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Most Common Bookkeeping Questions Answered

Do you have large stacks of paperwork in your office? Is it difficult for you to find what you need when working on a project? Do you spend hours each week trying to get the books balanced at the end of the month?  

How much does your time cost your business?  

The average businessperson earns around £45 per hour. When you consider the time, it takes to manage your books, that’s going to get costly. If you outsource to a professional company, it will likely cost you less than that so in reality, outsourcing can save you money.  

Outsourcing can help simplify your  

  • Business operations 
  • Increase revenue  
  • Free up time that could be used otherwise.  

Let’s break that down.  

How can outsourcing simplify your operations?  

In general, companies that are operating with fewer employees have higher revenue growth rates and better ROI (return on investment) than those that don’t. One way to make sure that this happens is by outsourcing your bookkeeping services. This will allow you to focus on what matters and not get bogged down in the details of accounting tasks that can be done by a professional company for a much better cost than it would take to do them internally. 

How can outsourcing your bookkeeping increase your revenue? 

Bookkeeping is an essential part of any business. To make sure that your company is on the right track, you need it done correctly and in a timely manner. This will give you accurate reports about the company’s financial health so you can easily adjust where necessary or hire more staff as needed. Additionally, outsourcing your bookkeeping services will provide peace of mind which you could say, is the biggest benefit. 

How can outsourcing your bookkeeping free up your time? 

Outsourcing your bookkeeping will free up time for you and your employees. There is no need to have someone in-house spend their valuable time on mundane tasks like just entering numbers from invoices or receiving payments when they could be doing something else that matters more, like marketing the company. 

Most common bookkeeping questions 

What do I need to do to hire a bookkeeper? 

Bookkeepers are hired on various contracts. It could be an hourly rate or project basis. It could also be a monthly retainer.  

You need to decide the scope of work, what is included in this service and how you would like your bookkeeper to communicate.  

Tips for Finding a bookkeeper: It’s best to find someone with experience who can provide references and testimonials 

What do I need to provide a bookkeeper with to get them started? 

A bookkeeper will need access to your accounts and records so that he or she can work on them. You also need to provide the software needed for data entry, which may include specialised programs like accounting packages (e.g., Xero), payroll providers, or word processing tools such as Microsoft Word. 

What kind of relationship should I expect to have with my bookkeeper? 

You should expect to have a close working relationship with your bookkeeper. You will need to communicate frequently, preferably talking in person or calling each other as needed. It’s also important that you understand the scope of work for which they are responsible for and what’s included in the fee – there may be more than one service performed so regular conversation is needed. 

Will my data be secure with a bookkeeper? 

This is a very important question to ask. Your bookkeeper will need access to your data, but it’s up to you who has what level of permissions and the added security measures in place for protecting that data from any hackers or breaches. Make sure you ask how your data is protected before you start.  

Is it more cost-effective to outsource my bookkeeping than try to do it myself? 

It’s usually more cost-effective to outsource your bookkeeping. You’ll need a lot of time and resources – which you may not have if you are very busy with other business duties or personal commitments – just get the job done right, on time and without error. 

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