Still Handling Your Own Bookkeeping? That may not be Smart Business

Come on, no one “likes” doing bookkeeping unless they’re an accountant. If you’re not trained as an accountant, how good of a job are you doing at recording financial transactions, and how much are you paying to have someone “clean-it-up” after?

If your reason for still doing your own bookkeeping is saving money, you might be surprised at how cost-efficient professional outsourced bookkeeping can be. Most of our clients find it costs less to outsource their bookkeeping services to BookWerks™ than it did to do their books in-house. Efficiency, accuracy, timeliness, time savings and security are all part of the picture. Here are some benefits to letting our team take over:

1. Our staff is more efficient, taking less time to record your transactions and run critical reports
2. Our clients don’t have to deal with hiring, training, managing and paying their in-house bookkeeper–or finding a new one if theirs leaves suddenly
3. Your errors can be costly in the short-run (if you
   make decisions without all the information you need), and in the long-run (if a mistake leads to a tax audit)
4. Your financial information is more secure and private, which keeps everyone accountable
5. The time clients were spending on bookkeeping took precious hours away from their more-important revenue-generating work

Other reasons beyond cost to send your bookkeeping out

About 30% of small business owners use a bookkeeping service outside of their company.

Using bookkeeping companies is often “good business” — especially small to mid-sized ones–because it often leads to cost savings, increased efficiency and access to expertise. Outsourcing bookkeeping blends cost control, flexibility and peace of mind, all while freeing you up to focus on what you do best.

Hiring an in-house bookkeeper means paying a full salary, benefits, payroll taxes and possibly training costs. Outsourcing, on the other hand, usually means:

• You only pay for the services you need.
• There are no overhead costs (like office space, equipment and software licenses).
• Set monthly pricing (if you use BookWerks™), so there are no surprises at the end of the month. Your cost only changes if the scope of your bookkeeping work does.

Access to experts

When it comes to financial records, what you don’t know can hurt you. Outsourced firms specialize in bookkeeping, so you’re getting pros who:

• Stay updated on the latest accounting standards and financial regulations.
• Know best practices.
• Often use advanced software and tools to improve accuracy and efficiency.

Time savings

Bookkeeping is time-consuming and detail-heavy. Handing it off means:

• Business owners and teams can focus on growth, customer service and strategic planning.
• No more headaches at tax time or end-of-month crunches.

The time and energy you are used to giving to recording transactions can go to figuring out how to make your business grow, or you could even spend more time with your family, friends and hobbies.

Scalability

Outsourced services can easily scale with your business. Whether you’re growing fast or hitting a slow patch, you can adjust the level of service provided by your bookkeeping company without hiring or laying off staff.

Improved accuracy and compliance

The best bookkeeping companies typically have checks in place to avoid errors. You’re less likely to face costly mistakes, IRS issues or compliance problems when you use a professional service to keep your books.

Technology and automation

Many outsourced bookkeepers use cloud accounting software (like Xero or QuickBooks) that gives you real-time access to your financials, automation for things like invoicing or bank reconciliation, and solid data backup/security.

Your data is not only more accessible, it is also safer.

Still not convinced?

Connect with us for a free, no-obligation consultation at your convenience. We’d be happy to explain how outsourced bookkeeping could benefit you organization.