A company’s bookkeeping and payroll can form an integral part of their daily operations. It’s a critical part of ensuring your suppliers are paid, your customers pay you, and all your employees and their taxes are all paid and up to date. All these things are crucial aspects of your company being able to continue to trade smoothly. They also give you an insight into how the bigger picture is progressing. Cumulative figures give you a comparison for previous years and provide valuable feedback about where tweaks might be needed. It also means you are forewarned of any impending tax bills and can plan accordingly.
Having instant in-house access to such important information would seem intuitive, but an increasing number of companies are opting to outsource, so here we’ll look at some of the benefits of outsourcing your bookkeeping and accounts production.
Higher Quality Information
Outsourcing to professionals improves the quality of the information you have at your disposal. Monthly management accounts allow you to keep an eye on the percentages of all your expenses, as well as comparing them to the same month from previous years. An accurate sales and purchase ledger mean you know exactly how much you must pay out each month, and when. It also provides you with a comprehensive breakdown of any monies owing to you. This allows you to address any potential problems as early as possible.
Using a dedicated professional team to prepare your management accounts also means they are more likely to provide you with valuable insights and make suggestions to help maintain or grow your business.
When you outsource, you reduce costs. Our professionals only charge for the time they spend on your job, and there are no employment considerations with an outsourced company, such as a computer or phone, holiday and sickness cover etc. It allows your internal employees to concentrate on the tasks they are best at, without the mundane task of inputting invoices, or more complex accounting tasks they aren’t trained for. This not only means your employees remain happier, but they are more useful to your company by sticking to what they are best at, increasing your productivity.
Increased peace of mind
Using a dedicated team of professionals not only ensures you remain compliant with the Revenue, but also means any potential problems or pitfalls will be spotted early and you’ll have a built-in early warning system. It also removes any worry about compromising information being available in-house, as well as the nightmare of training someone else if an employee decides to move on. Tax legislation is a complex area that can bring even experienced businesspeople out in a cold sweat. We remove any taxation or submission worries by ensuring everything is up to date and as it should be. This peace of mind frees up your mental energy to concentrate on what you do best, running your business.
Better Decision Making
Increasing the quality of the financial information you receive allows you to be more proactive about your business decisions. It also means the quality of your decisions improves in line with the information you have at your disposal. Over time this makes your business run smoother and enjoy greater success. You’ll also have the back-up of a team of trained professionals and access to advice on all aspects of finance and accountancy.
Continuity, Scalability and Flexibility
A professional bookkeeping team will always have you covered. You will never need to train a new employee or interview potential candidates, the integrity of your bookkeeping and accountancy will be in the hands of experienced professionals. Outsourcing also makes it considerably easier and cheaper to expand or contract your accounts team as required. As your company grows your accounts team will adjust accordingly, no need to worry about extra employees or equipment.
Some sectors are undergoing big technological changes, forcing businesses in new directions. Our services are flexible, and we can help steady your ship during times of change.
Easier Accounts Preparation
Are you used to receiving a long list of queries after submitting your paperwork to your accountant? When your bookkeeping is carried out by professionals the accountants know they can trust the information and will query the bookkeeping team if they have any questions. It also means the accountant is more trusting of the information they are receiving, reducing the need to double check every detail, which reduces your final bill.
A Complete and Personal Service
A professional company will provide all the services you need now, but also all the services you might need in the future. While you might only need a tax return completing now, you may need payroll, tax planning, and other more specialised services as your business grows. Unlike some big firms, you’re not simply a number. We take the time to get to know you and your business so we can tailor our services to better suit your needs. We also ensure any change over from your current arrangement to outsourcing goes smoothly. Whether you’re a sole trader starting a business and looking for an easy solution, or a mid-sized firm looking for tax planning, financial control, and company secretarial services, we’ve got you covered.
Kane Bergin & Company specialises in offering innovative outsourcing services to companies. We are known for putting our clients first, and we’re proud of the bespoke solutions we create to fit a client’s business. We have over 30-years’ experience and have worked for clients in every sector imaginable. To arrange a free consultation and see how we can help you, why not give us a call on 01 969 6306. If you prefer, you can send us an email at email@example.com or complete the form on our contact page and we will get in touch with you.