When you’re a small business, it’s difficult to know when you need to invest that extra finance into a new service.
There are many services available to outsource and prioritising can be a task on its own.
However, in our humble opinion, Bookkeeping is one of those jobs that should be outsourced early on.
We understand that there will be a financial commitment (albeit small) but the time it will take you to actually keep on top of your business finances will be far more expensive in the long run.
In the early days, your time is likely to be spent working in your business. You will be a jack of all trades. Buying, selling, conducting, ordering, you name it, you will be doing it. That’s not to mention the business development that you need to work on in order to keep it going.
If you don’t invest in a Bookkeeper early on, you have to commit to staying on top of your finances. You will need to set time aside and be strict with it.
But that won’t happen!
Sorry to be the bearer of bad news but we have worked in this industry long enough to know that this is one task that you will leave until the last minute. It’s completely understandable. It’s a boring task and it does nothing to develop your business.
But what happens is you find yourself in a situation where deadlines are approaching, you can’t find receipts, you’re not sure who owes you money or who you owe and you’re in a bit of a mess.
It’s a bleak picture we paint but it’s a real one.
By investing a little finance into hiring a good Bookkeeper, you will take that stress away.
All you will need to do is take a picture of your receipts as you go, send them across and you’re good to go.
Not only that but a good Bookkeeper can help you with your business. They will be on top of your invoices, cash flow is a priority for them. If you’re running low, they can tell you. If you’re owed money, they will tell you, if you owe money, they will tell you. It’s like having your own useful business partner.
We use Xero. As a Gold Partner, we are heavily invested in this technology and the reason for that is because it makes it easy for you. With our team’s extensive knowledge of the Xero platform, we know how to make it fit perfectly around your business.
Having the right technical solution is vital and by working with a Bookkeeper, you don’t need to learn the ins and outs of the system, it’s all done for you.
The best thing about working with a good Bookkeeper
The best thing about working with a good Bookkeeper in the early days is that they know exactly what your accountant needs.
You will not have to endure the pressure of getting things in on time in order for your Accountant to balance and submit, it’s already done for you.
Imagine going into Christmas 2021 knowing that your accounts are up to date and ready for the new year.
Time is money and you are the most valuable asset that your business has. If you are spending too much time trying to get your head around your books instead of driving the business forward, it becomes expensive.
Put a figure on your own worth. If you pay yourself £75 an hour but you are spending five hours a month on your bookkeeping, that’s £375 a month you are wasting. A bookkeeper is unlikely to cost you that much.
Cashflow is one of the biggest reasons that small businesses fail. When a small business owner doesn’t understand the financial side, it’s extremely difficult to maintain a healthy balance.
By having an expert work with you side by side from the start, you won’t go wrong. Bookkeepers know what they are doing and can guide you in the right direction.
It’s a no brainer really. Any questions, just ASBK!