Nobody goes into business because they enjoy keeping the books.
One solution is to outsource that function to your accountant (if they provide that service – not all do).
So what’s the pros?
1. Greater accuracy of the records than if you do a DIY job.
2. Maintained up to date.
3. Possible to quickly obtain a monthly/quarterly P & L and Balance Sheet.
4. Outsourcing bookkeeping to your accountant should mean end of year statutory accounts preparation costs less.
5. Access to the best use of current technology.
6. You will stay up to date on the latest regulations.
7. You can pick and choose which services you wish to keep inhouse e.g. you may wish to continue raising sales invoices.
8. It can save money and reduce costs. If you are quiet you can scale down the requirement and not have to pay a salary as you would an employee.
9. Frees you and your team up to generate income.
And the cons?
1. Risk of choosing the wrong firm. Make sure you ask for references.
2. Make sure there are no hidden add-on costs.
3. Limited communication. Make sure you have a fixed point of contact who you have access to at any time.
If you would like a chat to discuss how C.I.K. Accounting Solutions can help please get in touch.