Business success or failure is ultimately determined by the running of the business finances. Yet many SME owners struggle with their finances, often spending hours on tasks that are simply not in their skill set. Tasks such as invoicing and credit control are key for a healthy cash flow, but can be extremely time consuming. Similarly, management accounts are vital to keep abreast of how the business is performing but the preparation and analysis of such accounts is often not the strongest skill of the average business owner.
So why do businesses struggle on with these crucial tasks, when there are a multitude of options on the market to help them?
The main answer is cost.
According to the Federation of Small Business Survey in 2016…….
“Nearly half of respondents to the survey (46 per cent) said they would hire external advisors to help them with these tasks if they could afford to”. The FSB also found “The average smaller business that outsources these services spends almost £14,000 a year doing so. ” *
We believe Designated Bookkeeping has the answer. Our team has the expertise to take on the tasks that are draining business owners of their precious time. A significant side effect will be a massive reduction in stress by bringing in a professional to take care of the finances.
A permanent financial manager or accountant can be expensive, but this is where the Designated option works fantastically well. A business pays only for the time they need, either on a pay as you go basis or on an agreed monthly package. Plus, there is no ongoing commitment, the service is flexible.
Designated Book keeping will assign a business owner with their own Finance Manager who can assist or take full responsibility for a whole range of areas including:
- Invoicing & credit control
- Double entry bookkeeping
- Management accounts
- Cash flow forecasts
- VAT returns
Our suggestion is to stop struggling with these financial tasks. Bring in the professionals and get on with running the business.
Visit www.designatedbookkeeping.com, call 020 7952 1460 or email email@example.com to find out how a Designated Bookkeeper can help you and your business.