Especially when your company is a relatively new one and your bills are not complicated, it may be better to save money and maintain the bills yourself. When you pay for an accountant, it means that you got to the point where your time is more valuable than the money you will have to pay him. How do you deal with bookkeeping before that point and after? The businesshelper.co.uk website has some advice for you.
Be organized and disciplined
It is not enough to just put all your bills on one pile. Before tax time, it is necessary to organize your receipts and records carefully. You may not be able to make notes about every single purchase, but you should put them in separate folders according to the month of each purchase.
Everything needs to be tracked: purchases and payroll as well as your income and sales. This can be easily be done with cloud-based accounting software. We strongly advise a conscientious and responsible approach to bookkeeping. Only a small effort on your part can be a solid base which will be very helpful to an accountant. Follow just few basic rules and you will have more time for important meetings and work that really makes a difference to your business.
Don’t do everything on your own
At the very beginning it may be a good idea to do the work yourself, but as your business grows and you acquire more clients, it is necessary to delegate some work you don’t specialize in. Bookkeeping is the first of them. In the case that your company grows further and you have more than 50 employees, it is a good idea to also delegate the work related to human resources. Further, when your headcount is above 100 employees, it is best time to create a position of in-house internal communication specialist.
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