Accounts and bookkeeping FAQs
Your accounts are at the crux of your business. Keeping on top of them is essential if you want your business to be successful moving forward.
Here are some of the most common accounts and bookkeeping FAQs. If you want to take a deeper look into any of the questions covered, take a look at our other blogs or contact us today.
Do I really need to outsource my bookkeeping?
Some businesses choose to go it alone with their bookkeeping. But if you don’t know the ins and outs of accounts, you could make mistakes that cause real problems in the long run.
Bookkeeping is all about staying organised, keeping accurate records and being consistent. If you’re running a business, it can be difficult to prioritise the bookkeeping when you’ve got everything else to think about as well. This can lead to the odd mistake here and there.
But even the smallest of mistakes can cause the biggest problems. Think about it this way – something as small as entering the decimal point in the wrong place could be disastrous for future invoices, cash flow, data accuracy. Which could take a lot of time and effort to fix.
Outsourcing your bookkeeping with an expert will minimise the risk of mistakes, giving you more time to focus on the other aspects of your business. Take a look at some more benefits to outsourcing your bookkeeping here.
What’s the difference between bookkeeping and accounting?
There’s a common misconception that bookkeeping and accounting are the same thing. While they often work closely together, they do offer different services and benefits to your firm.
Bookkeeping is the process of keeping an exact record of the money that has been spent or received by a business or other organisation. An accountant will then interpret that data and offer advice based on the information given.
Which accounting system should I use?
There are plenty of accounting systems out there which offer different features and tools. It’s just about finding one that works for you. It’s important to do your research. You don’t want to waste money on a system that uses features you won’t need for your bookkeeping.
At Numero, we specialise in a number of accounts systems, and offer training for businesses who want to implement them into their accounts management. For more information about what might be the best for your firm, get in touch.
Are cloud accounts systems secure?
Since the pandemic began, much of the working world has moved online. As we continue to lift restrictions, many businesses are going to maintain the technological momentum in some form or other.
However, there are concerns that entering your valuable data into the cloud puts it at risk. But cloud systems are designed to ensure your data is secure. They come with extra security features that ensure your accounts are kept safe and protected.
How can Numero help?
When it comes to your accounts, we want to make them work for you. From legal cashiering and outsourced bookkeeping, to invoicing and data conversion training, we can get you on the right track.
Let’s work together to make sure your accounts are working for you, not against you. Get in touch with us today.
More from the Knowledge Hub
From information and help around all things accounts, to our thoughts and commentary on what’s happening in the world of law and finance – you’ll find it all here.
In a previous blog, we covered how smartening up your accounting system can give your […]
When it comes to law firms, the lawyers rightfully take centre stage. But behind the […]
Whilst we’d all like to think that we can manage every aspect of our business […]
Running a business on its own is hard enough without having to chase clients for […]