What is the final straw for business owners to seek bookkeeping services?
Businesses require book keeping services for a variety of reasons. They start managing their accounts at home until they realise they need outside help.
Here are some reasons why businesses finally decide to give the responsibility of managing their books and payroll to a bookkeeping service:
The Mismanagement of Accounts
Do your books close on time?
Do your books close on the same date each month?
Would you know what to do if your in-house bookkeeper handed in his/her resignation?
Do your accounting personnel manually manage data using more than one system without synchronisation and integration?
If you answered “yes” to any of the questions above, you have real problems on your hands. You need to have all of your accounting processes automated, with your books done in a timely manner. If your accounting personnel lacks experience in managing accounting software and processes, your business is in deep trouble.
Unable to Forecast Budget
Is your accounts receivable aging (AR) report not updated?
Do you know what your annual business forecast looks like?
Can you predict what your business’s expected future sales will look like by looking at the revenue data?
If you answered “yes” to the first question and “no” to the subsequent questions, you are standing on thin ice. It is important for businesses to be able to forecast their budget and cash flow without hesitation. If you cannot answer the question with confidence, hiring a bookkeeper is one of the best decisions you could make for your business.
Accounting Systems Do Not Sync
Is your accounting system capable of executing a certain feature, but your team doesn’t know how to execute it?
Do you use Microsoft Excel to perform the majority of your bookkeeping?
Do you use paper to monitor time and expenses?
Do you encounter problems when performing time tracking, expense management, payroll, job costing, etc.?
If you answered “yes” to one or more aforementioned questions, your accounting processes are not synchronized with each other. It takes too much time to draw up reports and perform bookkeeping duties in general. Unsynchronized accounting systems may make you overlook an error.
A way around this is to outsource your business’s bookkeeping services.
Inaccurate Financial Report
Do you know the exact profit margin?
Have you been able to incorporate job costing?
Do you often find several errors on your profit and loss (P&L) statement?
If you answered “yes” to these questions, you need to re-evaluate the direction your business is going in. This is especially true for business owners that do not know why their balance sheet is showing errors.
Did your business fit into any of these categories described above? If it did, you need to seek us out. We provide professional bookkeeping services to businesses in Stamford, Peterborough, Cambridge and Huntington and we can accommodate clients throughout the UK.
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Call Les’ Hotline: 07732090847 for help with sorting out the best system for your accounting and payroll operation.
Click here to learn more about our book keeping services or here to contact us.