Why should I outsource my accounts?
‘I can do my own accounts. I don’t want anyone else taking control of my accounts. I can’t afford a bookkeeper.’
These are all things I have heard people say when I have suggested they outsource their accounting needs.
And, I understand that you may be dubious reading a blog post about outsourcing your accounts on a bookkeeper’s website but hear me out. Unless you are an accountant, you didn’t start a business to spend your weekends filing receipts. Be honest. Sunday night spreadsheets are not something you relish. So, why do it when someone else can do it for you?
There are plenty of reasons why you don’t want to outsource your accounts, but I can assure you that the pros definitely outweigh the cons.
The Gift of Time
We all know the phrase ‘there are just not enough hours in a day’. Hiring a bookkeeper might be the closest solution to adding extra time to your working day. How long do you spend on your accounts per week? What could you be doing with that time instead? You run a business. You provide a service or sell a product, and your time should be focused on growing your client base or improving the services you provide. That’s why you set up the business in the first place, isn’t it? Think about all the things you could be doing if you let somebody else take control of the accounts. It doesn’t even have to business-related. You could have more time for exercise, socialising, playing with the kids. It doesn’t matter what you do with those extra hours, it will be beneficial to both you and your business.
Bookkeeping mistakes are common. The consequences of these mistakes can be damaging to businesses. No business owner wants to find themselves under investigation by HMRC through an error in the accounts. Bookkeepers know where to code expenses and can stop you from under-claiming or over-claiming VAT. They are aware that these mistakes can cost and will ensure these miscalculations are avoided.
Trust the Experts
We are all experts, just in different fields. You would only trust a surgeon to carry out an operation, so you should trust a bookkeeper to focus on your accounts. As specialists, they continue learning their craft. They have up-to-date knowledge of accountancy software, changes in law and HMRC procedures. They do the research, so you don’t have to. They can also introduce you to cloud accountancy software which will modernise and simplify your procedures.
By using a bookkeeper, you are not having to juggle your calendar to make sure your financial deadlines are met. If you are sick or want to go on holiday, your accounts will still be done. You won’t have to find the time to do them whilst you are away. As a business owner, your calendar is probably pretty busy anyway. Taking away the worry of these deadlines would be a massive help.
Business accounts need to be accurate. They help you monitor the performance of your business and help you effectively plan for the future.
But, when will you plan when you are using your valuable time focusing on your accounts rather than building and growing your business? The money you spend on outsourcing your accounts leaves you the time to make more money therefore actually saving you money in the long term.
If you want more time focusing on what you love doing, and you are looking for someone efficient, accurate and knowledgeable, please get in touch. I am a certified ICB bookkeeper and am partnered with Xero, Quickbooks and FreeAgent and can offer discounts and training. I would love to help you find more time and grow your business.