7 Things a Bookkeeper can Take Care of for You

As a small business owner, you may have been debating whether or not to hire a bookkeeper to keep a handle on your business finances. They are well-known for taking care of day-to-day finances, producing invoices, and chasing payments. However, there are a whole host of other tasks that bookkeepers can take care of for you too. 

1. Manage your day-to-day cash flow

The best way to keep on top of your finances is to spend some time managing them every day, ensuring no transaction goes unaccounted for. However, running a business is time-consuming, and managing your cash flow can easily be forgotten about. Bookkeepers can keep an eye on your finances so that you don’t have to. 

2. Help prepare you for your tax return

Bookkeepers can also help you prepare for your quarterly tax return and make sure that you never miss a tax deadline again. This not only alleviates any unnecessary stresses from forgotten tax bills but also ensures you won’t be over or underpaying on any of your tax bills. 

3. Pay your employees

If you have employees, your bookkeeper can also be responsible for processing payroll and other typical HR functions of your small business. This includes calculating the tax and national insurance contributions for employees and getting their wages processed on time. 

4. Help with currency exchange

For anyone who has a business that operates overseas, bookkeepers also play a vital role in currency exchange. They can analyse the current exchange rates to ensure you get the most from your hard-earned money and can help you maintain multiple accounts in different currencies at once. 

5. Chase late payments

Although bookkeepers are mainly thought of as financial organisers, whereas accountants are analysts who produce financial reports, bookkeepers can also build some financial statements for small businesses. This includes a profit and loses statement, balance statement, and cash flow statement. 

6. Prepare financial statements

Although bookkeepers are mainly thought of as financial organisers, whereas accountants are analysts that produce financial reports, bookkeepers too can build some financial statements for small businesses. This includes a profit and loses statement, balance statement, and cash flow statement. 

7. Offer advice on cash flow

Bookkeepers manage your cash flow on a day-to-day basis, ensuring that your money will not run out. If your bookkeeper sees any large expenses that could be cut down or possible problems if your business finances continue as they are, they will be able to highlight these to you and offer advice. 

HiThrive offer a professional, friendly and personal bookkeeping, accounting, and payroll service. We work with you to ensure that your books are always up to date, and important deadlines are always met. Let's arrange a chat to discuss how we can best support you and your business.