If you run a small or medium sized business, you’ll agree that there are plenty of bookkeeping & accountancy challenges to keep you awake at night. Like ‘how do I switch to Xero?’, ‘how can I better analyse profit?’ and the critical, ‘how can I improve cash flow continuity?’
There’s also a fair chance that these challenges often slip to the bottom of your to-do list. Day to day bookkeeping is tricky enough, and asking the junior staff member or freelancer who currently handles credit control to take ownership of it all simply isn’t viable.
Kim Redwood-Lee, Director at Oscar Fairchild explains:
“The fact is, client invoicing and chasing debt is incredibly time-consuming for small to medium sized businesses. Owners and directors are often consumed with the need to get these daily bookkeeping tasks off their plate and under-control. That’s not only a drain on the business right now, but it also prevents focus being given to future growth and to the improvement of the management systems that enable it”.
“In the past, many of the firms we work with have opted to employ a junior administrator, or freelance ‘one-man-band’ bookkeeper to try to take these bookkeeping challenges in-hand. Trouble is, this route often leads to more confusion. Often there are no systems in place, paper work goes missing, cash flow is slow, and then the bookkeeper leaves. Leaving them in it and back to square one”.
Steady growth, backed by professional bookkeeping
Clear Thinking IT is a boutique IT & Telephony service provider. With offices in Essex and Kent delivering tailored technical solutions and providing 24/7 help desk support to local, national, and international businesses who want to use IT to work smarter, not harder.
Back in 2013 the business was growing steadily thanks to its dual dedication to exemplary customer service, and enterprise IT solutions at a cost-effective price. However, as is the case for many successful growing businesses, daily bookkeeping tasks were time-consuming.
Jo Oldham, Communications Director at Clear Thinking IT explains:
“In the early days of the business every-day bookkeeping was a necessary job, however managing the process in-house was inefficient, so we turned to Oscar Fairchild for support. We worked with a dedicated bookkeeper who used streamlined systems to manage client invoicing and chasing debt. Leaving company directors free to direct the business and ensuring that we could stay focused on cultivating and on-boarding new clients and growing the business.
Oscar Fairchild’s support has been important to us on many levels. With their clear communication they were a pleasure to have in the office and were a great support during a time of steady growth – it was great to have them by our side & on this part of the journey with us”.
So, what’s top of your bookkeeping to-do list?
At Oscar Fairchild we’ve been helping high-growth businesses, like Clear Thinking IT, since 2010. So, to help you tick off your bookkeeping to-do list we asked Kim Redwood-Lee to outline her Top 5 tips for business owners…
- Make sure your bookkeeper is AAT qualified.
- Be certain that the bookkeeper you choose can commit to you, and the service will be consistent.
- Adopt a systemised bookkeeping approach, and stick to it.
- Track the time and money you spend, department by department.
- Be open about your business goals, a good bookkeeper can help you get there.
Throughout 2018 our #AskOscar campaign will seek to help business owners take-charge of bookkeeping.
With plenty of user friendly top tips & advice from our professional team of AAT qualified bookkeepers & accountants. As well as helpful case studies, showing how business owners across the South East have cracked the bookkeeping challenges that kept them awake at night.
Like ‘how do I switch to Xero?’, ‘how can I better analyse profit?’ and, ‘how can I improve cash flow continuity?’
The fact is, whatever your challenge and no matter how complex, with Oscar Fairchild you can.
About Oscar Fairchild:
Oscar Fairchild (incorporating Redwood Clarke since 01.09.18) is an Association of Accounting Technicians (AAT) qualified accountancy & bookkeeping practice with offices in The City of London and Billericay, Essex. Offering a wide range of services including Self-Assessment Services, Annual Returns, VAT Returns, Credit Control, Payroll, Auto Enrolment Pension and Management Account services to high growth businesses across London, Essex and Hertfordshire.