We often work with small businesses at a critical turning point in their growth phase, owners who have reached a million dollars in annual revenue and suddenly feel the weight of managing their books.
These business owners understand that accurate and up-to-date books are essential to achieve business success. Still, with the never-ending to-do list for a business owner, bookkeeping becomes less of a priority and more of a hassle. After all, most are focused on market domination, and maintaining their books translates into time not well spent.
Finding a bookkeeper to handle in-house accounting tasks is one solution, but isn't always the best solution as freelance bookkeepers can prove to be unreliable.
Here are a few good reasons to outsource bookkeeping needs:
Maximize Employee Talent
Trying to save money is great, but doing it yourself or delegating it to an employee is wasting valuable time and energy that could be used in different areas of expertise. Growing your business is essential, so look to outsource your bookkeeping and free you and your employees up to do what compliments everyone's talents. Office managers, account executives, and receptionists shouldn't be spending their time on bookkeeping, but working towards scalable goals to help the business grow.
Most companies start with smaller accounting needs, and it's hard to justify a full-time employee to handle the books. Outsourcing your bookkeeping allows the business to start small and pay for what they need at that time. Outsourced bookkeeping is scalable and grows with you as your business grows; without having to hire additional staff to manage the workload.
No Cost Continuing Education
Growing your business is a lot of work, and most small business owners are not in a position to train or manage a bookkeeping team.; and more than likely, the bookkeeper will know more than you do. Working with an outsourced bookkeeping team has its benefits since continuing education is part of the job. Members of these teams have up-to-date knowledge of the latest Xero or QuickBooks features and understand state tax rules and reporting methods - which make a big difference in the quality of bookkeeping you receive.
Working with a professional outsourced bookkeeping team to prepare financial documents makes the IRS and banks happy. There is no question on whether or not the data is accurate or concern over the integrity of the financial records. Whether you need to share your financial information with the IRS or investors, there is no doubt outsourced bookkeeping makes sure there is no doubt about the quality of the data.
Whether a small business needs to present current financial data to an investor or keep tabs on cash flow, up-to-date accounting is an essential business function. Outsourced bookkeeping is a practical solution to keep all matters and allow business owners to focus on what they need to do to continue their growth and prosperity. Interested in finding out more about how you can outsource your bookkeeping? Contact our team of bookkeeping experts for a free consultation and to learn how outsourced bookkeeping can help your business grow.