The 8 Stages of Modern Bookkeeping – what parts to outsource?

1. Sales Invoicing

Raising sales invoices to your customers. Many businesses do this manually via word or Excel, but this should be done on Xero, from your PC, Phone or Ipad. It is so easy to produce professional invoices on Xero you should never use Word or Excel for this task.

Should you Outsource this?  – No

2. Collecting Purchase Invoices and Receipts

Collecting an official receipt or invoice for everything you purchase for the business. Ideally electronically via email, if not then take a photo of it.

Do not keep paper copies if you can help it.

Should you Outsource this?  – No

3. Recording Purchase Invoices and Filing Them

The recording of the VAT and the detail of each purchase invoice/receipt you have collected for the business.

The filing of each of these receipts into an acceptable filing structure that makes it easy to find.

Should you Outsource this?   Yes

4. Reconciling the Bank and Credit Cards

Matching the bank statement to Sales and Purchase invoices and receipts raised or collected in earlier statements.

Making sure that every transaction is recorded and accounted for.

Should you Outsource this?  Yes

5. VAT Returns

Running and filing your VAT return

Should you Outsource this?  Yes

6. Running Payroll

Running Payroll and Pension calculations for your employees, giving them the payslips, paying them, and supplying information to HMRC.

Should you Outsource this?  Yes (mostly)

Why this is important

7. Great Reporting

As standard Xero includes great reports such as a Profit & Loss, Aged Debtors, Aged Creditors, so you will always know where your business is financially.

8. Happier You

The peace of mind that comes with knowing your finances are sorted and are not taking too much of your time.

Finding Out More

To find out more how we can help you Automate your bookkeeping, why not download our full guide here.

How to save time and money by automating and outsourcing your bookkeeping

or email or call on 01622 671835.

By |2020-08-18T11:01:15+01:00July 23rd, 2020|Blog, Bookkeeping, outsourcing|0 Comments