80% of people, who use outsourced bookkeeping, say they can spend more time on their businesses. Now, you no longer need to worry about doing your bookkeeping. You can have a subject matter expert (SME) do the job for you.
With bookkeeping out of the way, you can focus on what matters most to you, your business. Below we will review some of the ways that hiring an outsourced bookkeeper can save you money.
Outsourced Bookkeeping Is Quick and Efficient
You or your employees may not know what they are doing when it comes to bookkeeping. You’ll be wasting a lot of time working on your books when you should be focusing on what you’re truly good at. That could be running your establishment or your employees doing the main tasks of their job.
When you outsource this position, it will reduce the amount of time that will be spent on bookkeeping. An SME will have the bookkeeping done quickly. They will be familiar with what needs to get done and how it needs to get done.
On top of that, you’ll avoid paying any penalty fees as your books will be done on time every time.
Moreover, this saves you money as it will give you and your employees more time to focus on your business. You won’t be hiring your employees on for longer hours. You’ll be hiring someone else to do this job for you at a cheaper rate.
No More Errors
When you hire an outsourced bookkeeper you won’t have to worry about errors in the books. If something is miscalculated you could spend a lot of time fixing a simple mistake.
Then again, maybe some items didn’t get logged, this will show discrepancies in your books. Discrepancies can lead to fines which will cost you more money down the line.
Moreover, with an outsourced bookkeeper, they will know all the standard regulations (GAAP). They will adhere to these regulations. SMEs will know what they are doing so you can breath easier.
Outsourcing Increases Productivity
When you or your employees don’t have to focus on bookkeeping, more time spent can be spent on your business. It is one less distraction from the main duties and tasks that need to be done.
When there are more tasks to be done it can feel overwhelming. You or your employees can become overworked and fatigued. This means no one will be fully engaged in the duties that matter and they may make more mistakes.
Only Pay for What You Need
If you choose to hire an outsourced bookkeeper, you won’t have to pay part-time or full-time wages. What’s more, you won’t have to worry about providing them with benefits.
On top of that, there are a plethora of payment options that you can choose from. For example, you can pay a fixed rate or an hourly fee.
When you use an outsourced vs an in-house bookkeeper you can choose how often you use the service. You don’t need to keep someone on staff at all times.
Fewer Expenses
With an outsourced bookkeeper, you don’t need more office space or computer equipment. You don’t need to buy any of the accounting software that would be required to do the expenses.
Many firms even use cloud-based accounting software. This allows you to easily view your financial information.
Customize the Services You Receive
There are different services you can choose from when you outsource your bookkeeping. You only pay for the services you want and nothing more.
For example, you can hire someone to work on your income statements and balance sheets. At the same time, if you don’t want them to work on your cash flow management, you can opt-out of that service.
Is Outsourcing Right for You?
If any of these benefits appeal to you, outsourcing may be right for you. Outsourced bookkeepers will keep your business financially secure and help it thrive. With an SME at your side, you will have better peace of mind.
Reach out to us today if you have any further questions on outsourced bookkeeping.