One day, it dawns on you; you need better bookkeeping for your business's payments ranging from profit, income and loans to wages, costs and expenses - it’s inevitable!
On the one hand, this is a great sign - your business has progressed to a point where you've got enough incomings and outgoings to look after. On the other hand, bookkeeping is a daunting task and truth be told, for many, it's ignored, delayed and avoided for as long as possible.
Whether you're a sole trader, creative entrepreneur, contractor, freelancer or otherwise self-employed, the importance of bookkeeping always remains the same. It's something you simply have to do! It's a tricky job, many struggle to find the time to do it at all, let alone do it properly.
Unfortunately, improper bookkeeping can lead to a multitude of problems further down the line, wasting time and energy while risking tax issues and draining resources. So what exactly are the benefits of doing it correctly?
One of the main problems people have with bookkeeping is that it takes valuable time away from important business tasks. Yes, bookkeeping is essential for the continuation of a business, but it doesn't directly contribute to growth. Some small business owners report spending over 10 hours a month on keeping their books, for some companies which involve complex financing, e.g. a lot of micropayments or numerous clients, this could take even longer still.
It may be a cliche but time is money and bookkeeping is time-consuming. The pressure of bookkeeping can develop into a bit of a conundrum. By outsourcing bookkeeping each month, you can place your finances out of site with complete peace of mind - allowing you to concentrate on the tasks that develop your business,
Bookkeeping is an all-year-round task but every April at the end of the UK financial year, you'll submit your tax returns, and this is when the skills of a good bookkeeper shine. Efficient, transparent and error-free self-assessment tax returns are always far preferable to the scribbled ramblings handed in by many. To avoid delay, hassle and stress, it's always a better idea to get your tax return spot on the first time.
Mazuma will calculate your personal tax, complete your SA100 form, and will even send it to HMRC for you. Our 'Stuff It' service is tailor-made for making end-of-year returns as simple as possible. You can obviously check your tax return before sending, but this takes a momentous burden off your shoulders come April. No more tax worry or anxious anticipation of errors and mistakes!
While it is possible to do bits and pieces of bookkeeping yourself, it may be challenging to cover every base to the level of detail required, the benefits of outsourcing become increasingly apparent and that's where Mazuma come in. We offer an award-winning hassle-free bookkeeping service, which involves managing the books while you look after the most important thing - the business itself. We've successfully worked with many individuals and organisations, check out our case studies for real-life stories on how we helped them to transform their bookkeeping.
If you'd like to learn more, why not get a free no obligation quote? You can also check out our about us and FAQ pages for answers to commonly asked questions or visit our blog for more insightful articles from Mazuma.