It may seem scary to hand over all your finances to a "stranger" when looking to outsource your bookkeeping. But truthfully, it's one of the smartest decisions you can make as a business owner.
Realistically, you don't have the time or expertise to dig through and organise all of your financials. Nor come up with strategies to tackle the competitive and ever changing market place.
Simply put, a qualified bookkeeper can keep your business thriving. There are several more benefits to outsourcing your bookkeeping and here are just a few:
You save money
Not only are you saving time by outsourcing externally, you are directly saving money. Bookkeeper's have one job, dedication to your finances, and they ensure it is maintained year round. Aside from preparing reports, bookkeepers can give an indication on business areas that need help financially. That way, you know what to regularly focus on without analysing the reports yourself. This is most important at the end of financial year, as tax planning can be done in time, since reports are accurate.
You get a team
With external bookkeeping comes a team of professionals who are constantly reviewing each others’ work. Something you'd have to pay extra to employ on your own. While it's a lot for one individual to manage ever changing compliance laws, a whole team eases this burden. Instead of one person looking over everything and ensuring accuracy, there are instead multiple sets of eyes for this purpose
A team also ensures your finances continue to run smoothly even if someone quits. Since your records are kept by a team using specialised software, you needn't worry about your finances being risked if an employee quits. Another qualified bookkeeper will simply take over from where they left off for a seamless transition.
You get technology
Technology is ever changing and updating, and in order to stay on top of your financials, you don't want to fall behind on what's new. However, this is another fee you'll have to pay on top of the salary for your bookkeeper. You'll have top of the line software and resources that allow for timely, accurate business reports when needed. This technology ensures security of your information and organises your business records so they meet the compliance requirement governed by the tax authorities.