If you are a one person company, you do everything. Your bookkeeping being non income generating usually suffers so much that you can fall behind in filing vat returns and keeping your debtors & creditors ledger up to date.
If you do your bookkeeping your self you can keep your information right up to date and know exactly where you stand. But this can take time. If you have an administration person to back you up, the doing it yourself is a good option.
But good bookkeepers/administrators are hard to find and you may not have the time to learn how to do bookkeeping. By the way setting up in business does not some how bestow financial knowledge on you, you must learn it.
So the alternative is to outsource it. Send all your invoices and payments to a bookkeeping bureau and let them do the inputting.
The advantage is that you don't have to get bogged down in entering financial transactiosn on your computer system, someone else does it for you, usually offsite at their premises, and then they can give you back reports.
The really good bookkeeping services like www.easydoesit.ie also go further and will come visit you and discuss your monthly accounts, examine trends and advise on finacial matters.
If you keep your own bookkeeping in house, you don't always need a full time bookkeeper. Someone working a couple of days a week can do the job. Also keeping it in house means you have access to all your accounts information and paperwork immediately. You can also use the services of a financial consultant like me www.nilssondenver.com to help you with your accounts system. To make sure it works and gives you the correct information every month and that you internal financial systems are working e.g. See if you are making money. You get a part time finacial controller and financial advisor.
Examine each option seriously. Both methods offer a good return and it all depends on you and your company as to which method suits you the best.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment