Should I Outsource my Book Keeping?
Bookkeeping is one of the most important tasks for a business. Not having accurate, trusted financial records is a recipe for disaster. Even small errors can produce catastrophic effects. Correcting these mistakes can require significant time and effort. When you’re running a growing business, your time is at a premium, and with all of your responsibilities, daily bookkeeping tasks drop to the bottom of the to-do list. As a result many businesses are looking to outsourced bookkeeping.
The decision to outsource can be a difficult one, especially for a small business with limited resources. Here are some of the benefits of outsourcing bookkeeping to factor into your decision-making process.
Free up your time
Many small business owners try to manage all aspects of the company’s operations. Bookkeeping can be extremely time consuming, and with all your other responsibilities can force you to work 7 days a week. This also keeps you from better and more valuable uses of your time. Outsourcing bookkeeping gives you your time back. And who knows, you might even be able to enjoy a day off again.
Outsourced bookkeeping solutions are scalable
You can keep your own books when you are starting your business, but sooner or later, you are going to out grow that solution. Likewise, you can hire a bookkeeper to work in your office and eventually, the workload will be greater than one person can handle, especially at busy times like closing the end of the month. Hiring another bookkeeper just for those times does not make sense. With an outsourced bookkeeping solution, you’ll have access to a full team of professionals. They can adjust with your workload removing the need to hire or train new staff members.
Best of breed software
Staying on top of the latest financial software is difficult. Choosing the tools, which are best for your business, requires expertise and time. What’s more, your staff does not have an incentive to research these tools, especially when they know that it could put them out of a job. Not so with outsourced bookkeepers, whose livelihood depends on knowing all the latest and most efficient software, which you get the benefit of as part of your contract for their services.
Your financial data remains private and secure
Your financial records are among the most guarded possessions of your business. Your records need to be secure and available without the risk of losing any sensitive data. Many businesses leave critical data such as blank checks in the hands of employees. When you outsource your book keeping to an established virtual accounting team, you can rest assured that your private information is not only secure, but also that it’s protected with the state of the art security technology.