Have you ever wondered why there are so many companies these days that provide bookkeeping services yet they aren’t Chartered Accountants? well the simple explanation would be that the majority of SME businesses and sole traders acknowledge the benefit and wisdom of employing a qualified bookkeeper to help them. And that by doing so, they will not only survive those tricky first two or three years but will be able to flourish and grow their business beyond their expectations!
I thought that I would provide you with 5 powerful reasons why you, as a business owner – should seriously consider taking advantage of professional bookkeeping services, Like Great Elm Bookkeepers right from the beginning:
1. Most Business Owners can’t cope with too much admin!
It may be an uncomfortable fact but most business owners & entrepreneurs are, by their very nature, creative people who hate the daily grind of administrative tasks. They are normally so busy chasing sales, attending meetings, and developing Marketing strategies for their company, that paperwork usually ends up in messy piles on their desks or gets shoved into drawers on the basis that “out of sight is out of mind” is a good place to be. This is usually the first sign that you may in fact be better off hiring the services of a bookkeeper!
2. The two things that will make or break your business
Any business coach will tell you that there are two essential ingredients for any business, large or small, to succeed:- 1 – Turnover and 2 – Cash Flow. If your business isn’t generating any sales, then your business will fail and, if you don’t manage your cash flow correctly then it certainly won’t survive five minutes, let a lone grow and flourish! Therefore as a business owner you should concentrate on generating turnover whilst relying on a provider of bookkeeping services to manage your cash flow and chase up all those overdue invoices.
3. Valuable advice and experience
Business owners often think they know it all, and can control every little part of their business, however the ones who go on to succeed and become known by the tag Entrepreneur, are usually the ones who accept that they aren’t actually the fount of all wisdom and make a positive effort to acquire knowledge from other people, and also delegate and relinquish control to others within the business too.
Businesses that use bookkeeping service providers like Great Elm find that they are not only getting someone who will keep their accounts up to date and ensure that the taxman is kept happy but also someone who has a wealth of first hand knowledge and experience. Remember that each of these professionals will have been dealing with scores of other businesses in various industries, some of which will be young and some of which will have been established for many years.
Great Elm Bookkeepers and providers similar to us, know what it takes to succeed and what pitfalls other firms have encountered before you, in the journey to become a successful business. The cheapest errors you can make are the ones made by other people and from which you can learn. A good bookkeeper’s knowledge and experience doesn’t cost any more so why not make use of it?
4. Accounting software can’t do everything
Too many budding entrepreneurs automatically assume that bookkeeping services like Great Elm Bookkeepers, are simply one overhead they can do without on the basis that a low cost software package will be able to do everything instead. More often than not this turns out to be a false economy. Firstly, all the data still has to be entered and every hour that you spend doing this rather than using a bookkeeping company like us, is one hour less that you could be using to do what you do best and grow your company, or quite simply spend precious time with your family.
In any event, no software package will be able to perform two of the most vital aspects of financial control – the timely management of tax and the management of your cash flow.
5. Learning the art of delegation
Contrary to popular belief, using an outsourced Bookkeeping company needn’t cost an arm and a leg, to start with, you will probably only need someone on a part-time basis, or for a day or so a week.
Most established business owners will tell you that half of the secret to successful management is learning the art of delegation! What better place to start than by outsourcing your companies tax and bookkeeping function which is largely a non-productive/ revenue earning function?
There are plenty of companies that can offer on-site or even remote bookkeeping services. However if you are a company based in the South West of the UK, why not give Great Elm Bookkeepers a call and see if we may be the right fit for you, and help you reach and realise the dreams you have for your organisation!