5 Reasons to Outsource Your Bookkeeping
Updated: Mar 31, 2022
It’s time to outsource when you’ve had enough. Enough of the worry. Enough of the confusion. Enough of the receipts and statements. As much as you try, it’s not for you. And that’s okay. It’s just time to outsource your bookkeeping.
“If you really want to grow as an entrepreneur, you’ve got to learn to delegate.” – Richard Branson
As a business owner, it’s in your nature to want to take it all on yourself. However, outsourcing your business finances to a professional can save you time, money, and the worries that come with complex tasks. The complex tasks you aren’t trained to do. If you’re still not sold, here are five reasons why you should reconsider your strategy.
1. Focus on Your Specialty
There’s a reason you got into what you do. To make the most money you can. To focus on your customers. To perfect your craft – whatever that might be. It’s most definitely not to worry about the bookkeeping aspects of your business.
When choosing to outsource, your bookkeeper will offer a variety of services ranging from basic to more advanced. Depending on your package, they’ll offer a variety of services, including but not limited to:
Classifying, sorting, & managing receipts
Entering accounts payable & receivable data
Preparing reports such as your Profit and Loss Statement & Balance Sheet
2. Manage Risk of Errors
Just like you’re trained to specialize in the product or service you offer, bookkeepers are trained to take on the numbers of a business. This is why they can not only complete business finance tasks faster, but they can do them better.
If you’ve been handling your business books for quite some time, you know how complex the whole process can get – real quick. Especially if you have a growing business. The most important part of your business finance tasks is keeping them accurate. Without accuracy, your financial statements (that you rely so heavily on) are not going to provide you with the valuable information you’re looking for.
Simple errors, such as incorrectly inputting expenses, transactions, or revenue, are easy mistakes to make and can happen without you being aware. Bookkeepers are trained to look at this kind of data regularly. It becomes second nature for them, so they’ll catch on to it way before you do.
An outsourced bookkeeper is not only trained on how to enter the data itself, but they understand the system as a whole and therefore know when things are out of whack. You can also expect that they will ditch the excel spreadsheet and use bookkeeping software such as QuickBooks to keep the data accurate and organized.
3. Save More Time
We’ve all heard the saying, time is money. Outsourcing will save you time and money in the long run. If you’re having a busy week, your bookkeeper will be working while you work.
Of course, you don’t want to organize your mountain of receipts – let’s face it, no one does. A bookkeeper will take that mountain off your hands. All you have to do is save the data and drop it off at your bookkeeper’s office. Most bookkeepers will even maintain all of your hardcopy files. This means less paper for you.
4. Grow and Scale
If you’re currently a small business aspiring to expand, a good bookkeeper will grow with you. Bookkeepers provide a variety of services and often offer add-ons. Even if you’re not quite ready to invest heavily into outsourcing a bookkeeper, getting started small and growing from there will be more manageable than paying a bookkeeper to clean up your business finance mess.
A business can grow fast. Before you know it, you’ll have more employees than you know what to do with. You might even consider outsourcing your payroll. Starting small and scaling to your growth will assist you without having to train more staff.
5. Tax and Audit Compliant
Staying on top of your monthly and quarterly bookkeeping tasks will ensure that tax time runs smoothly. Not only that but staying up to date with your finances ensures accuracy in the chance of an audit.
By using a professional, you’ll have no concerns about audits or tax season. An outsourced bookkeeper has received the proper training to ensure your business books are tax and audit compliant, so you’ll have nothing to worry about.
Get to Outsourcing
There are many benefits to outsourcing your bookkeeping. Especially if you see your business continuing to grow in the future, when choosing to outsource your bookkeeping tasks, you can expect to:
Be prepared for scalability
Be prepared for tax time and audits
What more could you want? Outsource your bookkeeping today.
You’ll maximize your business by focusing on the things that matter – your clients. Contact us today to find out which package is best suited for your needs.