Ask any budding entrepreneur what the most important thing is when starting a new business and you will probably find that the bookkeeping function features way down near the bottom of the list. Professional providers of bookkeeping services in London and the South East will tell you that most small businesses start off with the owner-manager maintaining the books using a standard off-the-shelf software package.

However, in their experience, it is only a matter of months before most of them seek the help of qualified bookkeeping services in London. Here we examine just three reasons why it’s not long before they usually find they can’t afford to manage on their own:

1. A wholly unnecessary distraction

The first thing that the average entrepreneur likes to do first thing in the morning is probably what he is best at- drumming up new clients and sales while ensuring that existing commitments are met. Those providing bookkeeping services in London find that, while he’s probably pretty hot when it comes to sending out invoices, the rest of the accounts function is most likely swept under the carpet and put off until another day. The problem is that, when that day eventually arrives, some other priority crops up to take precedence.

Experienced practitioners of bookkeeping services in London insist that far too many smaller businesses suffer from procrastination and muddle with the result that figures are not produced on time and accurately and tax returns start to get overdue. They claim it is false economy choosing the DIY bookkeeping route since entrepreneurs are far better off using their time to generate additional income without the distraction of worrying about their books.

2. Financial benefits

Far from proving an unnecessary extra overhead, outsourcing bookkeeping services in London can, in fact, produce significant financial benefits especially when one considers the potential impact on cash flow of much tighter credit control. It’s usually worth the modest cost just to avoid sleepless nights resulting from shortages of cash. All of a sudden there is less money going out on bank interest charges while being able to pay suppliers on time means that prompt payment discounts start to be earned.

Accounts and tax returns prepared and filed on time by professional bookkeeping services in London also usually lead to a major change in how important outsiders view your business. Your bank manager and any third party investors will suddenly find themselves very reassured while HMRC are more likely to leave you alone and not threaten to knock on your door.

3. Free business mentoring

Finally, another major advantage of using bookkeeping services in London and another important reason why you will wish you had started earlier is altogether less obvious. Every well-established provider of bookkeeping services in London will have a wide portfolio of clients and, although they might all be operating in different sectors, most of them encounter exactly the same sorts of problems and opportunities as you do.

The result is that personnel at bookkeeping services in London will be able to identify potential threats and weaknesses long before you do and will be able to help you head them off. Sometimes, running your own business can feel quite lonely and it’s comforting to know that there is someone else you can turn to who can see things that you can’t and point you in the right direction.

If you have reached the point at which you would prefer to outsource and require bookkeeping services in London and want to pay for only for what you need, please contact HW Fisher who will be delighted to discuss your likely requirements without any obligation.

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Lisa

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