When you’re running your own business, it’s worth understanding the difference what the difference is between and accountant and a certified bookkeeper.
The team at Timewise VA are certified bookkeepers. We make sure that your business’ financial recording and reporting is up to date and ready to be reviewed by your accountant. Your accountant will then take the data that we’ve recorded and analyse it, creating a financial strategy and a summary of your financial health.
What does our role involve?
As mentioned before, we are recording, reporting, organising and managing your day to day business finances. That involves us:
- Receiving and recording invoices
- Making payments
- Chasing payments
- Managing in house payroll
- Liaising with HMRC
- Reconciling money received and money spent
- Preparing reports to overview current business finances.
- Working with the accountant to make sure everything is ready for them to prepare the year end.
Can I do my own bookkeeping?
Yes! You can. In fact, we know lots of micro-businesses don’t yet have the available cash flow to outsource their bookkeeping. If that’s you right now, we’ve got some tips to help you get things in order;
- Make sure you keep records – every invoice, every payment. Keep a record and understand what’s coming in and how much is going out
- Go digital – get yourself fit for purpose software that will enable you to send structured invoices, track cash flow and submit your self assessment
- Be strict with your deadlines – keep a record of HMRC deadlines and keep an eye on late payers who could disrupt your cash flow
- Produce a monthly report – if you have records kept up to date each month, you can start to track trends, predict good/quiet periods and understand where more investment is needed
- Know when to outsource – whether that’s your marketing or bookkeeping, understand what money is available, the value of your time and the benefits of letting someone else do the hard stuff that you hate!
What should I look for in a certified bookkeeper?
We’ve put together a simple checklist. Of course, one of the most important things is – do you get along? And, perhaps even more crucial than that – do I trust them?
Money might make the world go around, but it also causes people to lose sleep and feel anxious. Your bookkeeper should be someone you can trust to give you honest, fair and correct advice, while also creating a sense of safety that allows you to be honest and open too.
Other than that, have a look at these simple questions (and hope that the person in front of you gives the right answers)
- Are they a certified bookkeeper and registered with a professional body.
- Do they have experience?
- Do they have experience relevant to your sector? Will this be advantageous?
- Are they working with any of your competitors?
- What services do they offer, and could they be relevant in the future as your business continues to grow?
- Have they been recommended by someone you know?
- Where are they based? Are you happy to work with someone remotely?
- Would you like to work with a freelancer or a small firm?
- Do you want/need to specify certain deadlines, hours of working or response times?
- How would you like to work with them? Email, Whatsapp?
And finally…
What are they going to charge you, how often and how does that compare to others in the area?
Want to know more about our services?
We’re always looking to work with busy, purpose driven business owners who have a people first approach. If you’re looking to organise your finances, we’d love to join your team. Drop us a message via our contact form or give us a call on 07789 383699.