When running a business, outsourcing your financial tasks is a great way to reduce the length of your to-do list, save time, and ensure legal compliance. From tax to invoicing, a financial team can take care of all of those time-consuming jobs so that you don’t have to worry. But, before you can hand over your money management, you first have to decide whether accountancy or bookkeeping in Hassocks is the best bet for your business.
What are the differences between the two and how can you choose the right option? Learn everything in our easy-to-understand guide.
What Is Bookkeeping?
Bookkeeping is the practice of recording all of your business’s financial transactions. It plays a vital role in ensuring your income covers your expenses and is essential for complete tax compliance. This is especially important with the MTD for ITSA changes on the horizon, which will require consistent digital record-keeping and more regular reports submitted to HMRC.
Typically, bookkeeping comprises the following activities:
- Recording income and expenses
- Maintaining and balancing subsidiaries, general ledgers and historical accounts
- Carrying out payroll tasks
- Preparing your finances for tax returns
What Is Accounting?
Accounting covers a broader range of financial tasks than bookkeeping and involves a larger amount of financial interpretation and analysis. Some of the main jobs an accountant will perform include:
- Preparing financial statements
- Completing tax returns
- Analysing your costs
- Suggesting business changes based on your finances
Which Is Right For You?
An accountant helps create a complete picture of your business finances, with a detailed analysis of patterns and trends. If you don’t think you’re running your company in a way that aligns with your current financial situation, an accountant is a great choice for a larger financial overhaul.
If you’re looking for a team to manage your financial activities day-to-day, bookkeeping in Hassocks is a better choice. Rather than analysing data, your bookkeepers will create a more efficient cash flow and make it simple to track your money. When it comes to tax returns, invoicing clients, and paying your bills, all of your records will be neatly organised to make these tasks a breeze.
Hire Bookkeepers in Hassocks
Ready to hand over the reins of your day-to-day finances to a reliable, efficient team? Our bookkeepers at Angel Bookkeeping and Payroll Services are here to help. Operating in Hassocks and throughout Sussex, we take care of your record-keeping and money management so that you can get on with running the business you love.
Let us know what your business needs and we’ll take care of the rest. Contact us today for finances you can rely on.