Posted on: 8 November 2018Share
Bookkeeping is one of the most important functions in any business. It impacts everything from your tax filings to your financial reporting. If the books aren't accurate, it's impossible to tell whether or not you're profitable. You'll need accurate financial records for a wide range of business activities, like borrowing money, taking on investors, or even deciding to expand. A skilled, experienced bookkeeper helps you create accurate and insightful financial documents.
Many businesses debate whether to hire a full-time internal bookkeeper or outsource the job to an outside firm. There are reasons for and against each. However, for many businesses, especially newer companies, outsourcing can be a wise decision. Below are three reasons why you may want to outsource your bookkeeping functions:
It maximizes your time and other resources. Perhaps the biggest reason to outsource bookkeeping is that it frees up your time to focus on more important tasks. Bookkeeping can be time consuming. If you, or someone else on your team, will manage bookkeeping internally, that takes time away from other important duties. You may have to spend less time working with customers or developing new products. Your employee may have less time to focus on their tasks. When you outsource, your time is freed up so you can focus your time and energy on what's most important.
You can scale it with your growth and needs. If you're a small or new business, bookkeeping may not yet be a full-time job. If you hire a full-time internal bookkeeper, you may spend a substantial amount for a limited amount of work. With an outsourced bookkeeper, you only pay for the work you need. As your business grows and the workload increases, you can simply increase your services with the outsourced company. Outsourcing gives you the flexibility to scale your services as needed and keep your costs under control.
You can be confident in the level of service your receive. One of the problems with doing bookkeeping yourself, or hiring someone to do it internally, is that you may not know what you're doing right or wrong. If you don't have bookkeeping experience, you're on a learning curve. It can be a difficult task to master, especially if you're already occupied with other aspects of your business. You also may not have the knowledge or experience to train a new hire, or to choose a bookkeeping platform. Companies providing this service will already have these resources, including platforms like Deltek outsourced bookkeeping software.
With outsourced bookkeeping, you get a competent, experienced team to support you. You can shop around to find the right team for your needs and possibly even talk to their other clients as referrals. That eliminates your learning curve or the need to train someone. You simply forward your financial information to your bookkeeping team and they handle the rest.
Ready to get your books and financials straightened out? Contact an outsourced bookkeeping company in your area today.