If your business is not already using a Bookkeeper, you may actually be damaging it ! There are many reasons to use a Bookkeeper, some of which are detailed below.
REDUCE THE RISK OF YOUR BUSINESS FAILING
Unfortunately, it is a fact that half of South African businesses that fail do so due to poor bookkeeping.
Many small business owners do not have either the time or skills to undertake bookkeeping activities such as data entry, financial reporting and conforming to tax legislation.
Often bookkeeping is incorrectly viewed as an unnecessary expense, but without accurate information relating to its financial position, a business is likely to fail due to poor cashflow management or not having the information required for financial planning.
MAKE BETTER INFORMED BUSINESS DECISIONS
The importance of keeping accurate and up-to-date financial records cannot be over-stated.
As well as keeping your books up-to-date, a Bookkeeper will provide you with information that you can use to monitor the financial position of your business.
Bookkeepers will assist in calculating the VAT due and preparing the required reports, as well as managing your payroll and the associated obligations.
Cash flow is a symptom of other problems in a business and a Bookkeeper can provide the answers so that you will have more control of your business.
Budgeting enables a business to forecast its cash needs and to help control its expenditure. Good bookkeeping provides businesses with solid financial information with which to prepare budgets.
MAKE BETTER USE OF YOUR TIME
Books that are inaccurate do not help you to manage your business, and time spent by you on bookkeeping does not help you interface with your customers and suppliers, something that you would get more benefit from.
YOU WILL NOT LOSE CONTROL OF YOUR COMPANY’S FINANCES
There is a common misconception that a business owner will lose control if they outsource their bookkeeping.
Ideally, a Bookkeeper should only take control of the process of tracking transactions such as sales, accounts payable and balancing the books, with only the business owner making the financial management decisions.
We believe that, as providers of high quality bookkeeping services, Assured Bookkeeping will have an extremely positive impact on your business. Do you agree? If so, give us a call today on 033 345 7077.