Why you should outsource your bookkeeping to your accountant
For time saving, accuracy and a reduction in stress, it really makes sense to outsource your bookkeeping argues SONJA DENGLER from our Accounts and Audit Department.
Bookkeeping is a necessary part of running any business. Keeping on top of it ensures you have all the information you'll need to submit tax information without a mad scramble before the deadline. It will also provide up-to-date financial information, so you can make decisions in real time to improve the profitability of your company.
But bookkeeping can also feel like a huge administrative burden, particularly when you're not used to it and have so many other demands on your time.
Here are five reasons to consider outsourcing your bookkeeping to a firm of accountants:
- It will save time
Although bookkeeping software such as Xero and QuickBooks make keeping track of your business finances easier and easier, it still takes time, and can be a daunting learning curve if you're starting out. With your accountant doing your bookkeeping, it's as simple as taking photos of your invoices and receipts and letting them do the rest of the work. This will free up your time to focus on your business.
- Mid-year financial data will be more accurate
With an accountant keeping an eye on your bookkeeping, your mid-year financial data is more likely to be accurate, meaning you don't have to wait until the year end to make decisions based on your company's finances. This will allow you to make better business judgments.
- It avoids the rush at year end
Getting all your financial information collated and ready for your accountant at the end of the year can be a stressful process. If they are doing the bookkeeping, they will already have most of what they need. This will remove pressure from you and allow your accounts to be finished quicker.
- Your year-end accountancy bill will go down
The bill for preparing your year-end accounts is based on how long it will take to prepare them. With the bookkeeping having been done by your accountants during the year, this time commitment will drop, and your bill will decrease with it.
- Accountants as bookkeepers can do more than bookkeeping
Outsourcing your bookkeeping to an accountant could also save you time in other areas, such as submitting your VAT returns. You may also want to consider pairing it with payroll services, so you can truly focus all your energy on growing your business without having to worry about calculating how much each of your employees gets paid, or what VAT is due each quarter.
Outsourcing your bookkeeping to an accountant can have many benefits, including saving you time and giving you access to up-to-date financial information to help you make the best decisions for your business. If you are unsure what is best for you and your company, then please do give us at Page Kirk a call on 0115 955 5500 or email enquiries@pagekirk.co.uk.