Why It Makes Sense to Outsource Bookkeeping
Posted on 8th October 2019 at 15:25
When you started your business, how did you envision spending your time?
Chances are it all started with a dream and a passion. You might not have anticipated all the hours you'd spend on the admin that happens behind the scenes in any business.
But here's the good news:
You can outsource some of it — and bookkeeping is the ideal place to start. Here's why:
1. Spend More Time on What You Love
You didn't start your business because you love filing receipts and taking care of the books. We get that. When you outsource your bookkeeping, you get that time back.
This means you have more time to spend on the activities you do love in your business — the reasons why you started in the first place.
2. Improved Accuracy
Although it's often seen as a mundane, behind-the-scenes task, keeping your books in order is important.
Mistakes can be costly. If you're trying to cram your bookkeeping activities into a short period of time, it's almost inevitable you will make mistakes at some point.
Outsourcing gives you peace of mind that your finances are given the attention they deserve.
3. Improve Your Return on Investment
If you're still taking care of your bookkeeping yourself, answer this question:
Is it because you think it will save you money? Do you see bookkeeping as an unnecessary expense?
If you answered yes to any of the above questions, we disagree. Bookkeeping is a cost-effective way to lighten your workload. This gives you more time to focus on activities that will generate profits in your business — which means it will actually save you money in the long run.
4. Avoid the End of Year Rush
How long does it take you to get your accounts in order at the end of each tax year?
If you always seem to find yourself rushing around, trying to get everything in order, you should consider outsourcing.
Running a business is stressful enough — why add to that?
When you outsource your bookkeeping, everything will be kept in order as the year progresses. Not only will this save you time and money at the end of each tax year, having everything ready for your accountant, but it will also help you get an up-to-date snapshot of your company's finances, whenever you need them.
5. Improve Cash Flow
When you have access to up-to-date information whenever you need it, it's much easier to predict your cash flow in any given month.
This data can then be used to make any necessary adjustments, meaning you're better able to maintain a steady cash flow within your business.
For every business, no matter what size, bookkeeping is fundamental. It’s actually one of the things that makes much more sense to outsource.
To discuss this further and for a FREE consultation, please contact our team today!
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