If you are a small business owner, then you might act as a bookkeeper yourself – at least until managing it on your own becomes extremely time-consuming and difficult. Once your business expands, it makes sense to consider professional bookkeeping services for small business. Here are top five ways that a professional bookkeeper can help your small business:
1. Enables you to focus on your business strategy
Bookkeeping means recording every financial transaction, even the minutest ones, which your business incurs. It involves entering the accurate figures in the books or accounting software. Working with these figures, however, can often bog you down and astray you from focusing on your business goals. Therefore, it is better to have a professional who can take care of your bookkeeping.
2. Another pair of eyes inspecting your cash flow
You need to ensure that the liquidity of your business remains in check. And, in order to do so, you need to refer the cash flow statement of your business. A cash flow statement shows the flow of cash coming in and going out of the business. Having an extra pair of eyes keeping a watch on your cash flow guarantees that your business does not abruptly run out of money. A bookkeeper can keep a close watch on your cash flow.
3. Minimises your accounting costs
Did you know that there is a difference between an accountant and a bookkeeper? An accountant is a qualified professional, who focuses mainly on the preparation and filing of statutory returns, giving financial and business advice, and advising on the legal entity structure. A bookkeeper, on the other hand, is an expert who focuses on organising and recording of financial transactions of a business. So, who are you using to take care of your daily accounting? If you are using an accountant for managing your daily transactions (who, of course, can manage it), stop their services immediately and engage a professional bookkeeper instead – a bookkeeper will efficiently do the job and will certainly prove cost-effective than an accountant. Besides, a bookkeeper can quickly carry out the accounting/bookkeeping because they specifically specialise in it.
4. Quick access to important figures
Engaging a professional accountant for small business to take care of your monthly reconciliation, tax computation, and reporting is important. An accountant for small business can give you the overall picture of your financial health. However, what if you need some financial figures for a specific period, for instance, a particular day? Bookkeepers can get you such figures quickly, without having you to waste time scanning through the reports yourself.
5. Reduce Tax Liabilities
When a bookkeeper is experienced with the businesses in your sector, they will be knowing most of the common expenses and can tell you about all the tax-deductible expenses. For example, a bookkeeper who specialises in marketing business can tell you whether the cost of advertising in the newspapers or directories can be deducted from your taxes. Furthermore, engaging bookkeepers to carry out bookkeeping for your business is also tax-deductible.
Professional bookkeepers can help your business a lot, and therefore, it is sensible for you to consider bookkeeping services for small business in the UK.
When in need of quality bookkeeping services for small business in the UK, you can count on us at Affinity Associates. A leading small business accountancy firm in London, UK, we have the best bookkeepers who are both experienced and skilled. Discover more about our bookkeeping services for small business in the UK by browsing through our “Bookkeeping Services” section on our site at https://www.affinityassociates.com/affinityservices/bookkeeping-services-for-small-business-in-uk/.
If you have any questions or want to know more about our bookkeeping or accounting services, feel free to contact us at https://www.affinityassociates.com/contact-us/.