Why Hire a Bookkeeping Service?

Bookkeeping is an essential way for businesses and individuals to keep track of their finances. For businesses, bookkeeping is a legal requirement. Having a detailed record of all transactions helps to meet tax obligations and supports decision-making for the future. The advantages are even more significant when using digital bookkeeping software, as this offers real-time access to data and insights into your business’ performance that will enable you to act with confidence.

For individuals, bookkeeping is useful to understand your financial position and keep track of spending. It simplifies managing your finances and calculating your tax obligations, although it is complicated and time-consuming to handle this responsibility yourself.

There are several advantages to using a bookkeeping service rather than trying to do this yourself. The options include a digital accounting system that automates certain aspects of the process, or using an outside accountant to meet your requirements. Here, we’ll explore some of the key benefits that a bookkeeping service can bring, to help you make the best financial decisions possible.

Compliance

Meeting all of your accounting obligations by yourself is difficult, especially when it comes to business tax. Many organisations - especially small businesses - devote significant resources towards bookkeeping, but when staff must do this alongside their other duties, things are easily missed or overlooked. This is compounded for sole traders, who must fulfil many business roles at once without the resources of a business.

In these cases, outsourcing your bookkeeping needs is by far the most suitable solution. Every accountant at Monetta has a full understanding of tax laws and a professional responsibility to stay up-to-date. By using an outside bookkeeping service, you can free yourself from this responsibility and trust in our expertise. With the right accountant on your side, you can be sure to meet your legal requirements for financial reporting.

Cost savings

Another advantage of a bookkeeping service is that it is more cost-effective for businesses than handling these responsibilities in-house. A qualified accountant will be able to carry out bookkeeping responsibilities more efficiently than a member of your staff. This means that you can get results faster and have confidence that they are correct. If not, it is much easier to switch accountants than to retrain a member of staff or hire a new in-house accountant.

Individuals can also save with a bookkeeping service. Experienced accountants have a detailed understanding of tax reliefs and tax-free allowances, and can advise you on the most tax-efficient ways to spend or save your money. This will give you more money in your pocket than if you had done your own bookkeeping.

When an accountant is involved in the day-to-day running of your business, they can also identify opportunities to save on your taxes. They will advise on tax deductions, salary sacrifice, grants or even restructuring your business to save more. Our accountants will notice these opportunities thanks to their experience and can help you to make significant savings.

Convenience

Finally, handing the responsibility for your financial reporting over to an accountant means carrying less of the responsibility yourself. With an accountant you trust, you will not need to carefully oversee each aspect of the bookkeeping process, and can focus on the things that are more important to you.

Our professional accountants have a lot of experience with digital bookkeeping systems and can use these to your benefit. From a business perspective this is crucial, as almost all end-of-year accounts and tax returns must now be filed electronically. Digital bookkeeping software makes this easy and, provided the details are correct, it can be carried out by an expert accountant with minimal fuss. By working with a bookkeeping service you can enjoy the advantages of these systems without needing to learn how to use them yourself.

Contact Us 

To learn more about how we can help with your bookkeeping needs, call your local Monetta office or complete our enquiry form.

Visit our team page to find out more about our expert advisers. Every situation is different, and the only way to learn how Monetta can help you to fulfil your bookkeeping needs is to speak to one of our advisors today.