Is it time to outsource bookkeeping for your small business? Many business owners start by doing the books themselves to save money.
Over time, those cost savings fade and the workload can become overwhelming. You’ll spend more time on accounting or you’ll need to hire someone full-time. Outsourcing is a more efficient, cost-effective method of keeping your books in order.
Keep reading to learn when it’s time to start considering outsourced bookkeeping.
It Takes Away From Your Work
You didn’t start your business so you could spend hours on bookkeeping. When you notice that handling the books takes you away from your core competencies, it could be time for outsourced bookkeeping services.
When you turn over those duties, you can spend more time on your craft. This helps your business grow without sacrificing the bookkeeping that’s also important.
One Person Handles All the Books
If you currently have a single person handling all of the finances for your business, you could be putting your business at risk for fraud. Businesses lose an estimated 5% of revenue each year to fraud. One study showed that typically, fraud cases last 14 months before anyone finds out and result in $8,300 in losses each month.
Instead of letting one person handle the books and putting your business at risk of fraud, consider outsourced bookkeeping. When you choose a trustworthy company, you remove the potential for internal fraud.
Your Business Grows
Your goal is to grow your business, but that growth comes with challenges in all operational areas, including bookkeeping. It can be difficult to scale your internal bookkeeping processes rapidly if you experience sudden growth.
Using a company such as Accounovation means you’re always ready to scale your bookkeeping and accounting efforts. Outsourcing gives you access to a team of professionals who can handle the increasing workload with ease.
You Need Financial Advice
Your business decisions rely heavily on knowledge of your current financial situation. If you don’t understand your business finances, you can’t make informed decisions going forward.
Outsourcing your bookkeeping and accounting gives you access to financial professionals. They can provide you with financial documents and explain what they mean to help you make better decisions.
You’re Not Confident in Your Bookkeeping
Unless you’re in the bookkeeping field, you probably aren’t an expert in keeping your books. If you’re not sure if you’re doing the books correctly, outsourcing can eliminate those worries.
It can also save you time. When you’re not confident in your bookkeeping skills, you’ll likely take much longer to do the work. Experienced bookkeepers can complete your work efficiently with less potential for mistakes.
You also get access to current technology that the bookkeeping company uses. This can save you money and ensure your records are compliant with the latest regulations.
Outsource Bookkeeping Now
When you outsource bookkeeping, you free up your time to focus on your craft. You also get the support of financial professionals and cut down on the risk of inaccurate books or tax issues.
Check out more of our useful content for more information that can help you run your business.