qualified help

[Buddie]

I work for my partner as a book keeper for his electrical contracting business. I am not a qualified book keeper but having done office work have managed to pick it up. Truth is the busiess has grown, he now has 4 electricians and himself.( He used to work on his own)
I am finding that I'm getting snowed under with all the paperwork. I am not very organised and feel that maybe someone from outside, better qualified would be able to sort things and get more bills out therefore bringing in more moey to the company. I take a flat wage of �400 pounds a month. Obviously,even if we employed someone for six hours a day every day we would probably have to pay about �7 or �8 an hour. But i think it would pay, because I feel I'm getting so behind. Not only that, I get all the flack, and when I ask my partner to write up his materials hes used he never does!! therefore I can't get his bills done for his jobs. The other lads write there's up but only if I keep nagging them. Its starting to get me down cos they don't take much notice of me. I think they would if it was an outsider. I am starting to loose sleep over it cos I know there is so much money outstanding that I am struggling to get in. I'm not very good with bad debtors (proobably too softly spoken) does anyone know how much a book keeper charges per hour. I know I could earn more if I worked elsewhere which would be better for me and probably better for the company. Any Advice Anyone?

[cockroach]

You could factor your invoices due to you out. ( at a %)
Are you doing you work on a computer !!!!... Do you know or use sage. Its quite easy & good for invoicing & banking on.
Try to get payments upfront. Set up Direct debits on people. Take credit card payments up front.
I do it all too...however have an accountant in to do the hard stuff.

[Buddie]

Sorry Cockroach, what does 'factor your invoices' mean? I use a computer to do the wages but do everything else by hand.
I did a sage course at night school but coudn't see how you could write invoices on it?

[VICTIMS]

when you factor work out, what in means is another company is 'buying' invoices off you.
say for example you were sending invoices out for �1000pw, and then having to wait for payment and chase them up.
the 'factors' an outside company, may say to you i'll give you �900 today. it is up to them to chase your customers, its them that is now owed the money.
or they may say we'll invoice the customers and chase payment, and once we get paid we'll pay you. but may only pay you �950.
don't know how much they charge, the figures are only examples, but i think it is a pretty common practise, especially with small firms who may have a cash flow problem.

[Twenty20]

i'm not sure factoring your invoices will help in this case because, as I understand it, part of your charge is for materials which your husband etc arent giving you the details of?

Chasing debts is not pleasant work, I can understand how you feel about it. Why don't you contact a local bookkeeper, you might find adverts in the local paper, and ask how much they'd charge to come in for a few hours a week with the thought that the hours might build up over time. If nothing else it might help get rid of the backlog. I'm not sure if bookkeepers will chase up debts though, that would be credit control and they might not do that but you could ask.

I feel your husband has to help here and at least give you the info you require. Also, if youre going to continue doing this you need to be paid appropriately. Once youve spoken to a bookkeeper at least you should know how much you should be charging for what you do if you carry on doing it.

I'm assuming your husband is working for businesses and not for residential customers? I only ask this because most residential customers will or should pay by credit or debit card rather than by invoice.

[frankief]

Your partner is the classic subcontractor stereotype. He's in the comfort zone and he does the stuff he likes doing out on site. When it comes to paperwork he's not comfortable with this side of the business and he sticks his head in the sand - luckily he has you to deal with it. But he's director of the business and should get involved with all aspects, including chasing up debts - he's closest to the client anyway, so he should do it - if he wants you work all hours and to lose your health over it, he should make you a co-director and cut you in on the profits. Time to sit him down, and have a word. He's taken his eye off the ball. and plenty of small companies go under like this.

[vichudds]

Hi

Sounds like you would benefit from a bookkeeper. maybe you could use a bookkeeper to lighten your load rather than do all of the work. You will also be safe in the knowledge that everything is compliant with HMRC.

I am a bookkeeper and work for lots of different companies, you will find bookkeepers rates vary depending on experience but also a good bookkeeper will work faster than you would.