Here Are Reasons Why Entrepreneurs Should Hire a Bookkeeper

Your bookkeeper can do so much for you and your business. They will be the one to process payroll, produce invoices and chase payments. Although their presence in businesses is undeniable, many are still unsure if they’re really needed.

Before you open shop today, take the time to go through this piece. Here are the numerous benefits of hiring a bookkeeper.  

Manage Day-to-Day Financial Tasks

Your hesitancy is completely understandable because times are tough, and you want to cut back costs. Hiring a bookkeeper may seem to be an unnecessary expense because you can update transactions yourself. But don’t you think that it is wiser to have a bookkeeper do these tasks for you?

Before you answer the question, you might want to keep in mind the saying, “time is gold.” By delegating the non-operations tasks (such as invoicing, payroll, etc.) to a bookkeeper, you get to focus on the running of your business. 

Asking a bookkeeper to do the work for you will ensure that your records are up-to-date. With this said, they can easily pick out inconsistencies in your books. This keen eye to detail will help identify possible areas of threat to your business before they go out of hand.

Legal Compliance

Doing your taxes yourself might be a money-saver on your part, but is it, really? Imagine missing a step as you prepare your taxes. One wrong move and you might find yourself looking for a bookkeeper last minute, which can be costly. And if you still prefer to do taxes on your own,  you might end up submitting your income tax return late. 

Keeping a bookkeeper on retainer will guarantee that the supporting documents are in proper order. Thus, you will not receive any dreaded letter from the HMRC. Better yet, you will not find yourself penalised. 

Asking a bookkeeper to maintain your books will ensure that your business is aligned with the laws. It will prevent any unnecessary financial headaches and legal disputes.

Tax Preparation

With so much on your plate, it is understandable that the filing of income tax returns can slip your mind. Your bookkeeper will prevent such a thing from happening. As mentioned earlier, they can keep your books up-to-date. Thus, it will be easy to form the supporting documents (financial statements) for your income tax return.

Yes, your bookkeeper will still need the time to prepare it. But you are guaranteed that your books are materially free from misrepresentations. It means that you can submit the said document on time. Thus, your business will not catch any negative attention from the HMRC. 

Managing Your Receivables

It was mentioned earlier that your bookkeeper will manage your invoices. They can help you manage your receivables, sending them on time and calculating for possible discounts. They can also keep track of the payments.

Conclusion

Your hesitancy to take on additional expenses is understandable. But you should understand that the benefits of hiring a bookkeeper outweigh the costs. You can delegate the essential non-operations tasks to them, so that you can focus on operations.

Now that you know the many benefits of hiring one, you should ask help from BarrettStacey Accounting. We take great pride in being the leading bookkeeper in Bristol. Call us now so that we can talk business!