Embrace Bookkeeping and Enjoy the Benefits

As we explained in our previous blog post, there are many important differences between bookkeeping and accounting, despite the fact that they are often confused.

Whereas most companies understand the benefits of accounting, many don't understand the benefits of good bookkeeping, whether it is done in-house or outsourced to a specialist bookkeeper.

So why should you embrace bookkeeping? Here are some of the main reasons.

1. Avoid The End-of-Year Rush

When you take your bookkeeping seriously, you can keep on top of your books to save rushing at the end of the year.

There is nothing worse than getting to the end of the tax year and finding that nothing is in order. But when you keep track of your finances, you can avoid wasting time and energy on gathering together all of your financial details.

2. Keep On Track

Effective bookkeeping allows you to keep on track with your spending and income. You can often manage your customer and supplier accounts better when you see them on paper, and you can also create a more accurate budget.

Good bookkeeping can also help you to avoid making mistakes like paying your invoices late, which can have serious consequences for your business.

3. Save on Accountancy Fees

An extra benefit of good bookkeeping is that you could save money on your end-of-year tax return. Many businesses decide to use the services of an experienced accountant, like our accountants at Keith Graham, to prepare their tax returns, and this has many benefits in itself. But if you keep on top of your bookkeeping throughout the year, another benefit is that you can save money.

Good bookkeeping means that everything is in order and there is less paperwork for us to sift through. This means we can get your tax return filed quicker, and this can often cost you less money as a result.

4. Make Better Business Decisions

Another advantage of correct bookkeeping is that you can use your records to make better decisions. Efficient bookkeeping allows you to identify opportunities and cut spending where it is to your advantage. Making good decisions to improve your business is one of the biggest benefits of bookkeeping.

5. Get More Time to Focus on Your Business

If you decide to outsource your bookkeeping, you will also free up more time to put into other areas of your business. Bookkeeping can prove to be a distraction for you with everything else that is going on, and you may want to focus more on the big picture.

In addition, you will get access to an expert – or team of experts – with all of their combined skills and knowledge without having to pay for a permanent employee. They will also have access to the best bookkeeping systems that you may not have in your own business.

Need Some Help with Your Bookkeeping?

Bookkeeping has many benefits, whether you do it in-house or hire a specialist. Many companies in Surrey and Hampshire choose to use our dedicated bookkeeping service alongside our accounting service, but you may prefer to do it in-house.

Whether you decide to outsource it or not, make sure you keep on top of your bookkeeping and enjoy all of the benefits that it brings for your business.