10 Major Reasons
1.Reduce overhead costs.
Employing a bookkeeper in-house is expensive. The cost includes not just salary, but other direct costs like payroll taxes, medical insurance, and retirement plans, plus the expense of hiring and training a new employee. By outsourcing your bookkeeping you’ll be able to reduce employee headcount, avoid delays due to sick days and turnover, and minimize staff costs associated with training and benefits.
You didn’t go into business to run an accounting department, or even worse, do books yourself. Many small business owners struggle with tasks that are outside their area of expertise, like bookkeeping, while they would prefer to spend more time on their core businesses. By outsourcing your accounting chores, you can stop wasting valuable time and concentrate on the reasons you went into business in the first place. Let a professional take care of your bookkeeping needs so you’ll have more time to focus on what you do best.
3.Access to accounting expertise.
Outsourced bookkeeping gives you instant access to accounting expertise anytime you need it. Professional bookkeepers maintain precise and accurate records, working quickly so your data is always up-to-date. These experienced professionals, who have formal training and practical experience in many areas of accounting, can help you avoid penalties associated with inaccurate paperwork and underpayments. Outsourcing your bookkeeping tasks is a way to ensure professional services and upgrade the quality of your bookkeeping.
4.Gain staffing flexibility.
What do you do when a staff member is out sick? What about employee vacations or maternity leaves? Bills still need to be paid, deposits made, and payroll fulfilled. Outsourcing your bookkeeping means you can call on a bookkeeper whenever you need someone to fill in for your staff or to do a job that has become too big or too difficult. Short-term help for one project or assistance on a regular basis is available— services can be tailored to fit your requirements.
5.Improve cash flow.
Have you ever wondered how your company can be profitable, but still not have enough cash to pay the bills? A professional bookkeeper will optimize your cash flow by helping you delay outlays of cash as long as possible while encouraging anyone who owes you money to pay it as rapidly as possible. There are normal, everyday practices to help you manage any shortfall; an expert bookkeeper will be aware of these methods and able to advise you on the best ways to succeed in your particular situation.
6.Save on technology expenses.
There’s no need to buy extra hardware and software for your accounting needs when you outsource your bookkeeping. A dedicated bookkeeping company will take care of all the necessary technology, incorporating well-known accounting software into your procedures. If desired, all files and computer systems can be kept offsite, allowing you freedom from worry about the safety of your accounting records or the proper functioning of IT systems. Cloud-based accounting applications allow both client and accountant to access records through a web browser, giving you continuous access to your data. Up-to-the-minute information can be viewed at any time from any location, enabling you to make better decisions and run a more profitable operation.
7.Improve budgeting practices.
If you want your company to excel, budgeting is critical. A good budget will tell you where money is being wasted and where you need to invest more. Budgeting can help you prepare for the future by foreseeing problems before they occur, and ensuring that you have money for future activity. A budget can be coordinated to help you minimize costs, increase revenue, or gain a higher market share. Outsourced bookkeeping can help you plan your future, manage your money, and identify problems before they occur, ensuring that you stay abreast of the financial condition of your company.
Manage your resources more effectively by delegating bookkeeping work to those who do it best. Specialists who are trained in all aspects of accounting will expedite your bookkeeping work in the quickest, most cost-effective way. Bookkeeping cleanup is one of the most popular jobs to outsource, because often business owners become tired of inefficiencies due to bookkeeping errors. Less time is wasted on mistakes when competent professionals are in charge.
9.Get sound advice.
A superior outsourcing company combines the professional resources of an accounting consulting firm with the personal attention of a trusted advisor. Its objective advice is based on years of helping businesses refine their goals, then implement steps to reach them. The best companies will offer realistic guidance on the optimal way to grow your business, create value, and improve the bottom line.
10.Enjoy peace of mind.
Concerns about the status of your financial records are stressful. Outsourcing your bookkeeping allows you the security of knowing your financial records are in order at all times, and are available for banking needs or tax purposes. A trusted company will provide practical, reliable information to help you keep up with changing regulations, financial requirements, and technology. You can be certain your books are correct.