Let’s be honest. Bookkeeping is not the reason you started your business. Trying to find the time to do the accounts payable, accounts receivable, banking reconciliation and reporting of financial statements can be overwhelming and usually ends up in procrastination. Nevertheless, everybody knows that accurate and up-to-date financial information is key to properly manage your business. In the next paragraphs we are going to talk about some benefits of outsourcing bookkeeping services.
- Focus on what adds value to your business: If you try to do your own bookkeeping you will most likely succeed but it will be a time-consuming job and remember, time is a limited resource, you only have 24 hours every day. Instead, if you decide to work with an outsourced bookkeeping service you will be able to focus on activities that can help your company. As a business owner, most of your time should be dedicated to increase your revenue, understand your client’s needs and making your company more efficient.
- Cut costs: You may be thinking then of hiring an in-house bookkeeper so you don’t have to worry about bookkeeping, but that might be even more expensive. According to Glassdoor, the average salary of a full-time bookkeeper in the US is around $31.000 per year, that amount can be much higher in certain states and it does not include benefits nor taxes. Outsourcing your bookkeeping prevents you to incur in the cost of hiring part-time or full-time employees and not worrying about having employee turnover in that role. Moreover, there would be a specialized firm doing it more efficiently and you would only be paying for the work that is done, in this manner you don’t get frustrated and stressed out due to errors and delays.
- Flexibility: One of the advantages from outsourcing bookkeeping services is it enables you to easily adapt to your company’s situation. Whether your business is growing and you need to expand your bookkeeping operations or you are going through a rough patch and you need to cut them back, an outsourced bookkeeping firm would provide you with different options that can adjust to your business needs.
- Knowledge and experience: Once you outsource your bookkeeping you get continuous access to the knowledge acquired through years of experience of the bookkeeping firm you choose. They will have encountered different situations and understand the best practices, therefore, will be prepared most likely for any scenario your business goes through. Your bookkeeper can also give you advice about any idea or dilemma you have from a different angle so you can make a well-informed decision.
- Synergy: Outsourcing your bookkeeping will give you access to the teamwork and synergy that is created within the bookkeeping firm and that might be difficult to have within your company. You will have a team taking care of your information, double checking your numbers and making sure your financials are accurate. Besides, the outsourced bookkeeping firm will not get distracted by any complication inside your company and will be focused on its duties
- Technology: It is easier for bookkeeping firms to invest in specialized software and information systems that would be expensive for your company to access otherwise and the good thing is they keep looking for new tools in the market that can give you advantages in terms of efficiency.
In my opinion, these are the most important reasons for you to consider outsourcing your bookkeeping and getting it out of your to-do list. Do you want to know more information about it and how to do it? In NeatBooks we would love to help you. Contact us or schedule your 1-hour free consultation and we can take a look at it.