The Advantages Of An Experienced Bookkeeper
Have you thought about using a bookkeeper and wondered if it would be beneficial when you can do a lot of the work yourself?
Using the services of an experienced bookkeeper can save you time and money, allowing yourself more time to concentrate on other areas of your business. Their experience and attention to detail should ensure your accounts are mistake free. Your bookkeeper should be able to explain key accountancy terms (such as ‘turnover’, ‘gross profit’ and ‘net profit’).
Your bookkeeper should be aware of all filing deadlines, thus allowing enough time to complete the work so you don’t miss the deadline and incur interest charges or additional costs.
They will use the Debtor’s reports from your software to show you what is outstanding. Credit control is one of the most important parts of the bookkeeper’s role. Your bookkeeper will contact your debtors, send statements, make telephone calls and prevent your customers from taking extended credit. Without this function your customers will know they can get away without paying and this in turn can cause cash flow problems.
If you are VAT Registered, your bookkeeper will check that you are on the best VAT Scheme for your industry. An accurate bookkeeper will reclaim VAT on all eligible expenditure and not make mistakes incorrectly claiming VAT, avoiding potential penalties.
Your bookkeeper will be able to give you accurate reports detailing money owed in and out of the business, including expected due dates for payments and receipts. This will help you manage your cashflow and avoid unnecessary supplier phone calls and late payment charges.
You will also be able to check whether your business is making a profit, allowing you to question whether your costs are spiralling, whether you need to charge more or reduce your overheads? Having this information instantly will avoid bigger problems further on.
An Expert In Your Industry
Different industries have different regulations so speak to your bookkeeper to see if they have experience in your industry. For example, not all bookkeepers understand the construction industry and do not know about CIS.
Reduced Accountancy Fees
By using an experienced bookkeeper your Accountant should be able to prepare your accounts quickly and easily from the data given saving them time and costs.
With accurate figures ready immediately after year end, your Accountant will be able to give you tax advice and planning and potentially save more money on taxes.
Decide what you want from your bookkeeper before engaging one and make sure that they have all the qualities that you need for your business.
A relationship with your bookkeeper is built on trust, check references or ask if you can speak to some of their existing clients.
At Balmer all of our Bookkeepers are experienced with a wide range of different business sectors. They are helpful, prompt and very efficient at what they do. To experience the value our bookkeepers would give your business, please get in touch.
Autumn Statement 2023
On 22 November 2023, Jeremy Hunt delivered the 'Autumn Statement for Growth'. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
The Budget 2021
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’.
Job Support Scheme
Furlough came in very quickly as a response to lockdown, with the result that it had numerous amendments in the first weeks after its announcement. The Job Support Scheme since first announced has had various changes made to it - we are now on Version 3 of the Scheme (and HMRC say that the first…