Stressed About Paperwork? Here’s How Bookkeeping Services Can Help
Running a business can be tricky at the best of times. With so much to do, organise and look over, sometimes it can feel like you are drowning in paperwork and to-do lists. As a small business, growth and expansion are extremely important; it is what will help your business achieve its desired goals and what will make your company successful.
Growing your business from scratch, however, is not always easy and it is important that, as a business owner, you have certain tools in place to help you with this. Not all business owners have top bookkeeping or accounts preparation skills, and it can be particularly difficult to run the financial side of your business by yourself. Bookkeeping is the recording, storing and retrieving of financial transactions for a company.
As a small business owner, you’ll likely be juggling multiple tasks at once, and therefore many business owners outsource their bookkeeping needs. The last thing you want is your financial records to be a mess as you are too busy dealing with other aspects of managing the company.
If you have an accountant within your company, they will be able to help you with your bookkeeping needs, however, if you do not have an accountant or in-house bookkeeper, you do not necessarily need to hire one. Instead, hiring an external bookkeeping service from your business can be extremely beneficial. Below, we explore how bookkeeping services can help reduce financial stress within your business.
Keep your accounts in order
Hiring an external bookkeeping service will ultimately give you peace of mind that your accounts are being correctly tracked and kept in order – something that is key to a successful business. As a limited company, it is a legal requirement that you keep records of your finances. A bookkeeping service can be tailored to the specific needs of you and your business, and can handle the recording of day-to-day bank transactions. In addition, bookkeepers can manage payroll, handle deposits, create and maintain monthly financial reports and manage your taxes.
An external bookkeeping package allows you to raise invoices and email them directly to your customers, keep track of your debtors, generate reports and accept debit card payments. All of these services ensure that your books are accurate and up to date, minimising your stress as a business owner and ensuring that everything is taken care of for you. When you invest in bookkeeping services, you can rest assured that your books are always balanced.
As a small business owner, you are likely always looking for ways to reduce your expenditure, as well as improve your systems and increase your profits. Payroll can be an expense that really adds up – and this can be particularly costly if you are paying an internal employee to handle your payroll processing. Outsourcing bookkeeping services is a smart way to save some money as it eliminates the need to employ a full-time bookkeeper at your premises.
In addition, a professional bookkeeping service can complete your financial requirements in half the time it would take for you to do it all by yourself if you are trying to run your business and manage your finances by yourself. When your bookkeeping is taken care of by an external source, you have more time to focus on increasing your profits and working on bigger opportunities.
A good bookkeeper can also make recommendations on increasing the prices of your products and services, as well as advise you on grants and funds that may be available to you to help your business grow.
As discussed above, utilising the services of an external bookkeeper means that you, as a business owner, will spend less time managing and handling your accounts. This saves you time and ensures that you can pay your full attention to other areas of your business. Keeping track of your finances can be very time-consuming, particularly when tax time rolls around each year. A bookkeeper will keep all of your relevant expenses in one safe space and in order so that the information is ready to hand over to your tax preparer at the correct time.
If you are currently using older techniques to keep track of your business finances, you may find yourself drowning in paperwork. Trying to keep track of different pieces of paperwork and documentation can be stressful to say the least, especially with a million other things on your mind. Using older techniques is far more time consuming than using a simple online cloud bookkeeping service. With the range of different bookkeeping softwares and systems available today, keeping on top of your finances is faster and easier than ever before.
Instead of wasting precious time teaching yourself the ins and outs of bookkeeping, simply make use of external bookkeeping services to streamline your business.
Get an unbiased financial opinion
If you have an internal bookkeeper within your business, there is a chance that they may become emotionally involved with the running of your business. Of course, an internal bookkeeper will be alongside you day-to-day, forming relationships with employees and their place of work. Hiring an external bookkeeping service, on the other hand, has no emotional ties to your business and will be able to offer an unbiased and professional financial opinion.
One of the main goals of a bookkeeping service is to offer you a clear and unbiased insight into your business’s financial position, highlighting your financial strengths and weaknesses. An external bookkeeping service will be transparent with you and show you exactly where you stand financially, rather than assure that everything is going to be ok when it potentially is not.
In addition to this, if you are in a business partnership, trusting one of the owners to take care of the financial side of the business can be risky. Should an error be made, accusations of misconduct could ruin the business relationship, resulting in difficulties. You will never have to question the intentions of an external bookkeeper, as they are unable to make any profit from your finances.
AS Taxation Ltd: reliable tax accountants and accounting services
If you are feeling stressed about the paperwork of your small business, look no further than AS Taxation Ltd, the professional accountants firm based in Guildford. We offer a wide range of accounting services that can be tailored to our clients’ individual requirements, from bookkeeping to tax advice and disputes. We understand that running a business can be difficult, and our main aim is to reduce the stress of managing your finances.
At AS Taxation Ltd, we pride ourselves on our friendly and efficient service which has helped countless businesses save both time and money. If you handle your accounts incorrectly or fail to submit your returns on time, you could end up wasting your money and time. Instead of constantly worrying about taxation obligations and bookkeeping, leave it to us to take care of things for you.
Our tailor-made bookkeeping package is cloud-based, meaning that you only need an internet connection to use it. With our innovative system, you can download your bank information directly into the system and use this information to prepare your bookkeeping – or we can do it for you! For more information about our services, simply visit our website or get in touch today.
While the Government is currently paying 80% of workers’ salaries up to £2500 a month for some 8.4 million workers under its furlough scheme, it has made clear that it cannot continue to provide this unprecedented lev...
Running a business can be tricky at the best of times. With so much to do, organise and look over, sometimes it can feel like you are drowning in paperwork and to-do lists. As a small business, growth and expansion are e...
As the saying goes, “nothing’s as certain as death and taxes”. Whilst all of us in working life are guaranteed to be taxed, there are always changes to tax rates, thresholds and wages that affect businesses and tho...