The introduction of online accounting software has made keeping your accounts so much easier. Sage has never been easy to use, although as bookkeepers we like many aspects of it, but as its on your computer in the office you can only do your accounts when you are at your desk. The new online accounting softwares such as Xero or Kashflow or Free Agent are user friendly and mean anyone can do their accounts anywhere anytime. It means more business owners take an interest in their accounts because they can see what is happening.
But as a business owner do you really want to spend your time doing your accounts or would you rather be doing or selling what your business is about? Accountants would have you believe that you can do it all yourself and you don't need a bookkeeper but at what price? Unless your real interest is figures and paperwork your accounts will not be your priority. So many business owners find it difficult to find time to do their invoicing let alone record all their costs, reconcile their bank account, do their VAT return and review and undertand their management accounts. Add to that chasing up customer payments, making payments to your suppliers and ensuring you are claiming only what HMRC allows or all that HMRC allows.
Accountants may think you don't need a bookkeeper but will they take care of all this for you? Accountants have valuable skills, knowledge and experience but so do bookkeepers. Each have different but complimentary skills. We need each other and business owners need both. A bookkeeper will not, or should not, give you tax advice because they are not qualified to do so but an accountant is. An accountant will not manage your cashflow or make payments to your suppliers, remind you which customers haven't paid you or tell you that you forgot to pay your PAYE last month.
There is a place for both professionals in your business. You may think the cost is too much for your business but what time will it release for you to make more money? We work with a lot of different types of business and the business owners value the support we can give them - from being able to access their bank account when they can't because they have had their access key stolen to having someone to explain paperwork they don't understand. And if we can't help we usually know someone who can!
So if you are just too busy to want to do all your accounts yourself, want to find out more about using Xero for your accounts give us a call. We can do your payroll too!