When your business is new it’s an easy decision to want to hang on to any profit rather than spend money on someone else to do your bookkeeping for you.  It may be that your outgoings are small at first but as your business grows keeping on top of finances can be a problem and you suddenly need to find all those receipts that were filed away for later.  At Acey we see employing a bookkeeper as an important investment.

Small business owners often contact us with concerns about whether they are hitting the VAT threshold, with worries about incurring penalties or fines if they miss a deadline.  By keeping on top of finances with monthly bookkeeping you will prevent this stress and have peace of mind and be confident that there won’t be any unwelcome surprises from the taxman.

Your bookkeeper will be able to keep track of every sale or purchase and provide you with income statements, expense statements and balance sheets, providing you with a clear view on how much money you have moving in and out of your business at any time.  With these reports you and your bookkeeper can keep a close watch on your cash flow to ensure that you don’t abruptly run out of money, or advise whether there is cash available for that important purchase or investment.  These reports can be time consuming to produce and maintain, but with expert help in this area ensuring the figures are entered accurately you will be able to spend more time concentrating on the fun side of your business and future growth.

Your bookkeeper will work with you and your budget to find ways to cut costs, attain growth and push your profit margins to where they need to be.  They can send invoices for you and ensure payments are received, they can also make sure that you don’t miss paying any invoices from your suppliers.  Keeping on top of cash flow in this way will provide you with an important insight into any areas of concern and aid future business decisions by advising how much you have available to spend to improve your business.

By becoming familiar with your business your bookkeeper will be able to work with you and advise if any of your expenses are tax-deductible, for instance, are you aware that bookkeeping services are tax deductible?   

Your bookkeeper will be able to organise and record your business financial transactions efficiently.  By scanning your invoices and bills into accounting and bookkeeping software your accounts will be in an easy to read format.  Ultimately this will result in lower accountancy costs as your accounts will be in the correct format for your accountant, making it easier for them to prepare your statutory returns, thereby saving you money in accountancy fees.

You may think you can’t afford outside help with your finances but we believe employing a good bookkeeper to be a sound financial investment, for the above reasons.  Yes, we’re biased, but why not contact us for an informal chat, you may be surprised to find out how affordable a good bookkeeper can be?