I was at a network meeting a couple of months ago and was listening to the speech from the key guest speaker. I was quite happily taking on board what they were saying and making mental notes as to areas that I wanted to investigate further. Suddenly the speaker made a comment that really made me sit up and think. The speaker knew that I offered bookkeeping and accounting services and made a comment about just throwing over a pile of invoices and receipts to an accountant and that was basically all there was to it. The comment was a throw away comment and actually was to illustrate a different point (long since forgotten I must admit) but it really stuck in my head that even in the business world bookkeeping and accounting are still sometimes seen as a necessary evil that needs to be done for legal and tax reasons.
It is very true that when running a business you do need to ensure that your books balance and that you provide annual accounts and pay the correct taxes (be that Corporation Tax, Self Assessment, VAT etc.) and if you choose to outsource this then this is a service that I can provide. However I don’t (and hopefully my clients don’t) perceive this as the only thing I do. I take pride in ensuring the books balance correctly but I also provide added value to my clients through help and advice in explaining what the figures say about the health of their business. My clients often ask me questions about subject areas such as cash flow, what is required to grow a business, how/where costs can be optimised, financial questions, setting up a company and various tax queries. The paperwork that they provide tells a whole story about their business and as a trusted partner I can help provide guidance on how business issues can be addressed. Sometimes setting up on your own can be daunting and it can be helpful to have someone with whom you can discuss the opportunities and challenges that you face.
If you are just using your bookkeeper, accounting technician or accountant to just balance the books and meet the legal requirements of your business then you are potentially wasting an excellent source of information.
As always if you have any queries about this or any other accounting issues or want any further information do feel free to contact me :
or visit my website
Next month I will be looking at the highlights of the Autumn Budget – I know you can’t wait.
Have a good month.