Producing invoices, chasing payments, getting you ready for tax deadlines and processing payroll. These are just some of the things bookkeepers do for small businesses.
DAY TO DAY MANAGEMENT OF ACCOUNTS
A bookkeeper can stay on top of your business’ accounts daily for all transactions. By keeping track of every sale or purchase and using software to do it all, it’s much easier for them to keep an eye on your cash flow.
MAINTAIN UP-TO-DATE AND ACCURATE RECORDS
A bookkeeper will make sure that all of your business records are up-to-date. Plus, it’ll be their job to flag up any inconsistencies between the books and your business accounts, making sure you resolve problems quickly.
KEEP BUSINESSES ALIGNED WITH LAWS
Tax can be a sensitive area. One mistake and a dreaded letter from HMRC can soon be on your way. That’s where bookkeepers come in, as they can help make sure your business stays aligned with the relevant laws.
KEEP YOU PREPARED FOR TAX
Like the laws and regulations, tax deadlines are quite strict as well. Doing the books is usually never the priority for many small businesses, so deadlines can slip under the radar. To keep the taxman happy and stop you from paying any additional fines, a bookkeeper will make sure your records are accurate, so you’re always prepared for tax.
MANAGE BANK FEEDS
At a basic level, bookkeepers manage transactions brought in through software, like an app. Bank feeds, that link the software with your business bank account, allow you to see each transaction in real-time.
HANDLE ACCOUNTS PAYABLE
It’s usually bookkeepers who make payments on behalf of your small business. This can include anything from payment of supplier invoices, petty cash and expenses.
PREPARE FINANCIAL STATEMENTS
Bookkeepers will also be responsible for preparing some significant financial statements for small businesses. These can include a profit and loss statement, balance sheet and cash flow statements.