of the law or rulings) it is best for you and for your business to get a licensed bookkeeper to keep your books.
Proper bookkeeping will help you to track how your business is going and to use past figures to plan for the future.
You can work with your bookkeeper to identify trends, see what products or services are selling well and what is not. Your bookkeeper can support you in business decision making, such as staffing, capital expenditure and stock levels for growth and sustainability.
Properly kept books will also help you to secure finance to grow your business, or to help you through a slow time – all businesses, despite their owner’s very best efforts, have them.
A bookkeeper can identify if you are paying staff properly. As a business it is very easy to pay staff at incorrect rates (penalty, overtime, double time or time and a half – know the differences?) resulting in underpayment or even overpayment. It is doubtful your employee is likely to point out an error such as this!.
Proper bookkeeping throughout the entire year will ensure that you do not have a mad rush come tax time and also that you do not find yourself with a large accounting bill because, despite your very best efforts, your books do not balance or you have made mistakes in your accounting.
You can avoid all of this, set your business up properly and manage it to reach all its potential by outsourcing your bookkeeping to our bookkeepers at Think Accountants.
Call today to discuss how we can help you, on a weekly or monthly basis to ensure that your books are kept better.