Outsourcing Your Bookkeeping can Significantly Improve Your Bottom Line
It may seem counterintuitive, but outsourcing your small business bookkeeping can have an impressive impact on your bottom line. A professional, independent bookkeeping service can save time, reduce the number of errors you make on your financial records and taxes, and provide financial clarity.
Save money by hiring an outside bookkeeper
When you use an outside service, you are spared the need to hire an in-house bookkeeper, which reduces expenses including:
- salaries
- benefits
- training costs
You also avoid the costs and headaches associate turnover and rehiring.
When you choose a reputable and established bookkeeping company, there is never an interruption in service. If the staff member who is handling your books suddenly leaves, someone else can immediately take their place. Often, it can be a person with a similar level of experience in your industry.
Contrast that with an in-house bookkeeper leaving on a moment’s notice due to a better job offer, an illness or a family emergency. In that case, you’d have a disruption in the timely delivery of financial reports key to your business decision-making process.
Believe it or not, many independent bookkeeping services are actually more affordable than paying full-time in-house staff. Because all we do is bookkeeping, we are very efficient.
Avoid costly errors by outsourcing your financial record-keeping
In-house small business bookkeepers often wear other hats, and have other things on their minds when recording transactions. Professional bookkeepers who ONLY DO BOOKKEEPING make fewer mistakes. That’s important, because simple errors can lead to expensive tax penalties, late fees or misreported financials that cause you to make unproductive decisions.
Bookkeeping services stay on top of accounting standards and financial regulations in the various industries they serve. This continuing education ensures our clients stay in compliance.
Free up time for core business activities
Business owners need to prioritize revenue-generating tasks like finding new customers and delighting the ones they already have. With your bookkeeping in good hands, you’ll find new time to focus on growth, customer service and sales.
Your operations will be more efficient with a smaller administrative burden.
Gain important insights into your operations
Accurate and timely reports from your professional bookkeeping partner will help you identify trends and make informed business decisions. Knowing where you stand financially can also help with budgeting and forecasting.
When you see where you are succeeding (and where you aren’t), you can make better decisions about expenses, cash flow and investments.
Stay ready for tax time and an audit
The best bookkeeping companies will make sure your documents are ready to turn over to your CPA at tax time. Everything will be in order, so the likelihood of missed deadlines or miscalculations will be miniscule. If you should be audited, all the information the auditors want will be at your fingertips.
Scale or downsize your bookkeeping contract any time
Using a professional bookkeeping service that charges a flat fee based on your needs (as we do at BookWerksTM), you can adjust the services provided on short notice. If your business grows quickly, or you find you need to downsize, we can adjust accordingly.
Gain access to advance tools and technology
Bookkeeping firms use the latest accounting software and automation tools, improving efficiency and accuracy. You don’t need to invest in expensive accounting software or buy upgrades.
Avoid fraud and increase security
Third-party bookkeepers provide an extra layer of accountability, reducing the risk of internal fraud. Our secure systems protect sensitive financial data from prying eyes.
Have the data you need to pivot at hand at all times
The accurate financial records provided by your bookkeeping service support loan applications, investor decisions and business expansion plans. With regular reports always sent on time, you’ll have the data needed to optimize pricing, cost-cutting and profitability strategies.
Set up a free, no-obligation meeting with BookWerksTM, one of the most affordable bookkeeping services in Cincinnati. We can tell you how we’ve improved the bottom lines of small businesses in your industry.