Don’t think of outsourcing your bookkeeping as an unnecessary expense. Handing over the work to a professional can be good for your business.
Bookkeeping is one of those unglamorous jobs that many entrepreneurs and business owners overlook. “How hard can it be?” they say, and decide they’ll handle the daily grind of balancing the books. At the root of the decision is usually a feeling that the money spent on hiring the services of a professional bookkeeper is better left in the business, especially in those early days.
The thing is, most business owners aren’t necessarily suited to careful administration. So things get confused in short order. But efficient and accurate bookkeeping is absolutely vital to the smooth running of any business. Here are 5 reasons you should consider outsourcing.
Time Is Money
Time spent on bookkeeping is time that an entrepreneur could spend building contacts, prospecting for new business opportunities or focussing on securing sales. Quite often the potential value that is lost due to not having time to build the business far outweighs the usually modest cost of outsourcing to a professional provide of bookkeeping services.
Cash: The Fuel Of Business
While every good businessman wants his enterprise to run at a handsome profit it’s actually cash flow that keeps a business moving forward. By retaining the services of a bookkeeper you ensure that you know exactly what your cash flow is like. It helps you stay on top of invoicing, outgoings and aged debtors, all of which are vital to ensuring you have enough cash oiling the wheels of your machine.
The Straight And Narrow
Your accounts are the life story of your business. Properly prepared and maintained accounts let you have an accurate picture of where you are, and make adjustments to get to where you want to be. Is spending getting out of hand? Is fraud going on in your company? Without clear accounts how can you know? That’s why it pays to hire professional bookkeeping service providers to keep you on the straight and narrow.
A Vote Of Confidence
People need to feel confident in your business, whether that’s your partners or investors, your bank manager or HMRC. If doubts arise around your accounts and how your business is operating you can soon find yourself in troubled waters. Professionally prepared books will be accepted with far fewer questions than ones cobbled together in a caffeine-fuelled all-nighter. And once questions arise, they give birth to more questions which can be time consuming and grind business to a halt. A much better idea is to simply make an investment in a quality bookkeeping provider.
A Friend When You Need One
Nobody’s suggesting your bookkeeper will rub your back while you weep into your drink in the pub, but they can be a good sounding board and a source of support at times. Most experienced bookkeepers have seen pretty much all there is to see in the world of business. They can offer advice and help, and are often a good source of contacts that can be useful for your business.
Don’t look on bookkeeping as an unnecessary outlay. Instead recognise it as integral to the success of your business, and invest in it as you would any other element by hiring a quality bookkeeper.
_HW Fisher provides professional bookkeeping services in London. Contact them today to find out how they can help your business. _