Many business owners are very competent at their core business – be it design or retail or hospitality – or one of the myriad other business activities. However, many of these successful entrepreneurs are sadly lacking in bookkeeping skills. Whatever the reason, whether it doesn’t suit their personalities (the very factor which might be largely responsible for their success) or they simply don’t have the time to learn, employing a professional bookkeeper can be one of the greatest investment decisions a business makes.
Many small to medium business owners have enormous demands on their time and it’s very easy to get so caught up in the day to day running of the business that the bookkeeping and administration is neglected with potentially serious consequences. These areas are core skills in themselves and as professional bookkeepers we understand that you can’t be an expert in all things business – it makes sense to outsource this particular service.
While the size of the business may not justify employing a full-time bookkeeper, there are many bookkeeping services available whose skills complement those of the entrepreneurs. These services can be customised to meet a range of needs across different types & sized businesses in specific industries to ease the workload and provide the sort of back-office assistance which simplifies running a business.
Value-Added Bookkeeping Services.
Accurate figures make for better management decisions. Blind guessing can be dangerous from your cash flow perspective. When you make decisions based on actual performance to date, a better idea of the actual impact and benefits arising from business decisions will be possible.
At the most basic level, information will be available to evaluate decisions such as:
• purchase of a new vehicle/equipment compared to repair
• when to hire new staff, what to pay them, and what their targets need to be
• what areas of the business to focus your marketing on, which are the most profitable
A good bookkeeping service can add value by not only providing accurate figures but also a variety of essential financial statements and reports, including interpretation of and insight into their meaning, to allow business owners and managers to make accurate & informed business decisions.
Bookkeeping Beyond the Basics.
More than this, ensuring that your books are well kept should lead to better planning in general. For example, having cash flow estimates and comprehensive figures on hand will make it easier to obtain finance. It will be possible to demonstrate clearly to a lender or investor where the money will be coming from to repay a loan as well as explain the need for a loan. Clear data always makes the decision of a bank official easier and instils confidence that the business is well managed and will meet its commitments. The business as a whole will operate with greater confidence.