What’s Your Time Worth and how should You use It?
Business owners may think it makes sense to do everything themselves, but this is often not true.
Take the dentist who spends 90 minutes EVERY week processing his employees’ payroll. It can be hard to grasp that your time is worth money, and often someone else can handle non-revenue-generating tasks for far less than you are “paying” yourself. After all, your hourly billable rate is probably a lot higher than a payroll clerk.
How outsourcing saves time and money
Outsourcing bookkeeping is not only cheaper than doing it yourself, it is typically cheaper than hiring an in-house bookkeeping:
- You don’t have to pay a salary, benefits, payroll taxes or office overhead.
- You only pay for the financial services you need.
When you use virtual bookkeeping companies for tasks that don’t require your expertise, you free up time (and money) for more important activities, such as serving customers or strategizing how to attract more of them.
Your time is precious, and should be spent on work critical to your business success that no one else can do.
Running a business is already a full-time job. Outsourcing means:
- you stop drowning in receipts and spreadsheets,
- you can focus on growth, customers and strategy, and
- you gain peace of mind and lose late nights.
Other reasons to outsource bookkeeping
Accuracy
Many bookkeeping services use the latest accounting methods, so they are not only faster at recording financial transactions, they are also more accurate.
Professional bookkeepers
- catch errors before they snowball,
- keep you compliant and tax-ready and
- help you avoid missed deadlines or costly mistakes.
Access to financial experts
Professionals like the bookkeepers at BookWerks™ are experts at what they do best, just like you are. So, doesn’t it make sense to let bookkeeping experts do your bookkeeping, while you do the jobs you are uniquely suited to?
With outsourced bookkeeping, you get trained professionals who
- know the accounting rules and standards for your industry,
- stay current with regulations and tools, and
- use best practices to keep your books clean and audit-ready.
Better tools and tech
The best independent bookkeeping companies use top-tier software like QuickBooks, Xero, or FreshBooks, which give you
- real-time access to your financials,
- automatic backups and cloud security, and
- integrations with your POS, bank, CRM and more.
An outside partner scales with you
Outsourcing gives you the flexibility to add more support as you grow, or scale back during slow seasons. With outside bookkeeping there is no need to hire or train new staff, when you grow, or let people go when things get slow.
You’ll have key information when you need it
With outsourced bookkeeping services like BookWerks™ you have access to your financial data at all times, wherever you are. You can keep data away from prying eyes at the office, while making it securely available to whoever needs it for collaboration.
Weekly reports like Profit and Loss, Balance Sheet and Cash Flow help you see at a glance how you are doing financially, so you can pivot as needed.
How does less stress, with more clarity sound?
You’ll always know where your money’s going, what you’re making, and what needs attention. Clean books equal clear decisions.
The bottom line
You could keep doing your own bookkeeping and other easy-to-outsource tasks. But you might not be saving money, and there are most likely better ways to help your business grow.
Outsourcing bookkeeping gives you the freedom to focus on your business, not your paperwork.
To see if using an outside bookkeeping firm makes sense for your situation, connect with us and we’ll run the numbers. After all, numbers are what we do best!