Running a business is a juggling act, but a bookkeeper could be just the person to help ease your workload. Here’s everything you need to know, including how to get an exclusive discount on a local bookkeeping service.
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Expert help with your finances will leave you free to do what you do best – running your business!
So what role can a bookkeeper play and do you need one?
Mathew Carson is the perfect person to answer some FAQs about bookkeeping. He’s the owner and managing director of MRC Business Services, which provides services including bookkeeping, accounts preparation, self-assessments and more.
1. What does a bookkeeper do?
Mathew says: “Many people, I have discovered, do not know the difference between a bookkeeper and an accountant. The biggest part of a bookkeepers’ role is to complete the data entry required to put accounts together and to perform reconciliations (checking the books against bank and credit card statements).
“They can assist with a finance function of a business: creating and sending invoices, making sure invoices get paid, checking supplier invoices for accuracy and making sure they are paid on time. This can also lead to creating reports for business owners to show the financial health of the business.
“Many bookkeepers also get involved with running a payroll for the business.”
6 other things a local bookkeeping service can help with
In short, there’s not a lot a bookkeeper can’t help with! The right local company can also assist with:
- Filing VAT Returns (your business only needs to register for VAT once sales are at least £85,000, apart from a few special circumstances)
- Filing tax returns for Self Assessment, Partnerships and very small Limited Companies
- Reporting on business performance
- Assisting with business strategy and processes
- Training on use of accounting software (e.g. Sage, Xero, QuickBooks etc.)
- Liaising with your accountant
2. What are some signs that I would benefit from a bookkeeper?
If you’re struggling to find enough time, meaning your accounts aren’t being kept up-to-date, that’s a big sign you could benefit from a bookkeeper.
Some other common difficulties include not knowing what’s needed from you or what you can claim as expenses. A bookkeeper can help with all of this.
Mathew adds: “You may already have a bookkeeper working for you, but they might be struggling with the workload due to an increase in business or due to seasonality. Sometimes it is worth having someone outsourced on hand as and when you need them.
“Cashflow problems can also be a key time where a bookkeeper is needed to help business owners stay on top of things.”
3. How can I help my bookkeeper and keep it as simple as possible?
Once you’ve hired a bookkeeper, they’ll help keep you on track, but there are some little habits you can adopt that will help the whole process tick over smoothly.
5 good bookkeeping habits to build into your routine
Mathew recommends the following good bookkeeping habits:
- “Keep receipts and invoices for anything related to your business – and I mean anything!”
- “Hand all documents over in good time after they have been asked for – trust me, you will stay in your bookkeepers’/accountants’ good book by doing this.”
- “If you can, have a separate bank account for anything related to your business and try to keep anything not related to your business out of it. This makes my job far easier but you will also receive less questions about whether or not a transaction is related to your business.”
- “I would recommend having folders for each month, to keep things organised and tidy. And do it as you go – saves scrambling around for receipts 12 months later!”
- “For sole traders, remember the date of 31st January every year for your self-assessment deadline. It is a deadline, NOT a target. The closer to this date you approach a bookkeeper or accountant to do this work, the more it will cost you, as we would have to set aside extra time outside of office hours to take that on.”
4. How much does a bookkeeper cost?
Speaking of keeping costs lower by being aware of deadlines – how much can you expect to pay for a bookkeeper?
Mathew advises: “It is hard to put an exact figure on this, but generally speaking, on an hourly basis a bookkeeper is cheaper than an accountant for putting your accounts together before filing tax returns.
“For example, at MRC Business Services, I have an hourly price of £25.00 per hour for basic bookkeeping services.”
Accountant charges per hour can range anywhere from £30.00 to over £200.00 (but this does depend largely on geographical area and what service is being provided).
Mathew adds: “Generally, I will always put together a package price for my client (and can put forward some savings that way) based on what I believe is required for the tax year to complete the work necessary.”
Payment is then requested in different ways depending on the service (i.e. whether you’re a sole trader or Limited Company).
5. What is the best way to find local bookkeeping services you can trust?
If you’re looking for local bookkeeping services, finding someone you can trust is key. It’s worth asking your accountant (if you have one) or your business network for recommendations, as well as searching online.
Mathews says: “Once you have found one or two bookkeepers, take the time to meet with them and discuss your requirements – and it’s okay to say you don’t know what you need.
“A bookkeeper should be experienced enough to ask the right questions about you and your business in order to put together a price for you. But this is a two-way street, don’t be afraid to ask questions – especially if you don’t understand something.”
Get a discount on bookkeeping from MRC Business Services
MRC Business Services was set up in January 2023 with one sole purpose – to assist small businesses at affordable prices. Clients benefit from regular updates and jargon-free explanations, with a range of services on offer, including bookkeeping, self-assessments, payroll and more.
The local company is run by Mathew Carson, who has spent five years working across various industries and is currently working towards certification and membership with the Institute of Certified Bookkeepers. He says: “All of our clients receive a personalised service (we do not believe in a one size fits all policy) and you are not just a number to us. Whilst we are based in Kirriemuir, Angus, we are committed to working with clients anywhere within mainland UK.”
Mathew is running a special offer to celebrate the launch of MRC Business Services. Just quote COURIER2023 to receive 25% off payroll services for three months, or 10% off other work for up to three months.
Find out more about working with MRC Business Services and request a non-obligation quote. Call 01575 609 435 or 07936 353 799 or email hello@mrc-business.co.uk.
