Do I need a bookkeeper for my small business?

Every business, from fledgeling start-ups to large established companies needs a bookkeeper. The bookkeeping function is responsible for recording every transaction, from sales and purchases to payments and receipts.

Without the work of a dedicated bookkeeper, day-to-day transactions would be in danger of being overlooked and can lead to a major headache when it comes to reconciling the accounts.

The role of a bookkeeper

A properly trained bookkeeper records transactions using the same methods as accountants and does so using the same accounting software. On a day to day basis, the bookkeeper is responsible for maintaining the accounts to a high standard of accuracy and detail.

They will identify and correct mistakes, train other staff, identify trends and advice on areas such as potential cash flow issues. The role complements that of the accountant, who will examine the accounts, complete tax returns and submit other financial reports.

Keeping track

As a business grows, bookkeeping and accounting can become more complex. Other factors such as employees’ expenses and reimbursements need to be tracked and managed. This aspect in itself presents a range of challenges that can include:

– Encouraging employees to fill out their claims and produce receipts takes time and reduces productivity on their part
– The rate at which employees are spending can cause a few nasty surprises at month-end
– Staff may not be able to afford the wait for expenses to be reimbursed, and company card transfers can take time to complete

Our solution offers smart spending and better control and comes with a prepayment feature on the cards, in addition to an app that allows bookkeepers to track expenses in real-time.

Prepayment

The advantages of our prepayment feature are:

– Capping and topping up prepaid cards means greater control over budget and allowances
– Staff are no longer out of pocket

Real-time tracking

With the Soldo Mastercard dashboard and app, your finance team can monitor and manage employees’ spending in real-time. Transactions with the card log the expenses immediately, while the app allows employees to send photographs of receipts while out and about, obviating the need for them to compile a time consuming, paper-intensive, expense claim.

Control over cards

The dashboard gives your finance team complete control over how and where the prepaid cards are used, by setting rules and limits on aspects such as:

– Spending – maximum balance or prepayment limits set on cards
– Time – restricting spending within a specified time period
– Geographical – restricting validity to certain countries

You can also ‘personalise’ each card, for example:

– Cards for each individual
– Cards for specific departments
– Cards for specific purposes, such as travel

Integration

Our solution integrates with the major accounting software packages, so your company’s spending isn’t just recorded, but can be analysed to produce insights into trends and patterns of expenditure, leading to better management of finances and a better outlook in the future.

Empower your finance team

Every business, no matter what its size, needs a bookkeeping function. As part of the finance team, an effective bookkeeper is essential for the smooth running of your business and keeping transactions under control, so it’s only natural that they need the right tools to achieve it.

If your business needs a smarter way to gain control over expenditure, contact us to find out more about our Soldo Business solution, or alternatively, contact our expert team for more information and advice on how our solution can work for you.

 

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