Top 4 Reasons to Outsource your Accounting Services
Written by Kelly Gonsalves
One of the biggest questions I come across when meeting new or potential clients is:
Why, with all the new and improved bookkeeping software on the market, would I pay to outsource my finances? Besides, who better to trust with my money than myself?
In some cases they’re right. But, the truth is, the majority of people, whether they own a business or not, would benefit from a bookkeeper.
Sure, maybe the funds just aren’t there and sure, maybe you just so happen to run a bookkeeping business and can do it all yourself (wink, wink).
But, for everyone else, I’ve put together a list of 5 reasons why you should outsource your bookkeeping and accounting tasks.
First, let’s define our terms.
What does outsourcing your bookkeeping actually mean?
With everything in the news about outsourcing and trade, the word has kind of gotten a bad rap.
To clear things up, outsourcing just means that you allow a person or company that isn’t yours to perform specific tasks for you. For example, if you’re not great with photoshop, you can outsource your graphic design needs to someone who is. Same goes for bookkeeping, accounting, and everything in between.
Now, let’s answer that “why.”
1. Keep your Time, you can’t get it back!
It might sound cliche, but let’s face it: time is your most important asset. Whether or not you’re running a business, having extra time in a day can mean making another deal, having a great hobby, or getting to your kid’s soccer game on time.
Each process you outsource is just one more thing you don’t have to do. Especially with bookkeeping, where accuracy and efficiency go hand in hand, you just can’t afford to rush.
2. On Time, and On Task
One of the worst things that can happen to a small business is late payments. Whether it’s paying your taxes, partners, or your cleaning guy, nobody wants to work with someone who doesn’t have their financial planning and scheduling in order.
So, making sure your books are closed accurately and on time at the end of the month is crucial to the survival of your business. Small business owners wear a lot of hats. They’re one person bands, and I totally respect that. But, that can also means things are forgotten, lost, or thrown on the back burner.
Your finances shouldn’t, and can’t, be one of those if you want to keep the lights on.
3. Expert Opinion, Expert Eyes
At the end of the day, bookkeepers know what they’re doing. That’s not to say that you don’t, but we do this literally every day of our lives.
That amount of exposure and experience in a particular field gives us some distinct advantages that you probably won’t get from an in-house bookkeeper, or if you’re doing everything yourself.
Full time bookkeepers have an eye for details that many small business owners don’t see. Whether it’s a number out of place or an unfulfilled order, you can trust that your outsourced professional isn’t going to miss it.
According to the Association of Certified Fraud Examiners (AFCE), 30% of small businesses employing less than 100 people have fallen victim to fraud. Bookkeepers are also trained in fraud detection. Especially for business owners who look at the same set of numbers every day, it can often take a new set of eyes to see kinks in the financial chain.
By outsourcing your financial services, you’re also always on top of industry trends and changes. Tax compliance and regulations, especially under the current administration, are constantly changing. How can small business owners be expected to keep up with all of that, while also constantly having an eye for growth opportunities?
They can’t be.
4. No Turnover, Better Security
Being a business owner myself, I know what a hassle it can be to find and hire new employees. Training sucks, and overhead is expensive.
What’s worse than that? When someone quits! All the time invested and all the knowledge you’ve bestowed onto your colleague and pupil is just gone.
That sounded a little dramatic and it’s probably (definitely) not that devastating, but it is annoying.
With outsourcing, business owners don’t have to worry about employee turnover. If you’re not happy with the service you’re getting, you can negotiate, or move onto another company. It’s that simple.
Plus, it’s more secure. If an employee relationship ends on bad terms, there is sometimes fear of retaliation. When it comes to finances, that’s something small business owners (literally) can’t afford.
But, let me be clear.
Every business in every situation is different. Each has different needs and wants, with different ways of providing them. Depending on you, outsourcing may not be what you need right now. And that’s okay!
All I’m asking is to give it a shot. Do some research, give us or other firms a call, and let us walk you through the process.
Though you might not choose to use us, you definitely won’t be disappointed.