Bookkeeping Services for Small Business

Bookkeeping is an inevitable task for all small business owners and is a key part in producing your business accounts and tax return.

Keeping your books in order helps manage your business’s financial health, make better business decisions and maintain HMRC compliance.

The time it takes a small business owner to maintain financial records is often better spent on other areas of business or doing something fun.

This is where a small business bookkeeping service can bring relief, support and efficiencies to your accounting processes and work life balance.

Do I need a Small Business Bookkeeping Service?

Using a bookkeeping service is worth consideration for any small business for the following reasons:

  • Using a bookkeeper can save you a significant amount of administrative time by taking on the recurring tasks and duties you’d normally do yourself.
  • Bookkeepers have a clear understanding of HMRC compliance which helps ensure your business maintains accurate and up to date records while securely storing data for the appropriate timescale.
  • By hiring a bookkeeping expert you can stay informed about any changes in HMRC legislation involving making tax digital for ITSA.
  • A bookkeeper helps with budgeting by providing insights into your cash flow. This enables you to allocate resources to new projects and ventures that can boost your business growth.
  • Bookkeepers help track your business’s profits which is crucial for the growth and general success of your business.
  • A bookkeeping service can assist in fixing neglected accounts and creating systems that prevent falling behind in the future.
  • With the increasing use of software bookkeepers and help implement technologies in house while also providing training to you or a staff member.

Can a Bookkeeping Service save my business money?

The cost of using a bookkeeping service can easily be outweighed by the money it could save your business.

Don’t forget the cost of your bookkeeper is fully tax deductible so you can get tax relief on the cost.

Some of the cost savings are less obvious but still valuable and often give your business continued savings long into the future.

  • HMRC penalties exist for inaccuracy even for genuine errors. In addition if an error results in you owing more tax further penalties can be imposed. A bookkeeper can help your business avoid the mistakes that often leads to costly fines.
  • Maintaining your accounts efficiently can only bring financial rewards. Your bookkeeper can use their financial and software knowledge to make your businesses accounts as cost effective to manage as possible.
  • Highlighting problems early on is a great way to save money. A bookkeeper can help identify recurring financial issues such as poor cash flow or mounting debt and work towards resolving them.
  • Your accountants fee should be cheaper if you give them well maintained financial records. The easier you make it for your accountant means there’s less work for them to do at the end of the financial year.

Questions to ask your Bookkeeper

Before you start searching for a bookkeeper it’s important to be clear about your specific bookkeeping requirements.

We’ve listed below some useful questions to ask a bookkeeper. By answering these questions you’ll be better equipped to find the right bookkeeper for your business:

  • Have you experience in working with businesses in my industry? Different businesses have different bookkeeping requirements so looking for a professional with relevant experience makes sense.
  • Do you provide tax advice?
  • Can you provide bookkeeping training?
  • Can you provide an in house and fully outsourced service? It’s good to know that if you keep some tasks in house initially you have the option to outsource everything if needed in the future.
  • Can you work with the accounting software I use? This is relevant if you’re already committed to a particular software and want to keep it.

How do I find a Bookkeeper near me?

To find a bookkeeper that suits your business needs it’s important to consider a few factors and be open to the possibility of searching outside your local area if you need to.

You’ll be entrusting your bookkeeper with your financial data so it’s crucial to feel comfortable and trust them so doing your homework is worth it.

Here are some tips to find a bookkeeper near you:

  • Check if the bookkeeper has enough personnel to handle your needs. A small business may only need to consider a sole operator or a small consultancy instead of a larger company with potentially higher fees.
  • If your business has some specialist needs find out if they specialise in your industry or provide advanced solutions.
  • Decide if you want the option of face to face interactions. You may prefer someone to visit your business regularly but if you don’t a remote service could be cheaper.
  • Do you mind if your bookkeeper is not based near you? If you don’t mind dealing with a bookkeeper that isn’t local you may find better value by searching outside your area.

To find a bookkeeper near you or further afield we have partnered with so you can search for bookkeepers near you quickly and easily.

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