Some business owners might be hesitant to outsource their business bookkeeping and hand over their finances to an “outsider”. But the reality is, it might be one of the smartest business decisions you could make.
Being a busy business owner who’s focused on bring the money in and managing your huge to-do list, you probably don’t have the time, nor the expertise that’s required, to do your own bookkeeping. In fact, unless you’re a bookkeeper, you probably find it down right boring! What you really want is a monthly report that tells you how your business performed so you can decide what you need to focus on next month.
A qualified and professional bookkeeper can help your company to thrive and let you focus on what YOU do best. So let’s start with the 3 Big Benefits that outsourcing your bookkeeping can give you.
1. You Save Money
I feel obliged to point this out: you will save money. You’re not just saving time when you employ someone to do your bookkeeping for you, you are directly saving money. Because great bookkeepers have one job – dedication to your finances – they ensure that all your financials are taken care of all year round. A good bookkeeper will not only have your reports ready, but they will give you a complete run down of what areas your business needs help in financially so you know what to focus on regularly without needing to analyse the reports yourself. This is particularly important before the end of the financial year because with accurate reports, you can get tax planning done before it is too late!
2. You Get a Team
You get a group of professional individuals who are constantly reviewing each others’ work – a checking system that you’d have to pay extra to employ on your own. It can be a lot for a single person to stay on top of and manage ever changing compliance laws, but a team helps ease the burden while giving you multiple sets of eyes to ensure the accuracy of your business bookkeeping.
Having a team also ensures that your finances run smoothly even when someone quits. Because your records are kept by a team of professional bookkeepers using specialised bookkeeping software and technology, you won’t ever have to worry about your finances being jeopardised if an employee quits. Another well trained qualified and professional bookkeeper will take over the management of your bookkeeping ensuring a seamless transition. So you get a team looking after your finances for the price of one.
3. You Get The Latest Technology
Technology is also constantly updating and when it comes to handling your finances, you don’t want to fall behind on the times or you risk damaging your business. You get access to the best software like Xero and QuickBooks and other resources that will provide you with timely and accurate business reports when you need them. The technology that backs these accounting systems ensures the security of your information and organisation of your business records to meet the compliance requirements of the Tax Office. We are experts in many apps and can help you streamline not only your bookkeeping function, but other areas of your business.