So Britain has voted for European Union Exit. Which presents some questions and we do not know with any certainty what will happen next. But one thing is for sure, your business will still need a bookkeeping service.
The need to keep your finger on the pulse of your financial information continues. Perhaps it is even more important to have good bookkeeping because as the changes that will occur could be happening fast and if you fall behind the knowledge curve you may be at risk of failing.
For example, cashflow will be key. The value of sterling on the currency markets has already fallen sharply. Making imports more expensive but conversely exports less expensive. Your business may be reliant on imports which will increase your cost of sales and reduce your gross profit. This will play through to your bottom line if you are not careful. Of course if you export then you may be able to sell more now your prices are lower. But can you access capital to fund the increased activity to support the extra sales? If this is a concern for you then you will need to have some management accounts to take to any potential investor and this only comes from having your bookkeeping uptodate.
You do not have to panic over your bookkeeping service, there is no need to worry whether you know what you are doing or if you have time to do it. You do not even have to employ somebody to do it. Just search for a certified bookkeeper and have a conversation. A bookkeeping service should be tailored directly to your business needs so that all the data can be collected and recorded fully and then define what reports or information you need for managing for success. You can even consider this as “outsourcing” this function. especially if you currently employ somebody who is leaving your employment.
So no need to worry just call us now and have that conversation.