Why Bookkeeping Isn’t Just Data Entry
Annabel Barnes • 30 July 2021
It’s often assumed that Bookkeeping is just data entry and it goes unnoticed exactly what it entails. Failing to appreciate the value bookkeeping brings might hold your business back from its true potential. Data entry implies a lack of system or process, a mundane process which is monotonous and doesn’t require much thought, that is simply not the case with bookkeeping. Bookkeeping is an efficient way to help organise accounts and records. It’s not just data entry - it’s one of the most practical tools a business can have in its toolkit for success.
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Here’s why!
Knowledge and Expertise
Bookkeeping is more than just crunching numbers. A qualified professional brings with them a wealth of knowledge they have gained over the years. Everything from tax and VAT to any legislation your business has to adhere to is in the safe hands of a bookkeeper, which may get missed if you don’t have a professional on hand to assist you. Bookkeepers’ are experts in their field that will help guide your business from strength to strength. Your bookkeeper can keep track of your cash flow forecast and expenses as well as producing reports for you. Doing this will avoid inaccurate summaries of your accounts when calculating costs. Bookkeeping is more than just data entry because it brings security and the potential for growth to a business. It stops you from getting lost among the legislation you have to adhere to, without a bookkeeper it may eventually lead to mistakes and fines if deadlines are missed and your bookkeeping is not done correctly.
Accuracy
Bookkeeping requires skills and precision to get the job done correctly. It provides a high level of accuracy for businesses which keeps mistakes at bay. Never underestimate a job done well and the efficiency of your bookkeeper. Without the input of a bookkeeper, simple errors occur, which will cost more time and effort in the long run to resolve. Bookkeeping looks at more than just the numbers, it gives you an overall picture, examining the smaller details – maybe even going back months or years to ensure everything is correct. It creates a streamlined system to keep a business running smoothly, exploring its potential for growth.
The Potential for Growth
Not only does Bookkeeping help businesses to manage their accounts and keep records in order, but the benefits are incredible. A crucial part of any business is to ensure control of your finances and bookkeeping is the driving force to keep you within budget and hit your targets. Bookkeepers' don’t just input information – they manage it in order to help you cut back on costs and chase the money owed to you, producing pivotal reports to ensure you don’t make uninformed decisions. Bookkeepers are accurate and efficient in order to make sure reporting is in real time. This will save your business money and effort that can be reinvested into the company. Bookkeeping creates freedom for business owners to concentrate on their area of expertise within the business, resulting in potential growth.
Bookkeeping isn’t just data entry. It supports the running of your businesses by providing an effective and crucial service. It saves on any unwanted surprises and boosts business owners confidence. Bookkeeping allows them the freedom to expand, take control and use the information to their advantage.
If you are considering calling upon the service of a bookkeeper for help then please get in touch!
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