Our latest blog, “5 great reasons to outsource your bookkeeping” could be that little nudge you need. You’ve been thinking about it for some time now, and now you’re on our website. So, do get in touch with the team here at Angel Bookkeeping.
As we said, perhaps you’ve already been considering the reasons to outsource your bookkeeping. So, here you are. Everything you need to know in one easy-to-read blog.
A quick question for you: Have you had a busy working day?
If you run your own business as a self-employed person, or a limited company, most likely the answer is: yes.
In our experience, business owners like you take enormous pride in what you do, and you work hard. You’re good at it, too. But unfortunately, this evening after work could be your “second shift”. Rather than enjoy some quality family time, you’re planning to sit down to crunch your financial numbers
It’s something you don’t enjoy all that much.
Well, it doesn’t have to be like this. In fact, you don’t have to prepare and manage your financial paperwork yourself, just because it’s your enterprise. There are several ways to subcontract your non-core functions, and bookkeeping could definitely be one of them.
Whatever type of business you manage, there are compelling reasons to outsource your bookkeeping.
As your business grows, managing your books becomes more complicated, and if things have fallen behind, your cash flow, profit margins and expenses become unclear. Foggy, even. You may feel overwhelmed. Without accurate financial information, making high-level business decisions could suddenly become much more difficult.
Does this all sound familiar?
If you’re a slightly larger business, you could consider hiring an in-house bookkeeper. But, think again. Steep costs are associated with recruitment, then there’s getting them up to speed, and holiday and sick pay. Remember: quality, performance and efficiency must be your top priority.
Scalable outsourcing could be your best option.
Let’s start with the most obvious benefit of hiring a bookkeeper:
A bookkeeper can save you time
The time savings of engaging a bookkeeper can be significant.
Time. We never seem to have enough of it.
Plus, time is quite literally money. Your money, in this case.
Do excuse the marketing-speak here, but ploughing through your financials and pouring over confusing spreadsheets is a substantial “opportunity cost”. This means that you’re spending your important, valuable time away from what you do best, including growing the business.
Networking, creating a proposal, meeting a potential new customer, or upselling to an existing one?
No. You’re doing your own accounts. Why?
Many may say that you are literally focusing your efforts and energy in the wrong direction, and on a kind of displacement activity in the hope of making cost savings by going down the DIY route.
Here at Angel Bookkeeping, we mainly use Sage accounting system – and also, Quickbooks.
With both parties connected (you and us), we draw on our expertise and experience in best use of this excellent software to save time and reduce risk. What we’re really saying here is: speed, accuracy and efficiency.
Benefit from high levels of knowledge and expertise
That is, when it comes to your accounts, their qualifications, experience and skills are second to none. Equally, like many advisory professions they have to keep up to speed with ever-changing rules and regulations.
Contracting out your bookkeeping to a reputable company such as Angel Bookkeeping will give you instant access to a deep pool of knowledge; knowledge of tax affairs, taxable expenses, deadline dates, and of the big black hole of confusion that is HMRC. We aim to be one of the most valuable assets in your company.
Bookkeepers deliver high-quality, consistent results. They’re professional and trustworthy. In other words, you can rely on them to do a fantastic job for you.
Stay on the right side of the law
If you’ve ever been obliged to pay a tax-related fine to HMRC, for whatever reason, we feel your pain. It can be an exacting amount of money.
But – and there is a but here, if a bookkeeper had managed your financial paperwork, you could have spent the money you paid to HM Gov on something much more useful, or enjoyable.
Why? Because we keep our clients legally compliant, with absolutely no need for fines. It’s the first thing on our agenda for your peace of mind. To start with, we know what, when and how.
Also, we have an in-depth understanding of what you can set against tax, and what you can’t. (Refer to our blog, “5 Surprising Things You Can’t Set Against Tax” for more information about this.)
Focus on your business
We’re all good at something.
Importantly, however, we can’t all be good at everything.
For example, if you work in a creative sector – designing or making things, creating great content, taking stunning photographs and so on, you have imaginative, artistic and inventive skills over and beyond ours. You are ingenious and we salute you. You make the world a better place. Are numbers really your thing? Probably not.
Outsourcing your bookkeeping to a business with specialist financial and tax knowledge empowers you to focus on the heart of what you do. With our different yet complementary skills, we’ll manage the “numbers” side of your operation so that you don’t have to.
You’ll spend your working day doing exactly what you want, or need to spend it. You’ll be doing what brings you joy and satisfaction. And, earning the money you deserve, too.
In our opinion, being a bit wobbly in your financials makes you feel insecure. That that could result in three things when you put everything off:
- Late filing
Then, rinse and repeat. Don’t be that business owner in a mess with their paperwork.
Reduce stress and worry
Ultimately, all the above reasons to outsource your bookkeeping boil down to less stress and worry.
That positive, peaceful feeling of knowing that your bookkeeper has filed everything on time, and – this is vital – correctly. In addition, that you will know how much tax you owe, and when to pay it. Also, you’ll have a clear view of where you are in your business against your financial goals and can adjust your strategy accordingly.
Let’s add some value here. Contact Angel Bookkeeping for more information.