Why should I outsource my bookkeeping and finance function?

Are you doing your own bookkeeping?

Have you thought about outsourcing?

Do you want access to a finance function?

Worried about costs?

 

Read on to find out about the benefits of outsourcing your bookkeeping and how you could have an outsourced finance function.

 

First things first, why is bookkeeping so important?

  • The first thing most business owners think about is tax! Regular bookkeeping means you are prepared for tax and will be in a good place to submit your returns on time without incurring fines or penalties.
  • As a business you are required to keep properly maintained records, bookkeeping helps you get organised. Correct bookkeeping is also vital for preparing year end accounts.
  • Regular bookkeeping will ensure you can track progress, helping you focus on business goals and strategy.
  • This in turn will help you budget for the coming weeks, months or year.
  • Regular bookkeeping is a requirement for compliance such as VAT and now with making tax digital for income tax on its way, you will need to be on top of your bookkeeping regardless of whether you are VAT registered or not.

By now you are probably thinking ‘Right, I better get to work with the books!’ But… It may actually be more beneficial to outsource the bookkeeping and even have access to a finance function.

 

Save costs

A lot of business owners feel that by doing their own bookkeeping they are saving costs but in fact they end up spending more. Having an expert means they are better equipped to see where costs could be saved. You might even think of employing a bookkeeper but again, this could be costly, whereas with outsourcing, you only pay for the specific services required.

 

Save time

You have to weigh up the time spent doing the bookkeeping yourself compared to the time you could use on other areas of your business, for example increasing sales and growing your business or even valuable time for you and your family. Finance is a back-office job and can be easily outsourced compared to other functions of the business.

 

Accuracy

As mentioned, when outsourcing you have access to an expert who has the latest knowledge and skills. Five Accounting use specialised tools which most businesses would not have access to. This in turn improves efficiency and provides useful insight helping you grow and be more pro-active such as close monitoring of overdue invoices etc.

 

Tax

Regular bookkeeping will mean you are well prepared to submit tax returns in good time. If your outsourced bookkeeper also does the accounting then the books will be in order, saving you the stress and problems.

 

Outsourced Finance Function

Five Accounting can help you with outsourcing your bookkeeping but also provide access to a finance function:

  • Payroll
  • Weekly or monthly reports on overdue invoices and bills
  • Credit control
  • Monthly or quarterly management accounts providing useful insight
  • Cash flow forecasting – find out how cash flow is affected by decisions such as hiring new staff or investing in advertising
  • Regular meetings to help you stay on track

Contact us to discuss your requirements and find out how we can help.

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