Every business, no matter how large or small, must keep records by law. Keeping these records can be a headache, and knowing which expenses are allowable, and which are not, can be even worse. Bookkeepers understand how all this works and will be able to guide and advise you - potentially saving you time and money.
Generally speaking, yes, but the need for an accountant is only required if your accounts need auditing (i.e. submitting to Companies House annually). There are limits for the auditing process and these are laid down by Companies House. If your turnover is less than £5.6 million you will be exempt from filing your returns to Companies House, and therefore are less likely to need auditing services. If you do fall under this threshold then you could be overpaying for the services you use, as most accountants use bookkeepers to complete the groundwork before completing the accounts. Employing a Bookkeeper from the outset can save you money and means that your time may be better used within your business.
Ever heard of 'You get what you pay for?' Yes, they may be able to, but this will only be cost-effective if they are fully conversant with the current demands of HMRC. A properly qualified Bookkeeper can guarantee a professional and efficient service. HMRC can and do investigate individuals and businesses at any time and will be more lenient on those individuals who have professionally prepared accounts and tax returns.