Business Receipts - GM Bookkeeping

Why Outsource Bookkeeping?

Running a business can be a full time job; many owners have the mentality that because it is their business they can or must do everything themselves, even if it is hard to find the spare time to complete everything. It can be especially difficult justifying hiring help from a bookkeeper. However, those that hire help usually discover that they weren't doing as well as they thought they were when it comes to maintaining the paperwork and finances.

One thing that can be common amongst businesses, especially small businesses or the self employed, is a lack of accounting knowledge or committment in getting involved with the paperwork. However, without having control of the finances, the business is running blind. Not knowing what profit has been made, which customers owe money and what money is owed to suppliers..

If dealing with paperwork is not your strongpoint, then don't let it stop you from running a successful business. Concentrate on what you are good at and outsource your bookkeeping to GM Bookkeeping

Benefits of Outsourcing?

Some businesses will employ a bookkeeper to work in house, meaning that the bookkeeper is an employee and works as instructed by the business. However, the business will incur costs relating to having a member of staff. For many small businesses and the self employed, employing a bookkeeper may not seem feasible. Therefore, to solve your paperwork worries you should outsource your bookkeeping, providing the following benefits:

- No Employers NI to pay
- No need to pay sick pay / holiday pay when bookkeeper is absent
- No redundancy pay
-
Save on Employers Liability Insurance
- Bookkeeper works when required, so no lost hours.
- Bookkeeping costs are 100% tax deductable
- Free up your own time
- Relieve yourself from the paperwork burden
- Save accountancy fees
- Monitor cashflow and help avoid paying debts late and incurring fines

Bookkeeper or Accountant?

Both! A bookkeeper is necessary for day-to-day management of your paperwork. Recording the financial transactions, filing invoices, monitoring debtors (money owed to the business) and controlling supplier payments. The bookkeeper is responsible for tracking the business income and expenses and recording them correctly.

The accountant, who you may only visit once or twice a year, will use the books that have been prepared by the bookkeeper to prepare the end of year financial accounts and file the relevant tax return. An accountant can provide valuable guidance when it comes to making business decisions especially when it impacts on your tax liability. However, hourly rates charged by an accountant can be significantly more than a bookkeeper, so it would make good business sense to outsource your bookkeeping to a bookkeeper to keep accountancy fees to a minimum.

Accountants looking to Outsource Bookkeeping

Many accountancy practices, like other businesses, are keen to keep their employment costs within their business to a minumum. This sometimes leads to the accountant doing the work themselves, even though they may be over qualified. Accountants can therefore outsource some of their jobs to external bookkeepers.

If you are a local accountancy firm in Ellesmere Port, Wirral or Chester and would like to outsource bookkeeping then please contact GM Bookkeeping. With many years experience as an accounts assistant, GM Bookkeeping can be hired to work behind the scenes on your client's papers; your clients don't have to know that the work has been outsourced.

 

Why contact me?

* Free initial consultation

* Friendly approachable service

* Informal but professional

* Fixed or hourly fees

* Saves you time & worry

* Available out of hours

Contact GM Bookkeeping - Call 07540 786 879, email info@gmbookkeeping.co.uk Email GM Bookkeeping