Why is bookkeeping so important?
Bookkeeping helps a business maintain accurate financial records. Having good financial records helps the business budget for growth and lay out a financial roadmap for your company.
The HMRC require you to file a tax return every year, and good bookkeeping is the way to do this correctly and easily. Having all your expenses and income information all organised in one place on a regular basis is less time-consuming and very cost effective.
Being an organised company is beneficial for anyone who is an interested party such as potential customers, suppliers, banks and the HMRC. For example, should your business require a bank loan for a growth project, you will need to provide a lot of financial information, and having it all prepared in one place will prevent delays in your plans.
Bookkeeping also enables you to analyse your finances and perform cost saving exercises. Without proper financial records, you will not know if you are overspending. Overspending is very common in small businesses and analysing your expenditure on a regular basis can be the difference between succeeding and failing. Being able to review past and present financial information provides insight into how your business is performing.
Controlling your finances in a proper way also assists with cashflow. Paying your suppliers, and having your customers pay on time is very important for the future of your company.
Poor bookkeeping is one of the top reasons why small businesses fail.
Why should you outsource your bookkeeping?
Outsourcing your bookkeeping is very beneficial for small companies. Yes, it is extremely important, but it does not actually affect your bottom line which is essentially what every business manager should be focusing on.
The time you spend on figuring out how to keep correct records is time that should be spent on growing your business. As a manager, you need to be focussed on success and outsourcing your bookkeeping to a company, such as Strive Business Solutions, will free up time and ease the stress of finances. Hiring a professional means you also have access to our knowledge and skills which may come in handy for other projects in the future.
Hiring any new employee comes with costs, advertising, training, salary…. It all adds up. However, outsourcing means you only pay for the service they provide.
At Strive Business Solutions we tailor our bookkeeping packages to suit every business, whether you need one hour per day, or 10 hours per month, we can accommodate you.
We pride ourselves on providing excellent customer service and are always at the end of the phone or email to help you wherever we can.
Our only aim is to help our customers to succeed, and we truly believe that honesty really is the best policy.