‘Why hire a Bookkeeper and what does it cost? 5 Great Reasons why you should with 4 different business examples showing you what it costs’

REASONS WHY:

Focus your attention on what you do best & have good work life balance
Sub-contracting bookkeeping means you can focus on your business and customers and have time left over for yourself, friends, family and other interests. Most people don’t have a finance background so delegating will mean your finances are managed efficiently with fewer errors. Good for credit records and HMRC rules compliance.

Get a different perspective on the business.
Having a bookkeeper offers another perspective on your business, sometimes helpful when considering the best way forward and often helpful in avoiding unnecessary costs. Online software will put your financials in order and give business insights such as where is cashflow going and performance versus costs. It’s a great way to see the ‘bigger picture’.

Stay passionate about your business & escape tedium
Is keeping your financial records in perfect order your No 1 priority? Probably not, but it makes good sense for a bookkeeper to do this, so you spend your time on the stuff that make your business stronger. It’s a lot more fun (and productive), spending time developing your business and meeting the people who can help you, not getting weighed down inputting expenses right.

Keep the Taxman off your Back
Nobody needs the taxman after them for late or incorrect tax filings and your bookkeeper will ensure these are submitted correctly and on time. HCA and their Bookkeeping services can handle all taxes, payroll if required and other business finance issues. With a bookkeeper working for you, always be on top of your tax issues. Defending against a tax investigation can be very stressful and expensive.

Reduce conflict and the cost of Financial obligation – In businesses with more than a single partner, issues may arise concerning expenditure control. A bookkeeper can help, by managing the process, to ensure the partnership’s agreed approach is followed.
Although there are costs to hiring a bookkeeper, most businesses find a professional bookkeeper actually saves money. How? Through reducing the risk of human error because of specialist knowledge, ensuring account payments are made on time and any discounts received, ensuring tax reporting and payment obligations are met and accounts receivables are monitored and payment delays minimised.

AND WHAT IT COSTS?

Every business can have very different requirements in relation to bookkeeping and it is not necessarily dependant on size or turnover. To help, we give 4 Examples of very different businesses will give you an idea of where your business might fit into the Spectrum. Our incredible HCA Spring Bookkeeping offer starts from just £40 per month with free online software.

Business 1 – Marilyn – Office Caterer a sole trader and has just left her PAYE job and is going it alone. She has no employees and is not VAT registered. She invoices a handful of clients each week, goes to the wholesaler several times a week, fills her van once a week and pays rent on a small storage container. Monthly fees between £30 – £85

Business 2 – Sarah – Online Marketing Agency is a Limited Company and has been running her marketing business for 11 years, she pays 3 permanent staff on PAYE and has another 4 that she uses on an ad-hoc basis for bigger campaigns who are self-employed. She is VAT registered. She invoices clients twice a month, pays staff monthly, who all contribute to Auto Enrolment Pensions, has an average of 40 supplier invoices and 100 bank transactions a month. Monthly fees between £145 – £637

Business 3 – Pete IT Consultant is a 7 year old Limited Company which sells an on-line product that his clients pay for monthly via PayPal. He has no employees but is VAT registered and has to deal with VAT MOSS, due to having clients outside of the UK. He generates 150 monthly invoices, has maybe 15 monthly supplier invoices and around 30 bank transactions per month and 160 PayPal transactions per month. He has Director payroll but has opted out of Auto enrolment. Monthly fees between £175 – £610

Business 4 – Edith the Florist is a Limited Company and runs a florist on the high street. She has 2 part-time employees and a Saturday girl and is VAT registered. Her takings are by cash or merchant card. She pays her staff weekly, has an average of 70 supplier invoices and 150 bank transactions a month. Monthly fees between £253 – £838

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