Bookkeeping: the engine room at the heart of your business
Michael Lansdell discusses how you can keep your business running smoothly.
Whether you’re back in the office, working remotely or using a hybrid system, there is no better time to look at the processes that keep your business running smoothly.
As you may have discovered with the challenges of the past year, when it comes to the ability to absorb internal or external shocks while remaining in profit and providing an exceptional level of service, the devil is in the detail. In other words, the little things really do matter.
Good bookkeeping, for example, is the engine room of every successful business. When your bookkeeping is accurate, you will be able to plan ahead and make positive decisions. A true, complete picture of every single thing that comes in and goes out will allow you to assess your performance, too. It’s about keeping track of what’s happening in the present, to support a more successful future.
Meticulous bookkeeping provides a warts-and-all account: even if you are constantly busy, with all members of the team working at full capacity, this only represents part of the story. You need to factor in sales, purchases, assets and liabilities to get the rest of it. Only then will you have all the information you need, which will flag up what to change.
What are you missing?
Are you paying too much for your utilities? Is a certain part of the business simply not profitable? Would recruiting more staff actually bring in more money in the longer-term? Or perhaps you can afford to update equipment, in order to make things run more smoothly? And what about tax liabilities – have they been calculated correctly? There is so much detail available from well-kept, easily to interpret and accessible books. When your bookkeeping is in disarray, you might get an unwelcome surprise and quite honestly, who needs any more of those?
Outsourcing your bookkeeping could be a wise decision. An objective expert will be able to keep you in financial health, and identify opportunities that might present themselves if you reassess. A good accountant will also be able to point out where you might face challenges if the going gets tough again. With their support, you can boost profitability and bring overheads down.
When you outsource your bookkeeping, that investment will buy precious time that you can spend on development and growth – and ensuring that your hardworking and valued team is happy too! Here at Figurit, accurate bookkeeping is a service that we can provide, to help you optimise your profits, maintain efficiency and keep standards high. We also use cloud-based software to keep data secure and at your fingertips, so it’s easier to share and analyse.
For better bookkeeping, give Figurit a call on 020 7376 933. You could be amazed at just how much of an impact outsourcing will have.