You may think a bookkeeper is an unnecessary cost to your business, but here are 5 good reasons that a good bookkeeper will more than pay for themselves.

• The DIY route for bookkeeping is generally a false economy because the owner of any small business has to weigh time and effort spent on the bookkeeping against what he could otherwise be achieving using his skills in another way. More often than not the cost of outsourcing to a qualified bookkeeper works out cheaper  when compared to the value the entrepreneur could be adding to his business by using the freed up time on other things. A simple cause on focusing on what you do best.

• Bookkeepers don’t just do Bookkeeping. Bookkeepers can be invaluable to your business because of the essential role that they fill. Which isn’t just about sorting out receipts. Bookkeepers can also do the VAT returns,  keeping you on top of your statutory obligations and avoiding penalties for late or incorrect filings.

• They also offer add on services like credit control, helping you collect money quicker. This goes back to the old adage that Cash is King. It doesn’t matter how much profit you make, if you never see the cash hit your bank account. See my article on why cash flow is a major issue for small businesses here:

• Talking of profit….. Do you know how profitable your business truly is? So many people run their business ‘blind’ – they’re operating and yet have no idea if the business is operating at a profit or loss. Ok, they get their figures annually, prepared by their accountant, but by this point its very late in the day to make any changes to save your business. Your bookkeeper can provide management accounts giving you up to date figures – weekly, fortnightly or monthly. And this information could be critical to the success of your business.

• Did you know UK Tax is going digital? UK businesses will soon have to start transitioning to a digital tax system, where tax is filed quarterly online. If you are still using spreadsheets, then now is the time to consider moving to cloud based accountancy software which will integrate with government systems. A good bookkeeper can guide you through this process smoothly. For more information on the benefits of cloud accounting, please see my previous posting here:

Goodluck