Obviously there's the technical element of what you do or produce, but you also need to get to grips with sales and marketing, leadership and management, pricing, buying, stock control and so on.
As the saying goes, you can only manage what you can measure. So to stand any chance of controlling your business you simply must have accurate and timely management information available to you. And this means that you have to keep on top of the bookkeeping. Without accurate and up to date bookkeeping you will quickly lose control of any business. It's like trying to fly a plane at night without instruments; not for the faint hearted.
And from April 2010 there's yet another reason to keep on top of the books. HMRC is now able to visit businesses with minimal notice and inspect the business records. If they are found wanting then HMRC has the power to launch an enquiry and issue assessments for deemed lost revenue, as well as to levy fines for the offence of failing to keep proper accounting records. If you trade as a limited company then the requirements are even tougher, as there's an additional offence of failing to keep proper accounting records under the Companies Act.
Some people are happy to undertake the bookkeeping task themselves, sometimes using their evenings to write up the books. Some will take time out of the working day to do the same. Larger businesses might consider hiring a dedicated bookkeeper. And some will simply bury their
heads in the sand and hope for the best '“ a risky strategy at any time,
but practically suicidal in times of recession, when every decision counts.
There is another way. At Dufton Kellner, we'll be delighted to relieve you of the burden of bookkeeping. Let us take this task from you and use our team of dedicated professionals to perform the bookkeeping function on your behalf. Here are some of the benefits you'll enjoy:-
- Accurate and up to date management information derived from an accurate and up to date bookkeeping system.
- Know whether you are making profits or losses instantly, and be able to drill down into the sales and costs to find out why '“ before it's too late.
- If you're profitable, you'll know early and will be able to plan to reduce your year-end tax bill.
- If, on the other hand, you slip into a loss-making situation, you'll know as soon as possible and will be able to take the necessary action to stem the losses.
- Always know who owes you money, who you owe money to and your current and predicted bank balances.
- Rest assured that your records will be fully compliant with the Companies Act and HMRC guidelines.
- If we undertake your bookkeeping, then any HMRC inspection will be at our offices rather than your place of business.
- Regain your evenings!
- Or if you are taking time out from your working day to write up the books, you'll regain that time and will be able to use it on more profitable work for your business.
- Avoid the need to hire an additional employee to write up the books, saving hassle and cost, and avoiding the need for holiday and sickness cover.
- Above all, regain the peace of mind that comes from always knowing how your business is performing.