As the oft-used adage goes, time is money. But more time spent on your business operations doesn’t always equal more money – time spent on the practical activities does. If you are spending a sizeable chunk of your time and effort on bookkeeping – a process that could easily be outsourced to an expert bookkeeping company – it may be time to rethink your priorities.
Bookkeeping is an essential business operation. It encompasses the recording and maintenance of all financial transactions of a company, such as sales, purchases, and expenses, and certifies that all transactions are legitimate.
There are many brick-and-mortar, virtual accounting and bookkeeping services that can easily take your finances off your hands, allowing you to focus on scaling your business.
Here are our top 15 reasons why you should outsource your accounting and bookkeeping services to a bookkeeping company:
- Save time to spend on growing your business: While accounting is an essential business operation, it doesn’t directly contribute to the growth of your business. By securing business bookkeeping services from a company with expertise, you can invest the time saved into introducing innovation and scaling your business.
- Save money: Accounting and finance operations require a separate employee or department, which comes with employee salaries and expenses such as medical insurance and benefits, and will cost a great deal of money. Outsourcing these tasks to a bookkeeping company will help you save money on in-house accounting.
- Get expert services: Outsourced bookkeeping services mean that your accounting functions are taken care of by specialists, so you can be sure you are getting top-notch services.
- Get consistent services: While your employee(s) in the accounting department may need time off or quit unexpectedly, bookkeeping companies will be consistent in their services since that is their entire purpose. You won’t have to worry about any lags in payroll calculation or accounting when you outsource to an accounting and bookkeeping services company.
- Ensure accuracy of records: With a whole specialist company responsible for your bookkeeping operations, you can rest assured that your records will be accurate.
- Gain access to the latest accounting technology: If your business is not yet large enough to afford the latest accounting systems and technology, outsourcing to a bookkeeping company can give you access to the latest systems and technology. This way, you can ensure that your business leverages the best tools for the job while keeping expenditures in check.
- Free yourself from the hassle of training bookkeepers: Most business owners cannot train and manage bookkeepers since they are not trained in bookkeeping themselves. Outsourcing to an accounting and bookkeeping services firm means that you no longer have to worry about training your employees because you will have access to personnel trained in the latest accounting and bookkeeping technology.
- Allocate employees to value-adding operations: When you enlist accounting and bookkeeping services for your business, you no longer need your employees to take care of tedious financial and accounting tasks. You can then allocate your limited human resources to more critical operations that add value and contribute to the growth and success of your company.
- Get detailed financial reports: Outsourced bookkeeping services go a step beyond simple data entry and meticulously record all your financial data, which can be used to generate detailed financial reports. These reports provide critical quantitative data that can give you critical insight into your business.
- Make informed business decisions through accurate financial intelligence: Expert bookkeeping services can provide actionable financial intelligence to guide your decision-making. With financial intelligence on your side, you can make more prudent decisions to help your company flourish.
- Scale-up easily: When your accounting services are outsourced, it is easier to scale them as your business grows. You won’t have to worry about hiring extra staff or investing resources in the accounting department. Instead, you can focus entirely on scaling your business without investing effort in taking care of the accounting.
- Safeguard the privacy of your data: As a business owner, you may not be comfortable with the idea of an employee or a local bookkeeping professional knowing the ins and outs of your company. In that case, a virtual accounting and bookkeeping services company can take care of your data while maintaining confidentiality.
- Receive credible financial data to show financial institutions: With your outsourced bookkeeping services, there will be no question about the integrity of your financial data. In addition, because a third party is taking care of your accounting and finances, financial institutions such as the revenue authorities and banks will have an easier time trusting your financial data.
- Make it easy to file tax returns: Soliciting the support of business bookkeeping services guarantees that all your accounting and finances will be in order. That would simplify the process of filing tax returns at the end of the year. Furthermore, bookkeeping companies remain aware of tax rules and changes, helping ensure that you do not fall out of compliance with the tax authorities.
- Take a break: With the nitty-gritty of accounting and finance outsourced to a bookkeeping company with expertise, you no longer have to worry about the bookkeeping for your business, and you can give yourself a much-needed break. With some time for relaxation, your mind will also be more productive in advancing your company.
Small or large, new or old, information technology or food services: bookkeeping is crucial for businesses of all sizes, ages, and industries. Keeping detailed records of all financial transactions is instrumental in gauging the business’s performance, making business decisions, and growing the business.
While bookkeeping is a detailed, careful operation, professional accounting and bookkeeping services can take it off your hands. By outsourcing your bookkeeping to a bookkeeping company, you can work towards the success of your business without expending valuable energy and resources on bookkeeping.