TOP 5 SIGNS THAT YOU NEED TO FIND A BOOKKEEPER
Do you ever wonder if it might just be time to find a bookkeeper? Here are 5 top signs that it might be time to take this step – although many times you are in way over your head if they occur.
1. Your banker or business advisor has requested financial statements but your books are not updated. If this happens and you do not have your bookkeeping records in order, you will need to act super fast. The trick will be to find a bookkeeper who can get this information processed fast enough to meet your deadline.
2. You haven't paid your suppliers on time and you are now getting reminder phone calls and/or letters from suppliers looking for payment. Everyone can miss paying an invoice now and then. But if you are consistently paying your suppliers late, you risk losing your credit privileges and your business may be in real trouble if you can’t purchase your supplies or inventory.
3. You don’t know how much money you have coming in and who's paying you. If you can’t keep track of your accounts receivables (trade debtors), you won’t know if customers are paying you late. Unfortunately, some customers may take advantage of this if they know they can get away with paying you late all the time. It can also significantly help your business cash flow if there is a good credit control process and invoices are being paid on time by customers. For those who hire employees, you need to be paid on time in order to pay your staff on time.
4. You’ve hired an employee and need to pay them. Once you’ve crossed the threshold of not being able to run your business on your own, you must find a bookkeeper who can take care of payroll for you. The employee and income tax laws are generally too complex for many small business owners to handle on their own and keep up to date with .
5. You are having problems keeping track of your business and personal expenses. This is a huge red flag. If you are at any point investigated by HMRC and you have not kept careful records, HMRC may disallow certain expenses even if they were genuinely business related. Also, if you tend to lose receipts, you can easily miss out on business expenses that you could be claiming. We have this covered through cloud software so that you can upload receipts on the go, so even if you lose the receipt, it's safe in a secure cloud server.
If you have faced any of the above signs, consider it time to find a bookkeeper.
You can arrange a free consultations with our qualified accounting staff by simply leaving us your details, we can then arrange for a call to go through your business requirements.