Every business starts at a specific place and grows at different rates. As your business grows, you may need the honest opinions from different professionals or consultants as to the pace and direction that your company is taking. Outsourcing a proven bookkeeping service could prove hugely beneficial to you as the business owner for a number of reasons as discussed below.
Unbiased information from accountants and bookkeepers
An external accountant can help your business to stay on path toward targeted profits, while your internal bookkeeper is emotionally attached to the business. However, hiring an external bookkeeper will be beneficial because their work and examination of the finances will be more objective. Thus, they will give crucial insight that can greatly change the financial situation of your business. It is important to get both positive and negative information.
Outsourcing a bookkeeping service should save you money in different ways. To begin with, you do not have to pay for their payroll taxes. Since the bookkeeper is not your permanent employee, they do not have the right to paid vacations and other employee benefits that may apply in your company. Your permanently employed bookkeeper would have less work to do especially when your business is at the crucial growth stage and with hundreds of transactions, freeing up their time for more critical functions. Your external bookkeeper will also ensure that the business saves as much as possible by acting as a watchdog for the company – without being clouded by an emotional tie to the company.
It could easily be much cheaper for you to pay the bookkeeping service as compared to having a permanent accountant in your business. Similarly, a trained accountant gets the chance to work for more than one company hence growing their experience in the business practices they specialize in.
Reduced turnover risks
It is common for an internal bookkeeper to leave your business possibly because of a better opportunity in the market or to pursue personal interests. This can cause a financial mayhem in your business from un-captured business transactions to poor cash flows. Outsourcing a bookkeeping service ensures that business is not affected much once your internal book keeper leaves. It is highly uncommon for a bookkeeping service to drop your business as one of its clients since their interest in on long term business.
Your business and industry needs an expert
Notice the difference between general bookkeepers and expert bookkeepers. You need to be in a position to locate a bookkeeping expert to cater to your unique needs as a company and in the industry where you serve. Always ensure that the expert that serves you has worked with other companies with similar interests and size to yours. This means that they have market and industry experience to see your business grow as well.
Focus on your priorities
Your external bookkeeper gives you enough time to focus on other important issues concerning your business. Seeking to focus on your company sales? Do you have the relevant business reports? Your external bookkeeper should produce them for you so that you know where to base your focus. While they tackle specific business operations, your bookkeeping service can advise you when unforeseen costs arise or identify areas for higher profitability – which is why you are in business in the first place.
Tucson Accounting, Tucson Bookkeeping, and Tucson Tax Accounting Experts
145 E. University Blvd., Suite 1A
Tucson, AZ 85705