The average small business owner spends approximately 15 hours a week completing financial admin tasks. If bookkeeping tasks are becoming overwhelming and time-consuming for you, then this article will help you take the next steps in finding a bookkeeper for your business. We’ll explain the duties of a bookkeeper, what to look for when hiring one, and how they can assist your business.
Read on to learn more about outsourced bookkeeping and its various benefits.
The key duties of a bookkeeper
It is important to note that not all bookkeepers offer the same level of support and service. Here are some of the main tasks a bookkeeper completes:
- Day to day management of accounts
- Maintaining financial records
- Keeping your business prepared for tax time
- Managing accounts payable
- Preparing financial statements and sending invoices
- Dealing with foreign currency transactions
- Monitoring cash flow
- Organising financial records with appropriate software and technology
- Preparing the books for your accountant
Beyond this, it is also your bookkeeper’s responsibility to ensure that all tasks are prepared to a high standard and are compliant with relevant laws and procedures. This includes according documents in preparation for HMRC and filing your VAT returns on time. This in itself is one of the benefits of outsourcing your bookkeeping as you can ensure that your books are compliant, thereby avoiding expensive non-compliance fees.
What to look for in a bookkeeper
A great bookkeeper should be active, live, embedded and engaged with your company. At bluepath, we understand that it all starts with the numbers and can provide insights to improve your business performance. We don’t just complete the tasks above then leave you to interpret your businesses financial situation. We’ll provide valuable insight, showing you ways to improve your business and strengthen the bottom line.
Integrated services – payroll, HR and more
Modern-day bookkeeping isn’t just about accurate financial record-keeping. A great bookkeeper will become an integral part of your business, assisting and advising on other areas such as payroll, HR and business operations. Not only will they free up your time, but they’ll help you to become more efficient and profitable.
Payroll is one of the key areas of finance that integrates with bookkeeping. It involves paying your staff accurately, on time and according to relevant laws. Efficient payroll systems are linked to higher employee satisfaction rates, and as payroll involves people, it logically links to HR. To learn about the differences and connections between payroll, HR and bookkeeping, read our recent blog post: What is the difference between payroll, HR and bookkeeping?
I already have an accountant. Do I need a bookkeeper too
While bookkeepers and accountants both work in financial reporting and operations, their roles are different, and businesses must typically invest in both. Specifically, a bookkeeper’s role is to keep track of daily transactions, manage accounts receivable and payable, monitor cash flow and prepare the books for the accountant. Meanwhile, an accountant is more focused on legal and tax issues. Bookkeepers and accountants work in conjunction to ensure your accounts and finances are in order.
Connect with bluepath
If you’re looking for an expert team to assist with your bookkeeping or be your outsourced finance department, get in touch with our team today.
Contact bluepath on 0208 866 1608 or leave us a message.
Sources:
https://www.accountancyage.com/2020/01/16/micro-businesses-spend-15-hours-a-day-on-financial-admin/
