Bookkeeping your SME may seem like an easy task. Bookkeepers play a crucial role when it comes to bookkeeping your SME. Bookkeeping can be done in many ways such as collecting, organising and taking note of invoices. If you are a small to medium enterprise this guide will help you with why you need bookkeeping.
How a bookkeeper can help my SME
There are certain benefits that bookkeepers can give to small to medium enterprises. These include:
- Easily prove your income and expenses in the event of a tax audit.
- Pay the correct amount of tax.
- Free up valuable time and resources.
- Reduce fees for professional tax advisers.
At Carrington Blake Accountancy, you can increase your cash flow and profitability up to 60% just by outsourcing your bookkeeping.
Bookkeeping helps focus on a certain area
It is important that the company hire the right people when it comes to bookkeeping. This is because hiring people with experience in bookkeeping can help the business. For example, if you hire someone who has sales experience it won’t match with the marketing department. A professional bookkeeper can also help the SME with their work-life balance. You don’t have to worry about a thing when you have a bookkeeper for SME.
Accurate financial information
The purpose of bookkeeping is all about recording and creating financial documents of what the businesses financial years look like. These are really important because it is needed for tax and legal purposes. You can also use these documents to see how well your business is doing.
Some bookkeepers use tools like Excel and some still use ledger books. Although there is new software called QuickBooks which is fast, efficient and safe to use. They may have their own preferred software.
Prepare your tax
Taxes are just as strict as legal laws and requirements. It changes frequently, that’s why you have to keep an eye out. Having a bookkeeper for SME can help you manage your records accurately and avoid paying additional fees. The professional bookkeepers will simplify your taxing process and will prepare everything before the deadline.
Tracking income and expenses
Every business should track their expense and income so they know the financial figures. This will help the business have a rough idea of which product or service generate the most income. At the end of the year, you can use this information to understand what went well and what didn’t go well throughout the year.
Why you need bookkeeping for SMEs?
A successful business will need bookkeeping services to know the cost of sales and fixed costs. Bookkeeping can help you stay organised while you track your incoming and outgoing expenses. This can help the business measure profitability accurately.
Without professional bookkeeping, your accounts will not be accurate. This means that your accountant won’t have an idea of what your businesses finances look like and you can’t make strategic business decisions for the future.
How we can help
Did you know bookkeeping is part of the basic accountancy package? You can get 20% off with the basic accountancy package. Click here to find out more.
Bookkeeping your SME can seem very daunting, especially if you are doing it for the first time. However, we’re here to help give you the highest quality services possible. At Carrington Blake Accountancy, we pride ourselves on our quick and worry-free accounting services. We aim to take care of your bookkeeping so that you can focus on your business. If you’d like to learn more about our services, contact us or email us at email@example.com