Outsourced Accounting and Bookkeeping
Winning in business means having a good daily grasp of your financial position. You can do bookkeeping and accounting yourself, but do you want to? Most business owners, unless they are highly trained in financial recordkeeping, find it works better to outsource.
You may need a bookkeeper, an accountant, or both.
- Bookkeepers like BookWerksTM keep track of the day-to-day, using standard accounting practices to accurately record transactions, reconcile bank and credit card statements, and keep you in the loop with monthly reports such as balance sheets, profit and loss statements, and income statements.
They can handle bills, invoices and payroll, and will make sure your books are in order for tax time.
- Accountants are more big-picture–and usually more expensive–offering tax and advisory services. Your accountant will prevent tax errors and resulting audits. Because they know all the tax rules, accountants can tell you how much money to set aside, and ensure you don’t overpay.
Good bookkeepers keep tax-ready records your CPAs can easily use, with your permission, of course.
Why Outsource Bookkeeping?
You’ll save time and money
Outsourcing accounting and bookkeeping services will save you time and money. Yes, these services cost money, but the professionals will probably be much more cost-efficient than you or an employee not properly trained.
You’ll have peace of mind
Seasoned professionals stay up to date on the financial record-keeping rules of your industry, and will be less likely to make costly mistakes. This will provide peace of mind, knowing your financial records are in order.
You’ll know where you stand
With regular, easy-to-understand reports, you will stay more on top of your financial situation, which can be crucial when it comes to deciding on new equipment or expansion.
There won’t be any interruptions
Without an outside bookkeeper/accountant, you could find yourself in a fix if the employee in charge of record-keeping suddenly leaves your company, or goes on an extended maternity leave or vacation.
Using a firm that specializes in bookkeeping and/or accounting services means you reduce the potential for interruption in service.
What to Look for in Professional Bookkeeping / Accounting Services
- You want a firm that has worked with businesses the same size as yours, preferably in your industry, so they understand your challenges
- Professional credentials. When seeking an accountant, make sure they have formal training, and are part of local financial trade groups
- A flat-fee payment system. The modern form of charging for financial record-keeping is with a flat monthly fee, not an hourly rate. You will not have any surprises at the end of the month if your bookkeeping service charges a flat fee
- Cloud-based accounting software, so you and your CPA have access from anywhere there is internet. Your bookkeeping company can work in tandem with your accountant to make things simple
Of all the tasks involved in running a business, bookkeeping and accounting are two of the most commonly outsourced. With an outside partner, your financial data is more secure, and you can focus on customers.