The last thing any business owner needs is to stress about their accounts. The more time you give yourself and the more tools you invest in, the less stressful it will be. We’ve put together a list of reasons why bookkeeping shouldn’t be at the bottom of your list.
There could be huge fines
If your Tax Return or VAT deadline is looming and you have years’ worth of backlog waiting to be processed, that’s not an ideal position to be in. If you don’t get your figures up to scratch by the deadline you could end up with hefty fines. The last thing you want after building up a successful business is to see it hit with fines.
Software hiccups
You might not be using a software at all and if that’s the case then your books could take an awful lot longer to process. You might need to invest in one and then need time to input your data. On the other hand, you might already have a software in place that you use. What if you have an issue and need to troubleshoot and contact support? Don’t let yourself get backed into a corner, give yourself plenty of time.
Training Time
If you’ve chosen to manage your own bookkeeping, dependent on your background, you might need advice and training to acquire the right skills. Having a software to do it for you is one thing, knowing where to put things and why is another. What if you know what you want to do but don’t know how to do it? You could then run out of time and end up posting things to the wrong places in a blind panic.
We’re not miracle workers
Unfortunately, there’s only 24 hours a in a day and we don’t own a time machine. As much as we work like busy little bees, things take time. We’ll always be honest with you about how long we predict a job will take. However, sometimes things can end up being uncovered that we didn’t know about and it could end up taking longer.
Bookkeepers get booked up
Most of our bookkeepers book up weeks or months in advance and so it’s important that you come to us early. The best thing to do is ask for your books to be reviewed and ask for an estimate of how long it could take. Make sure you always diarise important financial dates too!
It’s not always straightforward
What you might think could take 10 minutes could actually take hours. There will be things that you might not pick up on that a bookkeeper would. Sometimes we peel back a layer to discover even more work that needs doing underneath that we didn’t anticipate.
So don’t leave yourself in a panic: we can recommend software, provide training and even supply a Bookkeeper. Please do not hestiate to get in touch on: 0161 850 3355 or by emailing: info@cosbookkeeping.co.uk
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