You may be reading this because you're not sure if it's worth outsourcing your bookkeeping or even just to check you're doing it correctly yourself. In the broadest sense a bookkeeper will accurately record all your business transactions. This information will then help business owners to make financial decisions that can affect the business if got wrong.
Not only do we record data, we reconcile it to make sure the records are as accurate as possible. Here are a few things that a bookkeeper can do:
Draw up budgets and examine variances
Track when you need to register for VAT
Depreciate your assets and record the depreciation expense
Make sure purchases and sales have the correct nominal coding
Keep an eye on who owes you money and what you need to pay
Chase debtors for payments
Reconcile the accounts to make sure they are as up to date as possible
Provide management information key to making business decisions - how a department is performing or how much of a percentage of overall revenue a specific client brings in.
You may not want to do the bookkeeping and hand all the information over to your accountant once a year. This can actually be very costly, an accountants fees start at £45 per hour (in lots of practices) and go up from there. When you hand them that information, they will have to sort it and record it. Using a bookkeeper before the information is given can actually save a lot of money.
You may keep putting off the bookkeeping, intending to do it on the weekend, but there's never enough time and it's becoming stressful knowing it's piling up or you may be worried that you will make mistakes. Outsourcing to a bookkeeper can provide peace of mind.
AAT licensed bookkeeper have spent hours and hours of study and sat countless exams. I have studied for 3 years and passed all the AAT exams.
If you are interested in finding out more, please get in touch to discuss.
Comprehensive and affordable bookkeeping service in Cornwall.