Bookkeeping

Ensuring that your bookkeeping is kept up to date in a regular and accurate manner is vital to the growth and smooth operation of your business.

Many business owners decide to complete their bookkeeping themselves but, given the pressures of running a business, this can often result in this part of the business being completed incorrectly or worse still neglected entirely!

One of the main benefits of getting your accountant to accurately complete your bookkeeping is that they will be able to feed back to you up to the minute management information should you so require it e.g. what sales did I have for the last quarter, how much money am I owed by debtors, are my costs spiralling etc. This sort of information is crucial to the continued success of your business.

If you are applying for a bank loan/government grants, not only will they request the latest completed annual accounts but they will also request the latest management accounts in order to process the application. If your accountant is completing your bookkeeping on a regular basis they should be able to prepare these accounts for you very efficiently which will increase your chances of being successful in your application.

Giving the responsibility of completing your bookkeeping to your accountant will also ensure that you are staying in line with Revenue. Many businesses have come to the end of the year and handed their books in to the accountant only to realise that they have breached the VAT registration threshold and they should have been registered for VAT.

Most importantly of all, however, is the fact that outsourcing your bookkeeping will allow you to concentrate on what you do best…growing a successful business!

Your local TaxAssist Accountant will be able to talk you through the many benefits of outsourcing your bookkeeping. Call today to book your initial free consultation.

 

 

Date published 29 Apr 2016 | Last updated 25 Sep 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.