Beyond Saving Time and Money, Why Outsource Bookkeeping?

Many small business owners and Franchisees do their bookkeeping in-house, which is great if you have someone qualified on staff–who has the time to stay up on all the regulations for your industry.

Many others discover it works better to outsource their financial record keeping to a firm dedicated to bookkeeping and accounting services for small businesses. You may think it is less expensive to keep bookkeeping in-house, but actually, our clients often find the opposite is often the case.

10 reasons to outsource small business bookkeeping to Cincinnati virtual bookkeeping companies

1. Cost Savings:
   • Lower Labor Costs: Hiring a full-time bookkeeper involves salaries, benefits and other employment costs. Outsourcing to a service like BookWerks^TM can often be more cost-effective.

• • Reduced Overheads: There’s no need to invest in additional office space, equipment or training for in-house staff.

With BookWerks, you pay a flat fee every month based on the complexity of your bookkeeping needs. There’s never a surprise at the end of the month.

2. Access to Expertise:
   • Specialized Knowledge: Professional bookkeepers have expertise in accounting practices, tax regulations and financial compliance, ensuring accuracy and up-to-date records. Many independent bookkeeping services specialize in certain industries, which requires staying abreast of regulations to maintain competitiveness.

At BookWerks^TM, we do bookkeeping for dentists, landscapers, graphic designers and restaurant owners, as well as many other small and medium-sized businesses. Our specialty is franchises, which have specialized bookkeeping requirements.

Quality Assurance: Professional firms often have multiple layers of review, reducing the risk of errors.

3. Time Savings:
   • Focus on Core Activities: By outsourcing, business owners can focus on strategic business activities such as sales, marketing and customer service.

• • Efficiency: Professional bookkeepers can usually complete financial recordkeeping tasks more quickly and efficiently due to their experience and tools. When bookkeeping is all you do, you get pretty quick at it!

4. Scalability:
   • Adaptability: As your business grows, your bookkeeping needs change as well. Outsourced firms can easily scale their services up or down without the need to hire or lay off staff.

5. Technology and Automation:
   • Advanced Tools: Bookkeeping services often use the latest accounting software and technology, providing better data management, security and analytical tools.

For example, at BookWerks^TM, we use cloud-based accounting software so our clients’ financial data and reports are available to them 24/7 from anywhere.

• • Automation: Our processes automate many routine tasks, reducing manual errors and saving time.

6. Improved Financial Management:
   • Timely and Accurate Reporting: Regular financial reports like Profit and Loss Statements, Balance Sheets and Cash Flow Statements provide insights into the business’s financial health, helping owners make informed decisions.

• • Cash Flow Management: Better bookkeeping practices help in tracking cash flow, identifying potential issues early and managing finances more effectively.

7. Compliance and Risk Management:
   • Audit Readiness: Properly-maintained books simplify audits, reducing the stress and potential penalties associated with non-compliance.

8. Security and Confidentiality:
   • Confidentiality: Professional services adhere to strict confidentiality agreements. This is often not possible with in-house bookkeeping staff.

9. Objectivity and Perspective:
   • Unbiased Insights: External bookkeepers can provide an impartial perspective on your financial situation, identifying areas for improvement internal staff might have reasons to overlook.

• • Continuity and Reliability:
  • Consistent Service: Outsourcing ensures continuity unaffected by staff turnover, vacations or sick leaves.

Entrusting your bookkeeping to one of the best bookkeeping companies in Cincinnati can mean lower costs, access to greater expertise, time savings, scalability, improved financial management and more.