As soon as you start a business, you have to deal with numbers. Every business, no matter how small, must keep a record of its every transaction. That includes sales, expenses, salary payments – in fact every movement of money into and out of your business.
Although it's possible to do this yourself, most entrepreneurs aren't trained in bookkeeping. So it's common for businesses to outsource this everyday work.
In this guide we'll explain why hiring a bookkeeper is a great idea, or even an essential part of doing business. Then we'll look at how you can hire the right bookkeeper for your business.
If you're just starting out in business, you might think you don't need someone to look after the books. Perhaps you feel that it's enough to let your accountant sort out the numbers once a quarter or once a year. But there are good reasons for hiring a bookkeeper. Here are three of them:
Hiring a bookkeeper is like hiring any other professional. First you need to understand your own requirements. Only then can you identify people who will suit the role. Here are some questions to think about:
Every business needs a bookkeeper. A good one will take care of the day-to-day accounting work and keep your business on track financially.
There are plenty of bookkeeping services available. These tips will help you narrow down your choices.
Bookkeepers create order out of chaos. They take all the numbers, receipts, bills and other accounts data that flows through your business. They funnel it all into your accounting software – into the right reports and the right account.
They turn all this data into meaningful financial information. It will all be in the correct place, properly filed and organised. This can be used to give you an immediate view of the health of your business.
A good bookkeeping partner will be with you every step of the way as your business grows. So it pays to take your time and make sure you hire the right one.
Use our digital systems to keep track of your receipts. This article is to help new business owners to understand the types of expenditure they can recover through their limited company. Please consider that where we refer to legislation this is subject to change.
The Chancellor of the Exchequer has delivered his Autumn Statement 2023 to Parliament
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