What can a bookkeeper do for your business?

Vania Wang • October 8, 2020

What can a bookkeeper do for your business?

Bookkeeping is to a business what an operating system is to a computer. It is the very language of business. And that makes your bookkeeper an important part of your business. From keeping your tax-ready and chasing payments to processing payroll and stocktaking, a bookkeeper can do a lot of things for your business.

In this blog, we take a look at all that your bookkeeper can do for your business.

Manage Daily Accounts

A bookkeeper keeps up with your organisation’s accounts on a daily basis. By recording every purchase and sale as it happens, your bookkeeper helps you keep a keen eye on the cash flow. What’s more, this also saves a lot of time on data entry.

Stay Organised

A bookkeeper can ensure your business records are accurately recorded and up-to-date. Moreover, it will be his job to flag any inaccuracies between the business accounts and the books, ensuring any issues can be resolved quickly.

Be Tax-Ready

Tax deadlines are very strict, and any lapse could result in a hefty penalty. Doing the books is the last thing that comes to mind for small business owners, so deadlines could easily slip your mind. A bookkeeper will ensure your records are accurate and you are ready when it’s time to file your returns, keeping the taxman happy and preventing any penalty.

Adhere to the Law

Tax is a sensitive area. One small error could result in a letter from the HRMC. That’s where a seasoned bookkeeper can help; he can ensure your business complies with the relevant laws.

Process Payroll

A bookkeeper can even help with payroll processing for your small business. This could include processing paychecks and tax payments to your employees.

Manage Accounts Receivable

Your bookkeeper will be responsible for preparing invoices and sending them out to your customers so the payments are received on time. He will also manage the accounts receivable ledger while also tracking late payments to ensure your records are up to date and accurate at all times.

Manage Accounts Payable

A bookkeeper is the one who makes payments on the behalf of your business. This includes payment of petty cash, supplier invoices and any expenses.

Track Cash Flow

This is one of the most important tasks performed by bookkeepers, ensuring your business does not run out of cash for daily operations. Your bookkeeper does this by tracking your revenue vis a vis your expenses whilst also offering advice when your business needs more cash.

Stocktaking

Bookkeepers often generate inventory reports for small businesses by counting the stock items. They will report any discrepancies to you to ensure you can resolve the issue immediately.

Stocktaking is often carried out at the end of the financial year with the figures reported in statements like Profit and Loss.

Need Help with Bookkeeping?

THN & Samios Partners has a team of experienced bookkeepers who can help ensure your business operates smoothly. Contact us today

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