If your business is small, you might be the bookkeeper – at least until you can afford to hire someone to do the work for you. Once your business reaches a certain size, it makes sense to have someone do the bookkeeping for you. Here are five ways that a bookkeeper can help:

  1. Concentrate on your business strategy
    Bookkeeping involves tracking the fine detail and recording it in accounting software. Working with these numbers can sometimes make it hard to see the big picture. So it’s often better to have someone else do this work.
  2. Reduce your accounting costs
    Are you using an accountant to manage your daily transactions and run your monthly payroll? If so, you could save a lot of money by having a bookkeeper do this work instead.
  3. Be an extra pair of eyes watching your cash flow
    If you want to avoid running out of money suddenly, you need to keep an eye on your cash flow. We’ve discussed this in our guide to managing cash flow. It helps to have someone else checking the numbers here, making sure your cash keeps flowing. A bookkeeper can do that.
  4. Get quick access to vital figures
    Having an accountant manage your monthly business reconciliation and reporting is important. But what if you need some financial information part-way through the month? Bookkeepers can give you the information you need quickly, without you having to wait for your accountant to respond.
  5. Keep control of your financial data
    Few small businesses can afford to hire their own accountant, so most accountants work on a part-time basis for their clients. If they use quality online accounting software to manage your financials, it makes collaboration much easier. Quality software means that your bookkeeper can work on the same set of data as the accountant. They can both work together to give you the best outcome and help your business grow.Bookkeeping helps your business run smoothly

    Bookkeeping is a vital job in any business. This is true whether you do the work yourself or hire someone to do it for you.
    Without proper bookkeeping, your accounts will not be accurate. That means your accountant won’t get a clear picture of your company’s finances and you can’t make strategic business decisions.

    Just as importantly, your business has a legal obligation to accurately record its accounts and file company reports to the tax office. So it pays to get this right.

    Bookkeeping will help you do all of this – and will also provide you with useful insights into the financial health of your business.