Your business history is marked by milestones. From the day you registered your brand to the thrill of your very first sale, and that game-changing moment when the numbers proved you were finally in profit, each step has built the story of where you are today.
Now, it’s time for your next milestone: the moment you hire a bookkeeper.
But how do you know it’s the right time? From schedule constraints to your financial know-how, get to grips with the signs that you’re ready to bring in finance professionals in this guide.
When’s the Right Time to Hire a Bookkeeper?
Hiring a bookkeeper is a smart idea for many businesses. If you don’t have an internal finance team, it brings organisation and confidence to your money management – not to mention the benefits come tax year-end!
Judging the moment you need to hire a bookkeeper can be easier said than done, though. Let’s take a look at key signals to learn more:
Your Finances Are Time-Consuming
While important, money management shouldn’t be your priority. As a business owner, your skills are better focused on the tasks that got you here in the first place, like developing growth strategies or carrying out product innovation. Spending time learning how to file a tax return isn’t necessarily the best use of your abilities.
If you’re offering a service you provide yourself (like plastering or copywriting, for instance), every moment you spend on your finances is a moment you could have been earning money, too.
You’re Not Financially Confident
Your business finances are no joke. There are laws you need to follow when tracking your income and expenses, as well as when filing your tax returns. Failing to do so, even if it’s a genuine mistake from a lack of knowledge, could leave you facing hefty fines and legal penalties.
If you’re not 100% certain that your money management is legally compliant, you need a bookkeeping team. We’ll take care of all the vital tasks, like setting you up with a record-keeping system and balancing your books, so that you can get on with running your business knowing that everything’s above board.
This is also true when paying your employees, which should be done in line with the law and following the government’s PAYE and payroll regulations. To manage both, hire a bookkeeper who also offers payroll, like our team at Angel Bookkeeping & Payroll Services (it’s in our name!).
You’ve Made Mistakes
Bookkeeping requires keen attention to detail. If you’re busy running your business, it’s not unusual to make a few mistakes while managing your money. The bad news is that there’s no room for slip-ups where your finances are concerned.
If you’ve missed invoices from your records or realised you aren’t properly documenting your cash flow, it’s time to hire a bookkeeper. Small mistakes can spiral quickly into big problems, and it’s just not worth taking that risk. By outsourcing your bookkeeping to our professionals, you’ll have the confidence that your records are always spot-on.
You Struggle With Late Invoices
One of the lesser-known perks of hiring a bookkeeper is that we take care of a lot of invoicing tasks. As part of balancing your books and managing your accounts receivable, for instance, we’ll politely and professionally liaise with your clients on your behalf when an invoice is overdue. It’s just one more task on your to-do list that we take care of.
You’re Not Sure When to Register for VAT
Value-added tax (VAT) is a legal requirement for businesses earning a turnover that exceeds the government’s limit. Rather than watching your profits and getting to know the ins and outs of VAT, we can take care of it for you. We’ll monitor your finances to identify when it’s time to register, prepare your VAT returns, and submit them on your behalf.
Do Bookkeepers Help With Business Plans?
Yes, we do! Part of our bookkeeping services includes monthly business performance reviews that you can use to plan your next steps. During these reviews, we’ll:
- Analyse your finances
- Give you tips on how you can save money and increase your profit margin
- Advise you on how to align your financial decisions with your business goals
- Explore what’s working well and what could be improved
For start-ups, we can offer financial advice before you launch, giving you the insights you need to write up detailed business plans and secure investments. If you’re looking to bring insight-driven growth to your brand, there’s never a bad time to hire a bookkeeping team.
How Do Bookkeepers Differ from Accountants?
Bookkeepers focus on money management. These are the daily financial tasks required to ensure you comply with UK laws and keep your business afloat, like recording receipts and bank reconciliations. Accountants interpret and report your financial data for a more detailed look at your business’s financial health.
Learn more in our blog, Basic Differences Between Accounting and Bookkeeping.
How to Outsource Your Bookkeeping
Ready to take your business’s financial health to the next level? Here’s how you can outsource your bookkeeping to our expert team:
- Choose your contact method: You can get in touch with us via our contact form, email address (info@angelbookkeeping.co.uk) or by phone (07867 129 210).
- Book a Free Consultation: We’ll set up a time to learn about your business, understand your bookkeeping needs, and explain how we can help.
- Review Your Tailored Plan: After our chat, we’ll provide a clear, straightforward plan for how we’ll handle your books so you can focus on running your business.
- Enjoy Ongoing Support: Once you’re set up, our team is always here to keep your finances organised, accurate, and stress-free. We can also expand your services at any time, ensuring your money management grows with your business.
It’s as simple as that! With so many benefits to your business and your schedule, and such an easy onboarding process, the best time to hire a bookkeeper is right now.
Contact us today for professional bookkeeping in West Sussex.