Benefits of Using a Book-Keeper

With an ever increasing number of people starting their own business, sometimes the important task of keeping the books in order is put to the side until the very last minute, or until it becomes a laborious and daunting task. There are a variety of reasons for this, one of the most common being a reluctance to spend money by contracting out the work. What many small companies don’t realise is that they could actually save money by employing an external company to carry out their book-keeping tasks for them.

 

Time Effective

Employing a book-keeper can be very effective for your business. It frees up valuable time for you to focus on doing what you do best, running your business! Consider how much time it takes you to do the weekly/monthly book-keeping; that time can be spent seeking new clients/sales which will more than cover the cost of the monthly book-keeping and make your business more profitable.

 

Cost Effective

Many book-keepers have direct links with accountants who will take care of your year-end obligations, usually for a lower fee than if you were to go to them directly, which will help reduce your yearly book-keeping and accountancy costs further. Try to view using a book-keeper as an investment for your business and not an expense. Your book-keeper will want to retain your business and work with you long term, it is in their best interests to work with you to help keep your business profitable.

 

Peace of Mind

Why put up with all the extra stress? Employing a professional to take care of your book-keeping will provide you with peace of mind that the work will be carried out correctly and accurately. Your book-keeper will know the various deadlines and obligations that you and/or your company have to meet and will be able to keep you aware of those dates. He or she will be able to keep you informed of which suppliers need paying, which customers are not paying to terms and help to manage and project your cash flow.

 

Efficiency

Working with your book-keeper you can ensure that sufficient reporting systems and process are put in place to optimise the smooth running of your business. Once the monthly figures have been produced your book-keeper will be able to provide you with an overview of how the business is performing and help identify any areas of concern and then work with you to resolve them. Book-keepers are experts in their field and having access to their specialised skills can be a big benefit for your business. Having all the financial info available on demand will help you when making big decisions in the day-to-day running of your business.

 

Trust

Providing that you have been able to establish confidence you will want to work with the same book-keeper for the long term. Over time they will build up an overview of how your business works and understand your objectives and aspirations. With that in mind take time to ensure that you make the right choice for you and your business; the cheapest/most expensive option may not always be the best. You will need to be able to trust your book-keeper 100% and develop a strong working relationship, don’t be afraid to ask any potential candidates to produce the relevant documentation to prove to you that they are qualified and insured.

 

With the currently economic downturn it is easy to see and understand why many businesses keep their book-keeping in-house in an effort to try and save costs. This can sometimes have a negative effect and the business ends up incurring more costs whether it is through lost time or not spotting an area of concern early.

Outsourcing your book-keeping shows good business sense and will give your business every chance of becoming more profitable. Most importantly it will allow you to focus on business development and work safe in the knowledge that an expert is looking after your financial affairs.