Getting your finances organised is an easy step to take - you just need time or someone to help you.
Knowing how your business is actually doing is vital to its success and growth. and keeping your accounts up to date regularly enables you to identify what you can do to improve your cash flow and your bottom line. Once you know that it will enable you to grow your business.
The Christmas and New Year break is a good time to reflect on all that is good and not so good with your business. Business owners have a chance to step back and take time to look at what works, what doesn't and what could be better as well as planning for the coming year. Outsourcing what you don't have time to do, what you don't like doing or what you know someone else can do better and quicker than you is the first step to growing your business.
Of course there will be additional cost but you need to weigh up the value that that cost brings to your business and what it releases you to do.
Give yourself some freedom to work on your business
The value of outsourcing
As a business owner myself I know how many tasks and responsibilities we have just to keep our businesses running and there comes a time when you realise you just can't do everything. It is not always feasible to employ someone as there may not be enough work for them but outsourcing provides you with extra skills you can use when you most need them. I have learned the value of outsourcing.
I have outsourced my IT since I first moved into our office in 2008 because our computers and systems and vital for the work we do. I need to know there is someone I, or any of my team, can call as soon as we have an issue. They keep our network up to date, source new equipment when we needed it, upgrade our hardware instead of replacing it and generally make sure everything runs smoothly. I outsource my IT because it gives me peace of mind.
Outsourcing your accounts or your payroll to us will give you peace of mind. That is what we do for our clients. We give them the freedom to not worry about VAT returns, deadlines, errors or changes in legislation. We have been supporting businesses for over 18 years and some of our clients have been with us from the start. We will work with your business to maintain your accounts accurately and efficiently so that your accountant can produce your statutory accounts or tax return with the minimum of input from you or from them.
We work with businesses across the UK which are just starting out as well as those who have been trading a while but have realised their time is better spent growing their business than keeping their accounts up to date. Your business may be VAT registered or need to become VAT registered and having a bookkeeper take that responsibility from you will give you a sense of relief. Even if you don't need to be VAT registered you will soon need to submit accounts quarterly to HMRC so outsourcing your bookkeeping now will ensure you are ready well in advance of that deadline.
Sorting out the pay for your employees is another finance task that can be easily outsourced. We work with businesses who have between 1 and 50 employees so regularly have to deal with situations which will occur infrequently in your business but may be tricky. Calculating starter and leaver pay, holiday pay, termination awards, statutory payments such as maternity, paternity and sick pay almost every month means that we know exactly what to do and it doesn't cost you any more for us to do those calculations but it would certainly cost you more of your time to do it yourself. There are frequent changes to payroll legislation which we keep up with and advise our employers of.
Running payroll can be straightforward until you find out that you have been doing it wrong or not claiming what you are entitled to. Employees are much more questioning of their pay than they used to be and expect an explanation if their pay is different to what they expect. HMRC too will investigate if an employee has questioned their pay directly with HMRC.
It makes sense to outsource payroll and once you compare the cost to the implications on your time and the cost of software you will see how cost effective it is.
We use Xero accounts software to maintain our clients' accounts records. Our clients can access it if they want to so they can raise and send their sales invoices and chase up any which are outstanding. Most of our clients take responsibility for their sales invoicing whilst we take on the rest of the accounts ensuring we have supporting electronic documents for transactions, especially where VAT is claimed, and recording transactions accurately within the accounts so you can see just how much certain aspects of your business costs.
Regular, accurate management reports enable you to see how the business is doing, where your costs are, and which are your most profitable income streams if you have more than one. Not everyone wants or needs these but if you want to keep track of how your business is doing so you can work on its growth they are important. We regularly provide a debtor list for our clients who send invoices because knowing which customers are late paying is vital for cash flow - you have not made a sale until your customer has paid you.
Save time, reduce your workload AND get peace of mind!
Give us a call if this is your plan for 2022. We have award winning bookkeepers and payroll administrators in our team and our sense of achievement comes from working with you to provide you with efficiency, reliability and friendly support.
Outsourcing is a cost effective solution to free up your time
Give us a call on 01722 341820