For Small Businesses, Outsourcing Bookkeeping is a Particularly Smart Move
In small businesses, franchises and nonprofits, staffs are usually small, which is just one reason why outsourcing bookkeeping makes sense for these entities.
You no doubt need all hands-on deck to manage core and revenue-producing activities; it can save precious time and money to send your financial record-keeping outside.
There are many other reasons small- to medium-sized organizations should consider using an out-of-house bookkeeping service like Cincinnati based BookWerksTM, which serves clients all over the country virtually–at friendly Midwest prices.
Here are just a few:
#1: Cost savings
You may think you can save money doing your books in-house, but that is often not the case. With an independent bookkeeping company supporting your team with accurate, timely financials, you avoid the expenses of hiring, training and paying a full-time bookkeeping employee, including benefits, taxes and retirement contributions.
You can save as much as 80% of the cost of using an in-house bookkeeper by contracting with an independent bookkeeping company not including the cost of recruiting and training a new person when your bookkeeper inevitably moves on.
In addition, outsourced bookkeeping services eliminates bookkeeping overhead—the costs associated with office space, equipment and software for in-house bookkeeping.
People who do bookkeeping all day every day are more efficient, and do the work more cost-effectively.
Small mistakes in financial record-keeping can have costly consequences (think tax audit or late fee). This is yet another way bookkeeping services save clients’ money: accuracy.
#2: Experts in your corner
Professional bookkeeping firms like BookWerksTM employ U.S. based trained and experienced professionals who specialize in financial management.
We can usually pair your company with a specialist who has worked in your field for many years, so they know all the ins and outs of record-keeping in the industry.
An in-house bookkeeper, especially one who only does the books part-time, may be challenged to stay updated on accounting standards and regulatory changes. We eat these details for breakfast, every day!
We use best practices and advanced tools like automated transaction recording and cloud-based accounting software, making your financial information available at all times, and reducing the likelihood of mistakes in your financial records.
#3: Flexibile, reliable and consistent
We charge a flat fee based on the complexity of your needs, but can scale up or down any month those need changes. If your business typically has peak seasons or growth periods, we can adjust quickly to make sure you only pay for services you require.
You can count on us to produce the reports you need to make informed business decisions every week or month, as you desire. There is never an interruption in our services, which can happen with an in-house bookkeeper who suddenly needs to leave the job for a family emergency or extended vacation.
If your assigned BookWerksTM specialist needs to leave for any reason, we can reassign your account to another specialist immediately.
When you partner with BookWerksTM, you get your financial reports on time, every time. Your financial data is always properly reconciled and ready for an audit if necessary.
#4: More peace of mind, less risk
We keep your financial information backed up and secure. We also have checks and balances in place to reduce the risk of fraud.
Imagine your stress going down, knowing your finances are in expert hands—and the anxiety of missed deadlines or tax errors gone!
#5 (and the most important reason): Spending less time on administration and more time growing your business
Outsource to BookWerksTM and free up time to concentrate on serving customers. After all, isn’t that why you went into business in the first place?