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Chartered Accountants Providing Bookkeeping in Marlow & Slough

Businesses of all shapes and sizes need to ensure they’re handling their bookkeeping correctly. Some businesses around Marlow and Slough choose to handle it in-house, while others bring in dedicated bookkeepers or chartered accountants who offer bookkeeping as a service, like Higgins Day. There are many reasons why this makes sense, and in this blog post we’ve looked to explain them through answering two common questions – “what does a bookkeeper do and should I outsource my bookkeeping?”

 

What Does a Bookkeeper do?

 

The most basic and essential aspect of bookkeeping, a subdivision of accounting, involves recording / managing financial data. However, this is just the tip of the iceberg. For example, many Slough and Marlow businesses task our chartered accountants with the preparation of finance reports. Here we use the aforementioned data to formulate accurate and insightful predictions of quarterly or annual earnings. These reports can help you improve margins, attract investors and get a better understanding of how your business is performing.

 

Our team of bookkeeping experts can also assist in matters of taxation, ensuring you minimise your liabilities while staying compliant with all current and future regulation enforced by HMRC. While some SMEs around Marlow and Slough merely want us to keep records of what’s coming in and what’s going out, it’d be naïve to think of this as the be all and end all of professional bookkeeping.

 

Some clients, for example, look to completely outsource all the time-consuming and often perplexing financial aspects of their business. They have us reconcile turnover, profit, expenditure, taxation and even payroll administration – so everything adds up and the appropriate records are kept of all transactions, great and small. This all-inclusive and complete accountancy solution frees up a significant amount of time and resource for Marlow and Slough businesses which need to focus on the day-to-day running of their company, from making sales pitches to training new employees.

 

Other aspects of bookkeeping include:

  • Calculating interest
  • Manging repayments
  • Creating and updating a journal of asset depreciation
  • Earmarking money for corporation tax
  • Writing invoices
  • Chasing unpaid debts
  • Keeping an eye on purchase orders
  • Drawing up reports on debtors/creditors
  • Cashing cheques from clients and partners
  • Paying suppliers/creditors (including HMRC)

 

Should I Outsource My Bookkeeping?

 

As you can see from the above, proper bookkeeping can take-up a massive amount of time. In fact, if you’re looking to handle it all in-house, most Marlow and Slough companies will need to recruit a dedicated member of staff to take on the full range of responsibilities. But paying the salary of a bookkeeper can be expensive, even if they’re only with you on a part time basis. It can be much, much more affordable to have our chartered accountants to handle it all for you. This cost-saving approach runs deeper, as our accountants can identify areas in which you can save money, for example by minimising the amount you pay in tax and identifying areas in which there is unnecessary expenditure.

 

Then there’s the time aspect. There are many bosses around Marlow and Slough who have undergone bookkeeping training and are doing a fine job themselves, but the sheer amount of time they’re putting into keeping records and all of the other jobs mentioned above, means they’re unable to get fully involved in other areas of their business. In extreme cases, this can hamper a business and make it difficult for it to reach the next stage of growth. When you have an experienced team of chartered accountants take over, you’ll be able to allocate your time in a way more conducive to your business’s development.

 

Finally, there’s the expertise factor. It’s easy for an amateur, or someone relatively new to bookkeeping, to make mistakes. There’s huge amount of data they’re expected to keep track of, and many pitfalls / red tape areas which can, in worst case scenarios, threaten a business’s survival. With dedicated chartered accountants, you can rest assured that all data and logs of said data will be 100% accurate. On top of this, whenever you have a query or need advice on your finance, all you have to do is pick up the phone and get an answer!

 

Sound like your business could make use of our chartered accountants in Maidenhead?

Give us a call today on 01628 778 733.

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