Bookkeeping
How can U&W Accountancy help?
Do you spend your weekends updating the company books and not with your family? Are your receipts scattered all over the place from desk draws to car glove boxes? Do you worry you’re making mistakes when working on your company accounts? Do you just find the financial side of the business tedious?
Outsourcing your business bookkeeping to Manchester based accountants U&W is the perfect solution for any business. From sole traders to limited companies and partnerships. We’re cost effective, flexible, and allow you to focus on your core business needs.
The cornerstone of your accounts
All aspects of your accounts come back to how well your books are kept by tracking, recording and monitoring aspects such as:
Purchases
Sales
Liabilities
Assets
If it has a monetary impact on your business then it should be in your bookkeeping. It can, however, be time consuming and takes you away from running your business.
So whilst accurate bookkeeping is critical to your success, it might be more cost effective to hand it over to someone else whilst you focus on those higher value tasks.
What happens if you don’t keep your books in order?
It can seem like a never-ending task but it is crucial. If your bookkeeping isn’t up to date it has a knock on effect to the rest of your business. Common issues include:
- Poor credit rating as payments are missed
- Legal issues if suppliers or tax payments are not made
- Harder to make business decisions as you can’t trust your reported profitability or cash flow predictions
- Paying too much tax, starving your business growth
- Paying too little tax, leaving you unexpectedly with a large tax bill or even a fine
- Cash flow issues as issuing and chasing invoices are missed
- Reputation damage as these mistakes begin to impact suppliers and clients
Being a bookkeeper is easy. Being a good bookkeeper is hard
Given the free time to do so most business owners are more than capable of doing their own books. The strain comes when you try to divide your time between bookkeeping and the high value tasks of running a business.
Add to this that many business owners don’t find bookkeeping enjoyable, and the fact it’s a never ending repetitive task, it’s not surprising it takes a back seat to everything else. And this is where the main problem lies.
Good bookkeeping requires not just time but consistency. If you don’t keep on top of them, your books will quickly become out of date. You then need more time to update them but this impacts your ability to work on those high value tasks you should be doing.
You’ve now entered a spiral of decline where you need more and more time to do your books which are getting more and more out of date. Even worse, the longer this goes on the more chance there is you’ve missed something which creates another fire to put out, taking up even more of your time.
Feel in control of your business finances again
At U&W Accountants we specialise in business bookkeeping across a wide range of industries in the Manchester and surrounding areas. Our aim is to provide a personal, tailored service that suits you and your businesses needs.
Every business needs to keep a record of their finances and at U&W we help you manage that record through cloud-based software that allows you to view your accounts anytime, anywhere.
For a quote you can contact us on 0161 443 2280 or by completing the below contact form.