10 good reasons to use professional bookkeeping services

Modern cloud accounting software has made it much easier to keep on top of your bookkeeping. So much so that many businesses feel they no longer need professional bookkeeping services. In most cases, this is a mistake. Indeed, many businesses that stop using professional bookkeepers very soon hire them again!

In this post, we look at 10 compelling reasons for your business to use professional bookkeeping services.

1. Professional bookkeeping services are accurate

Professional bookkeepers undergo rigorous training, so they really do know what they’re doing. They work on your books with care and precision, ensuring your financial data is accurate and up to date. This can help you avoid costly mistakes and ensure you comply with HMRC requirements.

2. A professional bookkeeper saves you time

If you don’t have your own in-house bookkeeping or accounting department, you have two main options. First, you either do your books yourself or get non-specialist colleagues to do them. Second, you hire a professional bookkeeper. If you do the latter, it means you free up time for you or your colleagues to concentrate on what they do best – growing your business.

3. Tax returns are made quicker

When you use professional bookkeeping services, you can be assured that your financial information is accurate and up to date. This makes is a lot simpler for an accountant to prepare your annual accounts and corporation tax returns, saving them time and saving you money in fees.

4. Your business won’t outgrow professional bookkeeping services

As your business grows, your finances will become more complex and intricate. If you leave your bookkeeping to someone who’s not properly trained, then it will become more and more difficult. On the other hand, if you use a professional bookkeeping service, the service will grow with your business. If you use a company like THP, your bookkeeper will be fully trained in bookkeeping, accountancy or both.

5. Less risk of fraud

Fraud is the most common crime in the UK. If you don’t fully understand or properly maintain your financial records, spotting fraud can become very difficult. This is a key reason for using a professional bookkeeping service. A properly trained bookkeeper is very likely to spot unusual patterns or transactions, thus allowing them to alert you to potential cases of fraud.

6. It’s easier to produce management accounts

When you use a professional bookkeeper, it’s easier to produce management accounts from your financial records. These are monthly or quarterly financial reports that help you to make strategic decisions, grow your business, get better deals from suppliers and more. At THP we offer you a management accounts service that dovetails perfectly with our outsourced bookkeeping service.

7. Continuity of service

If you do your bookkeeping in-house, holidays, illness and staff turnover can cause disruptions. Conversely, using a professional bookkeeping service from a provider like THP guarantees continuity of service. If one of our bookkeepers or accountants is unavailable for any reason, we’ll make sure another team member takes care of your books.

8. Avoid late payment hassles

If you use a professional bookkeeping service, your bookkeeper will help you keep track of payment deadlines for taxes, suppliers and creditors, reducing the risk of interest, late payment penalties or damaged relationships with suppliers.

9. Professional bookkeepers understand your software

If you use staff members to do your bookkeeping, you’ll need to train each person in your cloud accounting software. This can be time consuming and costly. If you use a professional bookkeeping service, your bookkeeper is likely to be familiar with most accounting packages. In addition, if your accounting software isn’t meeting your business’s needs, a good bookkeeper should be able to recommend an alternative that’s more suitable and capable of growing with your business.

10. Extra accountability and improved reputation

When you use a professional bookkeeper, it’s a sign that you take your business finances seriously. This can reassure key stakeholders such as banks and investors that your business is professional run and accountable.

Do you need professional bookkeeping services?

As you can see, there are many good reasons to use professional bookkeeping services. Indeed, it can be hard to see why a business wouldn’t use a professional bookkeeper! If you’d like to benefit from THP’s bookkeeping service, we’d be delighted to help you. Simply get in touch today to find out more.