Any entrepreneur who has tried to start up a new venture knows how difficult it can be to get the ball rolling – and expensive as the costs begin to add up over time. There are many ways business owners can work to keep their expenses down and one of these methods includes outsourcing. Whether you have three people working for you, or 30, outsourcing your bookkeeping can be hugely beneficial for the following seven reasons.
1. Less mistakes.
In the early stages of a business, you are a one-person operation. All of the hats, from bookkeeping and marketing to cleaning and sales, must be wore each and every day. By doing several jobs at once, it’s much easier to make mistakes due to lack of time and energy or even simply overlooking some assignments.
2. More “you” time.
You’re a business owner, not a superhero, and by spending so much time focusing on every little detail in keeping the books in order and the wages paid on time, you reduce the amount of free time you get. It’s not healthy to work around the clock 24/7 – you need a break from time to time and outsourcing your bookkeeping needs reduces stress all around.
3. Specialist know-how.
You may know on a basic level how to keep the books in check, but outsourcing to a professional ensures that it can be done by someone who has the skill set to do the job even better. You also gain access to expert advice and information to any regulatory requirements and deadlines.
4. Better technology.
By outsourcing the service to someone that specializes in accounting, they will have more sophisticated technology to get the job done quickly and efficiently. Trying to do it all on your own will only be arduous and time-consuming.
5. Easier to run the business itself.
What are you best at? Quite simply, it is far better for you to concentrate on the business itself and run it successfully than to have your head stuck in the books that you may only know a bit about.
6. It’s much cheaper.
If you have a small business, it can be pretty expensive to hire someone in-house to do your bookkeeping. Outsourcing, on the other hand, tends to cost less than a fraction of the price.
7. “Save the day!”
Would you know what to do if an employee was sick for a month? Or would you know what to do if a worker went on an extended vacation? What happens if someone gets a promotion mid-month? Your bookkeeping can change if there are inconsistent closing processes and if only one person knows how to do the books, you could be in some trouble if they are unable to perform their duties.
Now remember; finances are tight and of course you want to keep costs to a minimum but outsourcing your bookkeeping in 2014 can in fact take your business to the next level.
This article was provided by Doug Barden, a managing partner of Beech Business Services, a leading business advice and accountancy firm located in Lancashire. For expert advice on accounting, payroll and bookkeeping services, please visit www.beech-business.co.uk.