Is it actually cost effective
to do my own books?
You started out in business no doubt with a clear vision and purpose on how you would take your ideas and expertise forward.
To develop your brand, wow your customers, work the hours that suit you and make yourself a decent living.
Probably the last thing on your mind was undertaking the bookkeeping and associated admin work.
So, your business is going well, initially when you set up your business, everything was manageable, and it was perfectly logical to keep costs down and do your own bookkeeping.
However, consider some of these reasons as to why this may now not be such a good idea.
- You are finding your Accounts are laboursome and your always playing catchup meaning you are missing out on valuable family time.
- Sales have increased but not the profits.
- You find you are spending too much valuable time focussing on your bookkeeping and not your business.
- You aren’t in a position to comfortably predict your cash flow situation.
- You dread the brown envelope dropping through the letterbox regarding a tax bill reminder or even a fine…
So, assuming you can identify with some of the above statements let’s further delve into how a bookkeeper can benefit you and your business.
It can take up a lot of your time and become a real chore keeping the accounts up to date particularly if you’re managing expenses, receipts, invoicing, VAT returns and possibly payroll too.
Also, this is probably not what you trained to do so it’s going to take you longer than a qualified bookkeeper.
Experience has shown us that on average, it takes twice as much time to tidy up data from clients, than it would to manage that data in the first place.
By delegating these involved tasks that are not your area of expertise, you will be in a position to free up valuable time to do the things you love and free up resources thus redirecting your efforts towards driving your business through growth and building your customer base so as to maximise profit.
It is vitally important you have the time and energy to focus on what you do best…
Figure Fairy Ltd – Bodmin based accountants serving small and medium sized businesses in Bodmin and across Cornwall. If you’re in need of a new accountant with a refreshing approach to client relations and small business solutions, get in touch today on 01208 369972 or email us at info@figurefairy.com
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ABOUT US
Welcome to Figure Fairy Ltd - Chartered Accountants Bodmin, Cornwall. We provide accountancy and bookkeeping services to businesses in Cornwall and beyond, including Bodmin, Camelford, Callington, Launceston, Liskeard, Looe, Lostwithiel, Newquay, Saltash, St Austell, St Blazey, Torpoint, Truro, Wadebridge and Slough.
We are Xero specialists, but are happy to work with other accounting packages, such as Quickbooks & FreeAgent.