In the not so distant past, bookkeeping was a laborious task involving heavy ledgers, pencils, and lots of erasers. Most small businesses of today have progressed past the cumbersome stage years ago and moved to computerized bookkeeping. But, there is a newer trend in the small business world: outsourcing bookkeeping. What at first appeared to be just an easy way to cut costs in the office has quickly become recognized as a wise choice harness high-powered financial advice and services usually out of the reach of the small to mid-size business. Find out more to see why outsourced financial services should be number one your business’ resolutions for 2014.
Why Outsourcing Bookkeeping Works
Looking at it from a purely practical level, taking your bookkeeping outside of the office has a number of benefits, including:
Lower Costs – although many business owners quickly discover that cost savings is really not the most important benefit for their business, it is an undeniable fact. Rather than being responsible for the salary of a full-time in-house bookkeeper, outsourcing allows businesses to pay only for the time used to keep their books up to date.
Never Behind – businesses that do not have a full-time bookkeeper but rather give double duty to the owner or some staff person often fall behind on the bookkeeping when other aspects of the business demands more of their time, or they focus on catching up on books, when their time is best used elsewhere, causing the business to suffer.
Less Clutter – outsourcing bookkeeping has an often unexpected blessing: reducing office clutter. It is so easy to have receipts, invoices, pay stubs, etc., getting out of hand in the office. When businesses outsource their financial services, critical documents can be scanned, sent, and filed as they come in, leaving the rest to the bookkeeper.
Up to Date Advice – small to mid-size businesses across the country have found this to be the single most valuable benefit of outsourcing their financial services: having financial expertise just a phone call away. More importantly, the financial professional has their thumb on the pulse of the business, knowing exactly what is happening, and can therefore provide custom-tailored advice that meets your business’ exact needs.
Ever get down to tax time and panic about your bookkeeping? How will you possibly get things to your tax preparer in time? Not only does outsourcing your financial services ensure your books are always ready for the tax man, it also enables your business to be poised for tax savings. Knowing the state of your business allows for tax planning, which results in more savings for your company.
Resolve for Success
If your business needs a boost for 2014, something to give you a cutting edge and free you and your staff up to do what you do best, perhaps outsourcing accounting should be at the top of your resolutions list. After all, what’s not to like? The combination of lower costs and expert advice is a winning combination for many businesses.