Starting a new business is incredibly exciting. There’s the planning, the marketing and the addictive process of acquiring customers. As it grows, you’ll watch the idea that originally existed on a scrap of paper blossom into something that provides a sustainable and growing income. What’s not to like?
Paperwork. And numbers. Let’s be honest – unless you’re an accountant, the idea of keeping your own books up-to-date is rather unpalatable and only ever feels like a distraction.
That alone should be enough of a reason to employ the services of a bookkeeper, but if you’re still undecided, we’ve got 5 quick-fire reasons you should do just that.
1. You’ll be more tax efficient
Although it can never be guaranteed, a good bookkeeper will help you identify ways to be more tax efficient. That usually means a lower tax bill at the end of the year.
2. You’ll identify if you’re making a profit
Running a business is time consuming. So time consuming, in fact, that the ability or inclination to check that a profit is actually being made passes many owners by. With a bookkeeper in charge of the numbers, you’ll always know how the bottom line is faring.
3. It helps you get financing
If you need financial help from a bank to get yourself off the ground or enable you to invest in something that will help your business grow, a bookkeeper’s hard work on your numbers will make it easier to approach the bank manager and justify your eligibility.
4. It’ll keep HMRC happy
HMRC needs to see that your bank matches up to your incomings and outgoings – that’s where a bookkeeper’s presence can be immeasurably beneficial. They’ll make sure everything checks out so you you’re not asked any difficult questions.
5. It’ll help you get paid
Without a decent bookkeeper, you’ll struggle to keep on top of the customers who haven’t paid and exactly what they owe you. Unpaid invoices may slip by unnoticed if you don’t have someone in charge of your numbers.
Numbers are dull – what matters is growing your business and building an engaged, loyal client base. Unfortunately, you simply can’t do that if the basics aren’t covered – so take one headache off your hands by using a bookkeeper!