Monday, September 28, 2020

The Importance of Bookkeeping

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Bookkeeping is without a shadow of doubt one of the most important aspects of accounting in a business. A bookkeeper is tasked with compiling all the financial data and turning them into reports that are easy to read when it comes to evaluation or analysis.

With all the changes in the financial sector, it is beneficial to have a bookkeeper, regardless of the type or size of your business. Here are some benefits of hiring an ideal bookkeeper.

Always Compliant with the Law

Bookkeepers know that all your books and accounts need to be up to date with any changes in law and regulations. However, most business owners don’t know this, and most don’t have the time to stay abreast of legal changes. Reputable bookkeepers know how detrimental inaccurate records can be to a business, and that’s why they hold themselves accountable for any work they do. With a bookkeeper, you not only save time but money.

Detailed Record-Keeping

A reputable bookkeeper will always keep your business records up to date. This not only makes monitoring accounts easier, but it is really helpful when you need financial statements or when the business is being audited. The proper detailed recording makes all these processes easier and way cheaper.

Planning Becomes Easier

With detailed reporting and an excellent overview of your accounts, it becomes way easier to plan/predict the future of the business. When you’re confident with the data, you get to solve any problem faster and put yourself in a situation where you can take advantage of opportunities as they arise. With an overview of the profit and loss data on the balance sheet, you know what to do, and the time you have to achieve it. Such plans are also easier because you do not have to worry about miscalculations, thanks to the bookkeeper.

Instant Reporting

Although you need to wait for an accountant to complete their reports and conclude the official financial statement, with proper bookkeeping, you will always have access to an updated  balance sheet when you want to check the current status of your business accounts. You’ll be able to present this data to any interested parties, boosting your confidence in your work as well as the company’s health.

Quicker Financial Analysis

Since bookkeeping is cheaper compared to accounting, it is helpful to keep in mind that detailed and accurate records will help shorten the time an accountant will spend analysing the records and creating financial statements. This not only reduces the cost of accounting but also gives you more time to act on the information you get from the analysis and change your strategies if needed.

Better Tax Prediction

HMRC will ask for an official statement from your company for tax purposes, but with detailed balance sheets, you will be in a better position to predict the outcome. With these records, you are able to keep a keen eye out for trends in your business and be more confident in the amount you’re expected to pay in taxes at the end of the financial year.

With these advantages, it is easier to see just how any business can benefit from hiring a reliable bookkeeper, such as Bould Bookkeeping. Avoid stress and get more time to spend on doing business by hiring one today.

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