Small businesses are the backbone of British society, with millions of us self-employed, either going solo or working as contractors, kicking off start-ups and running small limited companies. Together they generate vast amounts of revenue. Striving for new customers is probably your priority. The accounting side of the business may seem less important. And, we admit it, bookkeeping is probably the least glamorous part of running a business. But it’s also one of the most important.
What a bookkeeping expert will do for your business
A bookkeeping professional can help you pin down the exact right pricing for your products and services, including your fixed and variable costs and ensuring there’s a decent profit margin. They’ll help you make important financial decisions, like whether or not you can afford to hire in help. And, taking into account every expense and every tiny bit of income, they’ll let you know whether or not you’re making any profit.
Bookkeeping doesn’t have to be overwhelming, either. Even if – or especially if – your business only consists of a couple of people, you can’t afford to ignore the basic record keeping side of your business and the insights they deliver.
Much more than simply balancing the books
It’s about much more than simply balancing the books. A professional bookkeeper will act as the backbone of your business, delivering essential information and feedback about all manner of financial matters including:
- Working on-site or remotely, either on your accounting system or one they recommend
- Completing your VAT return
- Acting as an outsourced finance department for things like issuing cheques, making BACS payments, sending bank statements and so on
- Effective, impartial credit control
- Accurate, timely management accounts
- Financial forecasting
Find a Institute of Chartered Bookkeepers member
All the best bookkeepers are ICB members, us included. Make sure your bookkeeper is a member and you’ll get the very best service available.