What would you do if someone walked into your office or place of work and said that they can take away all the stress of organising your company finance? Well, a bookkeeper has that superpower. Here are 6 ways that a bookkeeper helps a small business, just like yours.
Free Your Time
Did you train as an accountant? Do you know what you’re doing or do you just work your way through those books, keeping them in as good-a-shape as your knowledge and expertise allows? Employing a bookkeeper to help keep your accounts in order and take the pressure off you in terms of finance organisation, frees up your time to do what you did train for, or work on the parts of the business you enjoy. You didn’t start the company to be a bookkeeper. Release your time into the work you love and let a professional take care of the bits you’re not keen on.
Regular Updates
You might look at your business bank account and see a certain number. You might think that’s awesome and he business is thriving. Have you thought about the next two days coming up though? Pay day is about to kick in, and whilst you’re due 2 invoices to be settled, you’ve also got to shell out quite a large amount to a supplier. So the financial situation you currently see, isn’t quite what you’re looking at. With regular updates from your bookkeeper you’ll see how the business is doing, in actual numbers rather than sporadic number looking.
Aid Decision Making
A bookkeeper can help you make business decisions. Say you are looking at buying new machinery or products. Can you afford it? At your current rate of making money how long would it take to cover that expense? Would you be able to save money elsewhere in order to decrease the impact of said purchase? Budgeting and forecasting finances are a big part of decision making. A purchase can have a butterfly effect on your future business and you can gain a lot from asking for the advice and foresight of your accountant.
Increase Profit
Every company want to increase profit, right? That’s a huge part of business. So often you can be too involved with the business and not see obvious ways to make things better, ways to make things more efficient. Bookkeepers can view your numbers and see what is working and what is perhaps not working so well. If you put the time into what is working and find solutions to make those things that aren’t, better, you’ll see an increase in your profit. Where should your efforts be focussed, a bookkeeper can help!
Budget & Monitor
Businesses need to budget. Bookkeepers can help you budget. Rather than that randomly thrown together budget you did yourself which never got stuck to, an accountant can provide actual support, advice and accountability. We can also advise against unnecessary spending. This will help the health of your business going forward. Monitoring and tracking your budgeting will help with progression, not initial perfection.
Preparing & Payroll
Bookkeepers will also prepare your accounts for tax returns and assist you with payroll too. Having a professional do this for you means it is always done correctly and it is one less task from your to do list. Working with a trustworthy bookkeeper means your accounts are kept up to date and paperwork is sent when it should be. Promptly paid employees are happy employees! Everything we do is 100% online and 100% paperless.
Great bookkeeping is a major key to ensuring the future of your business. Knowing where the company stands from a financial point of view, what is earned and spent every month and how the business could grow is a massive benefit to all involved. Get in touch with Clare at Bruton Young Bookkeeping today and we can help take care of your business finances.