The cost of bookkeeping services varies from time to time and various factors are responsible for it. The cost of bookkeeping depends upon company size, turnover, volume of documents, security levels and company’s preference.
As per recent study, small businesses spend 10 hours per month and do bookkeeping on their own which is equal to 120 hours (12*10) per annum. You have to check whether you want to outsource your bookkeeping or want to do it yourself. If you are thinking of doing it yourself, there is a need to estimate how much cost is involved in it.
Bookkeeping is basically recording, storing & retrieving of financial data. It includes employee’s salaries, expense invoices & receipts as well as inflow & outflow of cash to & from the organization. With the help of bookkeeping, you can easily prepare your accounts and all recorded transactions are used for tax purposes. Bookkeeping is concerned with accurately recording the financial data whereas accounting involves interpreting & reporting the same data.
Bookkeeping can also be done without the help of an accountant but the individual doing bookkeeping should have a proper understanding of accounting & business tax laws set by HMRC. It is important for that person to understand what records needs to be kept and how they should be stored? It’s completely your call to decide whether you want to hire an accountant for bookkeeping or do it yourself.
Bookkeeping plays an important role in running your business. Therefore, it is important to determine how you are going to get the job done. There are three options -
- Do it yourself
- Outsource it to bookkeeper or an accountant
- Hire an in-house bookkeeper
Any questions? Schedule a call with one of our experts.
Whether you prefer to meet and speak over the internet, or if you prefer an in person conversation we can help you with your preference.
Stay up-to-date with the latest news affecting small businesses, get business tips and tax saving advice.