It is a known fact that the majority of self-employed individuals tend to look after their own books before handing them over to their accountant. They feel this saves on valuable funds, but is it really worth the extra time spent at your desk when you could be out securing more clients? For some, their expertise is so far removed from bookkeeping that even the thought of spreadsheets fills them with dread.
Bookkeeping is a crucial part of your business and needs to be carried out in the correct manner. There are several important factors to consider when making the decision to either hire a professional or opt to take on the task yourself. Once these factors have been considered you will know which path you should take.
There is a certain image that surrounds the finance world that portrays bookkeeping as a boring and mundane way to spend your working day. For some they love nothing better to do than juggle number upon number but if your expertise lies in another field your lack of knowledge may do more harm than good.
Professional bookkeepers know their stuff and can easily turn a pile of receipts into a tidy set of accounts. They also know what should be included, what has to be left out and as this is their specialisation there is very little room for errors.
Professional bookkeepers do not need to set aside an evening or weekend to complete your accounts - it is already included within their schedule. Wouldn’t your time be better spent focusing on other aspects of your business that can help generate more sales? Why not take a look at the tasks you have put off so you can spend time sorting out your paperwork and see which aspects of your business have been affected.
Dedicated bookkeeping software is a great way to keep your accounts in order but unless you have the time and patience to learn a new way of working it may be better to hire a professional. Qualified bookkeepers are generally experienced in several different accounting platforms and will have the ones they prefer available to use for completing their clients work.
Running a business can be quite overwhelming at times, especially if you are in the middle of a major project. This can mean other aspects of your business are neglected and that generally means your paperwork remains where you left it. Hiring a bookkeeper to complete your accounts not only allows you to focus all your attention on your business but also avoids deadlines being missed. HMRC have set deadline dates and, individuals and businesses alike, are required to keep to these to avoid being fined for a late submission.
Taking on the task of your own bookkeeping may be conceived as a great way to reduce outgoings, but if you have to forego working for a client to get them submitted before a deadline, then surely it will cost you more in the long run.
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