What are the issues with leaving your books until a few weeks before the tax return is due?

  1. A whole year’s work in one go! Taking time away from what you should be doing – running your business. In many trades, this will mean a loss of income for the time taken off.
  2. Mistakes could be made. If HMRC decided to do an audit of your company, there could be potential fines payable.
  3. If you run over the deadline, you will receive a late filing penalty.

If you want a qualified book keeper to take away the stress of keeping on top of your records and submitting them on time. Get in touch with Black Country Accounts today to see how we can help.

What if you are on top of everything, is there still need to hire a bookkeeper

Yes, there are many reasons why you should still hire a bookkeeper:

  1. They have studied for many years to get qualifications and experience, just as a business owner has done in their trade. This means all the transactions, receipts and invoices will be posted correctly. A business owner who hasn’t studied bookkeeping, would not know all the correct way to record transactions, which could end up in incorrect accounts being filed and ultimately a fine from HMRC.
  2. The work will get done whilst you are getting on with running your business, so you don’t have the hassle and your books are always up to date.
  3. Value will be added by preparing reports on a regular basis showing who owes you money, who you owe money to, turnover and profit.
  4. The correct business expenses will be put through to maximise your tax deductions.

Why not hand your books to a qualified book keeper to give you peace of mind that your accounts are in order and professionally taken care of. Get in touch with Black Country Accounts today to see how we can help.

The cost of not hiring a bookkeeper

Good and accurate book keeping is an essential part of a successful business.

Clear, understandable book keeping records are vital to any owner – and being presented in recognised formats, will be required by banks or investors when seeking loans or other funding. Seeing your business’ financial health in this way can also help you to analyse where you can make changes in your business to minimise issues and improve your bottom line.

Book keeping may be considered as a massive chore by some people – In many cases the paperwork and bookkeeping gets left until the box or bag that it’s being ‘filed’ in becomes over flowing ……but it IS necessary! That’s where Black Country Accounts can help, by keeping all your book keeping records up to date for you – and providing regular reports that are informative & easy to understand.

Most small business owners believe that they don’t need a bookkeeper as they can do the books themselves and save some money. In reality, not all business owners are interested in maintaining the books for their business. As is the case with so many things, life and business get priority, and the books get left for “a later date”. Sometimes, this can result in missed deadlines and hefty penalties, or mistakes being made.

If you understand the importance of good book keeping but also value your time, then why not hand your books to a qualified book keeper to take away the stress, and have peace of mind that your accounts are in order and accurately taken care of. Get in touch with Black Country Accounts today to see how we can help.