In yesterday’s post, we talked about the differences between a bookkeeper and an accountant which one you needed. Today we are going to talk about the top 5 reasons why you need a bookkeeper.
- Frees up your time – By having a bookkeeper, the time you would have spent on your accounts is freed up. You can then put that time to better use by using it to promote your business and get more sales.
- The accounts will be done correctly – A qualified bookkeeper will know exactly how the accounts will need to be done. This means that if HMRC checks your accounts, they are less likely to find any mistakes and fine you.
- Better idea of the financial state – A bookkeeper will keep your accounts up to date on a regular basis. This means that you can have a more accurate picture of the financial status of the business, instead of waiting until the end of the tax year.
- Know who you owe and who owes you – If you are struggling to chase your clients for payment, or you are being chased, a bookkeeper can help keep your purchase ledger and sales ledger up to date. They will be able to send statements to your clients and get payments in. They can also make sure you are paying your suppliers on time.
- When you have employees – As an employer, it is more important to make sure you are paying the employees & HMRC the correct amounts and on time. A bookkeeper will make sure all of the payroll calculations are 100% correct and that everything is filed with HMRC on time.