You didn’t start your own business because you have a passion for spreadsheets or get a kick out of expense reports. But, whether we like it or not, bookkeeping is an essential part of running a business. Think of it like flossing your teeth: it’s not fun, but it’s necessary.
Now, you’re wondering how much support you really need in order to do your bookkeeping. Do you need to take the leap and hire an experienced professional, or can you rely on the quick, easy and cheap solution of an app that promises to handle all your bookkeeping in the click of a button?
For some businesses, a piece of one-size-fits-all accounting software can meet all their straightforward needs. But once you reach a certain level of success, you need the expertise and care of a real life qualified accountant or bookkeeper. Here’s why:
Apps make promises they can’t keep
“One click and you’re done.” “Payroll handled in just a few taps.”
Look: if bookkeeping was as easy as all the apps out there make it seem, we’d all be out of a job! The truth is, a lot of apps try to make bookkeeping seem simple and straightforward because it’s the only way their low costs make sense.
In reality, bookkeeping can get super complex, super fast. What happens if that payroll you handled in “just a few taps” was done wrong? What if your click-of-a-button VAT report is riddled with errors? Chances are, you won’t know until it’s too late, and you’ve either landed yourself in hot water with HMRC or missed out on money that’s rightfully yours.
On top of not catching errors, apps won’t give you the guidance to turn raw data into meaningful insights into your business.
You need to know what your numbers mean
Your numbers tell you the story of your business. They help you know where you stand now and exactly how you can steer yourself forward.
But without the right training and experience, trying to analyse raw data can be like reading a book in a foreign language.
A huge part of an accountant’s job is interpreting all your financial data and turning it into advice and guidance. We can help you understand when is the right time to hire new team members, move to a new location or help you prepare for tax season. Essentially, we help you make every decision with confidence, knowing it’s what’s best for you, your business and your team. An app can’t do that!
Some businesses can get by doing their own bookkeeping
Other accountants will try to tell you that, no matter what, you need to hire someone to help with your bookkeeping.
This isn’t true.
Certain businesses out there can get by using an app or piece of software, at least at the very beginning. For example, if you:
- are a freelancer sending out just a few invoices a month
- aren’t bringing in tons of sales (and thus are not Vat registered)
- don’t have any other employees
- and have limited overheads
Fearless Financials offer a range of bookkeeping support ranging from helping you to do it yourself via Health Checks and training through to doing it for you.
If you’re ready to remove the fear and stress from bookkeeping and get started building a healthy, happy business, get in touch.