5 Practical Reasons to Outsource Your Bookkeeping
If you’re an entrepreneur or small business owner, it’s easy to let your bookkeeping fall to the bottom of your to-do list. It’s easy to let the less exciting financial aspects of the business become less of a priority when you’re laser-focused on growing your business, leaving you crunched for time or digging through receipts and messy spreadsheets at the end of every month.
Outsourcing your bookkeeping is a practical way to keep your business’s finances in order while saving valuable time and money.
Here are 5 practical reasons why you should consider outsourcing your bookkeeping:
Save more time and money!
While it might seem more cost-effective to try and handle your bookkeeping yourself, consider the time spent each month managing your own financial statements. Your time is valuable, so make sure you spend it wisely on tasks that only YOU can do. By outsourcing your bookkeeping, you’ll save on overhead costs of financial software, the costs of having an employee, as well as the opportunity costs of your own valuable time. A good bookkeeper will also lower your financial risk by staying up-to-date on industry changes so you don’t have to.
Be more accurate and efficient.
Mistakes can be extremely costly. Bookkeepers are trained to avoid these mistakes and keep your finances up-to-date. A bookkeeper will also help you ensure that your business is not only being paid on time, but that you are also paying your own bills on time. Your credit can be damaged by missed or late payments. Let your bookkeeper stay on top of cash flow and accounts payable to avoid mistakes and errors.
Less stress at tax season.
Stop digging through piles of receipts and paying your tax preparer a premium to clean up your financial statements. A bookkeeper will help you keep on top of your financial statements for tax season, including payroll, 1099s for contractors and freelancers, and much more. You’ll have peace of mind year round, and be prepared for anything, including the dreaded IRS audit!
A fresh perspective on your money.
Unless you’re a trained bookkeeper, there’s likely something you’re missing from your financial statements. A bookkeeper will put fresh eyes on your money, and will likely have suggestions on improving efficiency, maximizing your cash flow, or providing more accurate forecasts. By having another individual look at the “big picture” of your finances, you can see where more time and money could potentially be saved over time.
Reduce Fraud Risk.
Small businesses can be especially vulnerable to fraud due to their size. Internal controls (checks and balances put in place to reduce fraud) are much more difficult to institute and enforce when there are only a few employees. By outsourcing your bookkeeping, you significantly reduce the likelihood of suffering financial loss due to fraud.
Outsourcing your bookkeeping is one of the smartest hiring decisions you can make by saving you and your business time, money, and stress. Contact us today and let’s discuss even more reasons why outsourcing your bookkeeping is a practical way to handle your business finances.