How open-minded are you about outsourcing bookkeeping?

Are you the artist or agent who realises the Self-Assessment filing deadline is looming and you haven’t entered your finances or completed any bookkeeping yet? Let me tell you, if you are this person, there are so many others like you. We get a huge last minute influx from artists and other sole traders or business people who have realised they just haven’t got around to sorting their bookkeeping out.

Or are you the person who makes a regular habit out of entering your books and keeping them up to date so that you can:

  • maintain a healthy cash flow?
  • spot trends in your finances early on?
  • identify potential financial issues before they become critical?

The data that is collated by a book-keeper enables you to make effective financial decisions on your business. They can show you your finances broken down into pretty columns enabling you to see what you are spending most on and where things could be cut back.

We had one customer who didn’t realise that he had so many bank charges, enough bank charges to afford a lovely little 5* holiday in Dominican at the end of the year! We pointed this out, shown him how to better manage his finances and make savings in certain areas with taxes etc.

According to Open Democracy UK – “the UK has become the world’s second largest outsourcing market!”

The Book-keeper

Book-keepers are different from accountants! Although both roles do focus on finance management.

The book-keeper in addition to maintaining accurate business records can:

  • Manage business repayments.
  • They ensure the accuracy of procedures used for recording financial transactions.
  • They can produce invoices.
  • Chase debtors for payments
  • Produce aged debtors and credit reports.
  • Set aside monies for corporation tax and so on.

A professional book-keeper will have the expertise, knowledge, and accuracy to ensure your financial data is maintained to a high quality. A book-keeper with specific entertainment industry knowledge is even better, as they will be fully aware of what you can claim for.

We know ourselves, having the sister company Franklin James Entertainments, that to understand the way our unique business works with contras, nett deals, commission deals and all the rules relating to it all is a very specialised job for a bookkeeper. Even accountants sometimes can’t get their head round the way we work.

There are many other aspects of a business’s finances that a bookkeeper may touch on, from travel expenses to taxes too!

Just imagine what you could do with extra time and money by outsourcing bookkeeping?

Outsourcing Your Bookkeeping:

  1. Saves you time – Think about what can you do with the extra time? Will you have more time to focus on business growth or getting more gigs, practising songs, getting more sales? A book-keeping expert will probably be able to do it in half the time it would take you, they do it EVERY DAY.
  2. Saves you money – the time and money aspect come together as one. Extra time should enable you to bring in extra sales/bookings or to relax…. You choose.

However, for larger companies, when you outsource bookkeeping as opposed to having an in-house book-keeper, you can avoid additional employee expenses like benefits, insurance, payroll taxes, unemployment taxes, paid time-off, etc. You don’t have to provide work space, office furniture, computers or software either.

  1. Access to expertise – you might be an expert in the services that you offer, you might be an expert in marketing and social media management and how you attract new business? But are you an expert in book-keeping, is it something you keep up to speed on? We guarantee a book-keeper, who focuses on nothing else but book-keeping will be able to offer excellent expert knowledge in the entertainment and music industry.
outsourcing bookkeeping

Finally having a book-keeper will reduce your stress, no last-minute panics when a deadline is looming, frees up your time to focus on other areas of your business or life and gives you peace of mind knowing that a professionally qualified, experienced book-keeper is attending to your finance needs.

If you decide to give this a try, then I promise you wont be disappointed. Franklin James Credit Management & Show Business employs in-house ICB and AAT certified bookkeepers with years of experience.

We are registered with data protection and we have to adhere to strict codes of confidentiality.

What most people do is begin a short trial to start, there is no contract though so you are not tied in and you can see how it works out in your daily routine. You can view pricing and further information here.

Feel free to ask us any questions about outsourcing your bookkeeping call 01494 682801 or email info@fj-creditmanagement.co.uk