The Importance of Bookkeeping in Business
Every Business, no matter how big or small, needs to have a Bookkeeper to ensure their finances are in order at all times. At Hubu Accountants, we work closely with Business Owners to avoid any unwanted disruption to their Business Operations caused by missing documents or incorrect reporting of incomings and outgoings.
As Hubu work alongside our clients, this means that not only are they covered by our support and expertise, they will also be learning as they go; meaning as a Business Owner, if you choose to work with Hubu Accountants you will become empowered by better understanding the process, and able to complete certain tasks quickly and more efficiently.
According to i-qualify, the main reasons for having a qualified Bookkeeper are:
1. To fulfill tax obligations
2. To fulfil legal obligations
3. For better analysis and management of Business finances
4. To help plan Business strategies
5. Reporting to investors
To expand on this in more detail, we’ve asked Greg at Hubu to break it down a little more.
“It’s not enough for Businesses to just submit their tax returns; they must also keep adequate Business records so that HMRC can audit their finances at any time. So that’s my job, as the client’s chosen bookkeeper, to ensure these records are kept up to date.”
So, if a client decided they wanted to expand their property portfolio, or they were planning on running a huge event, or opening a new office - could they come to Hubu for advice?
“ Essentially, yes. We can provide a cash flow statement to give the Business Owner a snapshot of how their Business is performing against expectations. The organisation and analysing of the Business cash flow is how Hubu Accountants can provide recommendations to help our clients strategise for the future and improve spending.”
Ok, that makes sense. So what if, like a recent client we worked with, a Business Owner is looking to sell their Business in the near future? Could Hubu help with that?
“This is similar to the process of securing investment. A great investor can help a Business to grow and become more successful, but the investor needs to know that their money is safe. This is certainly something that Hubu Accountants can help with, by providing detailed reports about the company’s financial status backed by our thorough bookkeeping service.”
So there you have it - a quick snapshot of why Bookkeeping is important for your Business, and how Hubu Accountants can help get you on the right path. If you’d like more information please contact us on 0800 206 2625 and we’ll be happy to help!