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True Potential Wealth Management

Contact: Martinobrien
Address: 39 Alfriston Road, Worthing, West Sussex, BN14 7QS
T: 01903 539292 | M: 07990 544961
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We explain Pensions and Investments in a clear and engaging way. If you are positioning your Pension Plans, Pension Scheme Benefits or Investments for…

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How can a bookkeeper help you grow your business?

‘Doing the books’ is often viewed as a necessary evil in small, growing or start-up businesses. Our experience also suggests that the role of accountant or Financial Director is one of the last functions created in a business; unless a shareholder or director has experience in this field and has capacity to cover dual roles.

On the whole the financial roles are not seen as income generating, therefore if a business can cut costs in this area, it usually does and the finance function is typically the first area of a business to feel the pinch.

The result is, the job of doing the books is under-resourced or simply passed to someone with sufficient ability to meet the minimum demands of invoicing and cash control; with the external accountants picking up all other aspects of the accounting.

Whilst this method gets you by, it can be costly and is only achieving a minimum standard. Also it can have an effect whether the work is done on a regular on-going basis, or as a one -off hit after the year-end to meet the legal reporting requirements. It adds nothing to your strategy or planning.

Using a bookkeeper regularly overcomes this hurdle. Working on a lower hourly rate than an accountant, a book keeper helps you to keep on top of the finances but also gives you access to someone with significant accounting experience. Many bookkeepers have some form of formal bookkeeping/accounting qualifications and can therefore act as a sounding board and strategic advisor, as well as managing the day to day function.

With up to date legislative experience and often performing the role for several businesses simultaneously, bookkeepers can process the daily accounting faster than someone in an untrained admin role and can manage extended functions such as VAT, Payroll and reporting. A good bookkeeper will get to know and understand your business, and therefore is well placed to act as that vital sounding board when looking to make decisions.

As a supplier to your business, a bookkeeper is a scalable resource and can be flexible to meet the needs of your business. You also don’t have the additional head count.

Here at Nicki Paddy & Co, we take the role of bookkeeping for our clients very seriously and for a number of our clients we provide a wider function covering various activities up to Financial Director level. If all you currently need is someone to handle the ins and outs and keep a watching eye, then of course we can help, but if you want someone on your side who can grow with the business and provide a wide range of advice, support and assistance, don’t hesitate in contacting us today! We’d be pleased to help!