Running and growing your business will create a lot of different demands on your time, attention and resources. You have marketing budgets to set, staff to manage, new clients to pitch to, existing ones to look after; the list goes on. It’s easy to see how something like bookkeeping could slip down that list of priorities, but ignored or poorly managed accounts could pose a real threat to the success of your business. In this article we’ll look at why you might want to engage a professional to keep your books.

Freeing up your time

Bookkeeping is a time-consuming task that can take you away from other important responsibilities. By outsourcing your bookkeeping to a professional you can free up your time to focus on growing your business.

It’s not as easy as you might think

Bookkeeping is a complex skill, requiring a thorough understanding of accounting principles. Most business owners will face a steep learning curve if they’re going to do it properly. With all the urgent demands that come with growing your business, you probably don’t want to spend your rare moments of free time learning to be a bookkeeper.  

Confidence in your financial information

Accurate bookkeeping may not be the most exciting aspect of your business, but it’s the foundation that underpins everything else. An understanding of your financial position will inform your business decisions, help you build a strategy to grow your business, and allow you to adjust as conditions change. If you’re unsure of your bookkeeping, you’ll be running your business on guesswork.

Engaging a professional will give you confidence that your financial records are up to date and accurate, ensuring that you have reliable information about your business finances. A good bookkeeper will also draw on their knowledge and experience to offer insights and advice, which all adds up to stronger and better-informed business decisions. 

It’s cost effective

You may think that attempting to keep your own books will save you money, but more often the opposite is true. Accurate information makes for better tax planning, and professional help will often save you more than it costs, as well as insuring you don’t miss any important details or make any costly mistakes.  

Bookkeeping software isn’t enough

Business accounting is, for now at least, too complex to be handed over to an app and while the right bookkeeping software can help it certainly won’t do it all for you. Rely too heavily on even the best software package and you’ll inevitably make mistakes or miss details that could have saved you money.

Usually, the best approach is to use high quality bookkeeping software in conjunction with the knowledge and experience of a professional  

If you have questions or if we can help in any way, please call our expert team on 01296 468483 or email info@orangegenie.com.