When considering your business finance, there can’t be any risks. The success of your company and your future career depend on good management and being responsible with your books. Although it is hard to believe, the downfall of some of our greatest businesses and organisations has been through bad finance management or even illegal operation without them even realising it! Business risks are sometimes worth taking, but when it comes to your accounts, good investments are always the right decision.
Here are 5 reasons why hiring an accounts specialist to keep your books won’t just help to make your business better, it will give it the freedom to boom!
1. Cash Flow
Good book keeping leads to a better cash flow, which for small or less established businesses is absolutely vital to survival. Regardless of the size or age of your business, keeping track of bills, payments and invoices is key to releasing funds in time and keeping your company afloat. This part is literally the ground level for your finance, and if it’s running smoothly it frees up everything else to run smoothly and efficiently too. The busier you get, the harder it is to do your job properly and it’s easy to fall behind when you are trying to juggle all of the invoices and payments that you’re falling further behind with. Let the experts take it off your hands so you can do your job, and your business can prosper!
2. Record Deal
It’s actually a legal requirement that your company keeps records for years after any financial transaction occurs. Your company invoices, bills and finances need to be properly filed and prepared every month so that every income and outgoing, however small or large, is accounted for and above board. Your company could be audited at any time and these seemingly unimportant transactions could land you in trouble if you don’t have solid records of your finances. Safety certifications and other documents should all be kept safe too, and all of this can be a huge time and money drain if you’re trying to do it yourself without the proper know-how.
Book keeping makes your business far more efficient.
Image source: http://farm5.staticflickr.com/4049/4297852642_283890d31e.jpg
3. Easy End of Year
The tax return no longer needs to be something that causes end-of-year fear. Hiring a specialist to take care of all your book keeping means that there is literally no rush or stress when it comes to bills and expenses. Everything is ready to send off because it’s been kept on top of throughout the year. All is above board, in place, taken care of which leads to a stress-free tax return. It also means that you can make future plans financially and business strategies are far easier to manage. Onward and upward!
4. Transactional Trouble
One of the biggest pitfalls of trying to balance your own books is separating your personal accounts and transactions from the business ones. If you’re left with a terrible mess of income and outcome when it’s time to look at your tax return then you could be penalised, and your personal savings could end up in jeopardy! It’s not so scary though if you know that you have an expert who is on hand for advice and help at any time.
A good accountant will help with your book keeping.
Image source: http://farm3.staticflickr.com/2568/4105756012_db89e4be50.jpg
5. Future Proof
For smaller businesses looking to expand, it’s always important to have everything in place. The right setup and statement management is always a green light for funders or banks that you’re asking for loans from. Selling up or expanding won’t be such a hard game if investors or buyers see that your company keeps everything running ship shape, and has done for years!
Book-keeping specialists are there to make sure that you get the benefits now, and years down the line. Although you may think that you can save the cost of hiring an accountancy firm by doing it all yourself, how much time and money are you losing from your proper role? With so many advantages to hiring the experts, it really is a smart decision for any business, and investing now means that you get to reap the benefits for years to come.
If you are looking for a bookingkeeping service in London, UK try Arnold Hill who offer a wide variety of accounting services.