Should I outsource my 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!

 

Here are some benefits to outsourcing your bookkeeping:

 

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. For example, you may want to know; 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 or government grant, 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. 

 

VAT legislation is constantly changing and trying to keep abreast of all the developments can be time consuming and confusing. You must ensure that you treat each invoice in line with the latest VAT rules.

 

In some cases 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. We can offer our clients incredibly easy to use accounting software, designed to keep you in control of your figures wherever you are, 24/7. Contact us today to book your free initial consultation and see how we can help.