If you run a small business, chances are you attempt to do as much of the paperwork as possible to keep overhead at a minimum. The question you should ask yourself, however, is could your time be better spent moving your company forward? Hiring a good bookkeeper to manage your accounts will not only free you up physically but mentally as well. What can you expect from bookkeeping services? This answer will depend a great deal on whether you are utilising basic services or a certified accountant, but the basics are as follows.
Value added taxes can be a real pain to manage and document, but it is essential to your business that they are completed correctly and for some businesses, on a quarterly basis. VATS are charged at every step of the purchasing process, which means if you buy products to resell, you want a good record of the VAT you paid so you can then pass it on to the consumer. This is also important to avoid a hefty tax bill at the end of the year.
Which accounts or how many a bookkeeping service manages may vary, but they should be willing to manage as many as you require. Your service should keep up with incoming and outgoing expenses and alert you to any potential problems ahead of time. Of course, if you are utilising a part time basic service, this may not be available to you.
Regardless of how many employees your company has, they all need to be categorised correctly, paid and taxed appropriately. Mishandling of payroll can quickly become a nightmare for small or large businesses. Not only can it cost the company money, you could potentially lose good employees if they were to start having issues with their paycheck!
Bookkeeping is a service generally performed by a third party (versus in house) that takes care of documenting all relevant business transactions. While many small businesses tend to try to handle all the accounts on their own, utilising a professional accountant is often the most cost effective decision they could ever make.