Every business, irrespective of the organisational structure, has to carry out bookkeeping functions. This is beyond recommendation, it is highly important. This is because with adequate bookkeeping, a business firm will be able to keep track of all its financial and subsidiary activities. With the information readily at hand, the management will be able to make germane decisions in respect to operations, investing and loaning. Similarly, it assists in evaluating the performance of business at the end of each financial year.
Also, bookkeeping makes it possible for a business to establish a relationship with external users like investors, auditors and tax authorities.
Is bookkeeping hard?
Keeping accurate financial records is not hard as long as the input is made as soon as any financial activity is carried out. Thus, bookkeeping is not hard but the process may be time-consuming. There is no cause for alarm for large business organisations that can afford to hire a professional accountant to carry out the duty. However, what about small firms without adequate resources to do so? It usually appears hard because once the business is running; spending the time to make proper records is usually left to suffer.
Whose time should be spent on bookkeeping?
In the midst of having to fully focus on business activities, you can decide to outsource your bookkeeping. This usually seems like a bad decision whenever we are approached by clients at Nordens. But then, why not take the risk in order to save time and energy for something that cannot be outsourced? There are many benefits when compared to recruiting a full-time accountant.
First, the cost is reduced because you don’t have to create an office space. Nordens can work with you from anywhere. We will only appear in case there is a special demand.
Secondly, your record keeping is handled more professionally. At Nordens, we boast of the best bookkeeping software and related resource tools that can help us serve you better. Since that is what our team has been trained to do, be assured that payment of expenses, loan payments, and payment for invoices, asset depreciation monitoring, preparation of periodic financial reports, among others will be handled in the best way possible.
On the other hand, any possible inconsistency as a result of manual bookkeeping will be dealt with. At Nordens, what you may consider complicated is not. Just relax because of we the most comprehensive support system.
We are exceptional at Nordens because our working principle is strictly to make our clients happy. Once you put us in charge of managing your bookkeeping, we will put our financial experts to the task of working out your accounts as soon as they appear.
Nordens constantly train and retrain its staff in line with new technological accounting ideas. For us, our full-service include meeting the specific accounting needs of our clients and satisfying them in practice. The special skills of our team members mark them out and that is why we have been able to manage the bookkeeping requirements of our clients while helping them to save money that would have otherwise been spent on hiring an accountant and meeting a number of office expenses.
Every business, small or large, has to maintain a consistent duty of noting their activities that involves receiving and paying money. This is what bookkeeping is conventionally all about. In a broader level, it is the systematic and professional process of recording the financial activities of a business on a day-to-day basis. In order words, to enable smooth operations, the financial activities of a business need to recorded every day. It is the information contained in bookkeeping that will help the management in accurate decision making. Bookkeeping needs to be taken care of accurately because it forms the foundation upon which every other accounts are prepared.
Bookkeeping is not hard but the business of noting every financial transaction could be challenging. You may even make matters worse when you don’t do it accurately. Yet, while bookkeeping is essential, whether you need a bookkeeper or not is dependent on the level of business activities. When it is relatively small and there is no enormous in-flow and out-flow of financial activities, you may consider doing it yourself. If otherwise, it is advisable to hire a bookkeeper. Doing so will help you to deal with emerging business challenges while leaving your bookkeeper to deal with sorting out bills. You can always get a bookkeeper and save yourself more time and energy.
Outsourcing your accounts or hiring a bookkeeper depends on the enormity of your business activities. Is your business running at a space that requires you to engage a bookkeeper almost every time each day? Also, how much you are willing to pay is a factor that requires consideration. Do you have what it takes to hire a full-time bookkeeper? If your answer is no, we will advise that you stick to outsourcing your accounts at the moment. As soon as business activities begin to boom, you can then revisit a better staffing solution.
Businesses have gone past the age of sticking to a local bookkeeper. Thanks to advancement in technology and the trend of internet solutions, irrespective of your location, you can work with the best bookkeeper from anywhere. Modern bookkeepers now handle the finance of their clients using bookkeeping software. Hiring a local bookkeeper may even affect the growth of your business because such may not have the expert skill that is required for the industry of your business. In the same vein, hiring a local bookkeeper may deprive you of the benefit of getting better service at a lower cost.
Definitely, a bookkeeper cannot cost your business a fortune but what a bookkeeper is paid depends on many variables. Some of the variables include company size, the frequency of financial transactions, number of employees, basic bookkeeping duties or full-service or outsourced. Speak to us today to find out just how economical it can be!