As a self-employed and small business owner, the question arises at an early stage: Do you make the decision to do the bookkeeping yourself and save money? Or do you hire a professional who you pay for this service? In this blog we want to give you some information to be aware of:
Which tasks should I consider?
Regardless of whether you or the tax accountant will keep the books, outgoing invoices must be created and sent to your clients, the bank’s movements reviewed, receipts and documents sorted and kept. With these documents and information then the bookkeeping obligations can be fulfilled. These may include the monthly management reports, payroll accounting, VAT reporting or the annual accounts.
Why not book yourself?
Bookkeeping can be a complex undertaking, with your own initiative combined with the necessary know-how it can be achieved. However, do you have the time …or would your time be better spent on other aspects of your business. You could save money, as the cost of a tax consultant can quickly escalate.
If you do decide to take over the bookkeeping yourself, you’ll have a complete and up to date overview of your business. Having the information you need quickly and not having to send the data and documents to your accountant will ultimately save you time. In addition, it can sometimes take your accountant 1-2 months before the accounting is complete. Having to wait for your business information can make an impact on the decision making of your business.
Advantages of a tax accountant
The tax consultant verifies that there are no gaps in your books and that all information and supporting documents are correctly and completely registered. Based on this data, the consultant can help you to prepare the reports mentioned above and to forward them in good time to the responsible authority. By outsourcing the bookkeeping you save time, which you can use for your core business.
Literally, a tax consultant should also “advise” , ie the accounting data can be used to analyze and control your company. First and foremost, the tax consultant is a specialist in their field and can help you save money. Sales statistics and cost trends can be derived, but also areas of the company that are profitable and those that should be further developed. This proactive consultation of the tax advisor serves to align the company early on positively.
Advantage of Reviso
We do not want to deny you the decision to do the bookkeeping yourself or seek professional help. Rather, Reviso wants to strengthen the cooperation between you and the consultant and make it more efficient. The Reviso software allows both parties to access and work with the bookkeeping simultaneously, anywhere, anytime. All bookings, receipts and data are digitally and in real time in the cloud which means you do not have to bring any files of paper invoices to your advisor. You can easily and quickly create customer invoices, book expense receipts, reconcile your bank and complete your VAT. The tax consultant only monitors and reviews these activities and prepares the required legal reports. This will divide the tasks, save money and give you a current view of your business.