Basic Accounting Hasn’t Changed, but Delivery Methods have!

We’re well past the abacus, but there still might be a few people around that remember using a mechanical calculator. In the end, accounting is still “T-sheets” and numbers, but the technology available to the small business owner has changed dramatically over the past decade or two.

Software programs like QuickBooks Online and Xero have made it much easier for the non-degreed accountant to handle their own bookkeeping, but is it still the best use of their time?

Using an outside bookkeeper can often save time AND money

A professional bookkeeping firm is more cost-efficient than many in-house accountants, especially if the person keeping your books wears more than one hat.

Because independent bookkeepers only do bookkeeping, they make fewer mistakes (mistakes are also reduced with automated recording when money goes into your out of your bank account, or you make a credit card charge).

Mistakes can be costly, particularly if they lead to cash flow problems or tax audits. And unless your income and expenses are recorded in a timely way and you get critical reports on the regular, you might find yourself trying to make important business decisions without the pertinent facts.

Time is money, so do you really want to pour over receipts when you could be focusing on growing your business?

Accounting and bookkeeping are important tasks, but they do not bring in revenue. Most BookWerks™ clients find, once they have cleared bookkeeping off their to-do list, they have more energy and time for tasks that earn money for the business.

What is the price of peace of mind?

Small business owners who send their bookkeeping outside company walls are often surprised at how much more relaxed they feel. With an outside partner, your sensitive financial information is more secure, and safe from prying eyes inside your company. Bookkeeping firms have rigorous checks and balances to hold themselves accountable.

Since your data is kept in the cloud with BookWerks™, it is available to you anytime, anywhere.

Knowing your financial transactions are correctly recorded when they happen, and your data is both safe and accessible, can help you sleep at night.

Modern bookkeeping methods make finances simpler, faster and more insightful

The best outsourced accounting services are up on the latest advances in financial record-keeping. That means:

• The automation of bank feeds, reconciliations and expense categorization
• The ability to see your cash flow instantly
• The ability to track profits and expenses live
• The ability to make data-driven decisions on the fly
• No more waiting for month’s end to see how you’re doing
• Quick catches when transactions are duplicated or entries are missed
• Fewer human errors with built-in checks
• No more passing around USBs or emailing spreadsheets for collaboration
• The ability to add users, services or integrations
• Easy handling of increased transaction volumes
• Being ready when tax season hits

What to do with all that extra time

You will have time on your hands once you offload financial record-keeping to an outsourced accounting or bookkeeping firm. Here are some ideas for how to spend that “found” time:

1. Spend it on strategy and long-term planning for your business
2. Spend it focusing more on the needs of your current and prospective customers
3. Get reacquainted with your family
4. Take an old hobby back up, or explore a new one
5. Call some friends you haven’t had time for in a while to see if they want to connect

Outsourcing can be a tool toward re-establishing work-life balance, and the more balanced you are, the less likely you are to burn out.

Want to learn more? Reach out to BookWerks™ anytime.