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January 2018
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January 2018
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Starting in business - To outsource or not to outsource, that is the question


By: James Shipp Date: 5 January 2017
Category: MyLB

As a new business owner there are some general administrative duties you will need to get to grips with. There has always been a stark choice in the past between the hassle of doing your own book-work on one hand, and the cost and simplicity of paying someone else on the other. However, developments in technology mean that there are many more hybrid options available so we can develop the bespoke solution for you.

Bookkeeping is an absolute necessity for a business owner. Not only are you required to file accounts and pay taxes each year, but HM Revenue and Customs (HMRC) can inspect your records at any time. Get it right from the start and implement a rigid bookkeeping system. Handwritten ledgers are a thing of the past and even spreadsheet based bookkeeping does not compare to new computerised solutions. If you are undertaking your own bookkeeping, consider a cloud based package such as Xero. You can take your accounts with you on your smartphone, photograph receipts straight into your files and even invoice customers on the go.

If you are employing staff you will also need to administer the business payroll scheme. Monthly Real Time Information (RTI) submissions to HMRC will be required and with auto-enrolment now here for all, you may have to deduct pension contributions and pay these to your facilitator with each pay run. Again, computerised solutions can help, but you will still need to commit a decent amount of time every month to ensure compliance with the various reporting obligations.

At Lovewell Blake we can host your entire payroll function including paying your staff and providing payslips, either by post or online. Costs start at a few pounds per employee per month and when coupled with pensions administration provided by Lovewell Blake Financial Planning it is easy to see why more and more local businesses are outsourcing their payroll function.

Bookkeeping too can be outsourced and with cloud accounting solutions providing access to both the business owner and accountant, the workload can be split on the best terms for you. Let us reconcile your bank and allocate your expenses whilst you focus on winning new work, invoicing your customers and chasing in your receipts.

We have even developed a complete all-in-one solution. MyLB includes outsourced bookkeeping, payroll, VAT and all year end work for a fixed monthly payment. You have real time access to your finances via your phone or PC whilst we take responsibility for the admin. See our dedicated MyLB area for further information.
 
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