Monday, September 9, 2013 - Article by: Myke Thomas - Telecommunication -
Although entrepreneurs have many fantastic personal qualities, they often struggle when it comes to outsourcing work to other people. Of course, taking care of all aspects of your business isn't a bad thing, but if your business is growing, it is likely there will come a day when it becomes too much of a struggle. Tasks like bookkeeping can be outsourced to professionals for a small monthly fee. The service is not only cost effective but it can also benefit your business in many ways. In this article we will help you decide when it is time to get a bookkeeper and explain how it can help your business grow.
Do you enjoy doing your books?
Working for yourself gives you the option to choose what you do from day to day. If you enjoy bookkeeping then this is something you can incorporate into your busy schedule. Even if you do enjoy doing your own bookkeeping you may still benefit from a little training to ensure that you are up to par.
If on the other hand you find yourself doing every other task possible to avoid doing your books, then it may be time to outsource the work to an accountant. Putting your bookkeeping off is simply not an option, as you may end up getting yourself into trouble with HM Revenue and Customs. There is no point forcing yourself to do a task you hate if you don't have to. Simply outsource the work and have the weight of it taken off your mind.
Are you keeping your books up to date?
If you haven't looked at your books in months and have piles of receipts cluttering up your desk, then it may be time to hire a bookkeeper. For many business owners bookkeeping becomes an item on their to-do list that is never ticked off. How many times have you said to yourself 'I'll do it tomorrow?' Obviously there are other elements of your business that need prioritising but there is little point in trying to save yourself money by doing your business's books yourself if you do not have the time to keep them up to date. Falling behind on bookkeeping may come back to bite you at a later date, especially if you make mistakes or find that you owe the tax man money!
Benefits of outsourcing work to a bookkeeper
There are many benefits of outsourcing work to a bookkeeper aside from it taking a weight off your mind and giving you more time to concentrate on other aspects of running your business. Trained accountants can help you to evaluate how financially healthy your business is. They can tell you what is working for your business and what isn't. Once you know what works well for your business, you can then work with your bookkeeper to develop strategies that can take your business to the next level. There will be many times where an unbiased, professional opinion is just what your business needs. It's simple enough to find a Bookkeeper, just go to a search engine type a local search such as bookkeeping services in London and a list will be in front of you.
Bookkeepers offer a range of services including VAT returns, payroll and the management of accounts and budgets. Some business owners may require a complete outsource solution (the full package) whereas others may just need a little help bringing their books up to date during busy periods. Most reputable accountants will tailor their services to meet your needs. For example they may offer a one-off service to help you with specific tasks like filling out your tax returns or ensuring your business is compliant with HMRC visits and requests.
If you find that you are putting off bookkeeping due to lack of enjoyment, or simply cannot find the time to bring your books up to date, then it is time to outsource the work to a qualified bookkeeper. The key is to outsource the work that you do not have time to do yourself. This ensures that everything gets done, even if you are not actually the one doing it all.
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