Majority of business owners spends an average of 31 hours a week on day-to-day operations –payroll and sales lead the list – when they’d rather be looking at their businesses’ big picture. And, almost two-thirds say their businesses would be better positioned if they could take a step back and have less stress.
We often meet a lot of clients at a critical turning pointing in their growth phase. Business owners who have met that ellusive million dollar mark in annual revenue (though some times they arrive at our virtual door a bit later) and suddenly feel the burden of managing their own bookkeeping catching up to them.
It doesn’t take long for a new business owner to understand that accurate and up-to-date financial records play an important part in the success of a business. At the same time, the daily tasks required to maintain these records often fall to the bottom of an owner’s to-do list of priorities. After all, business owners didn’t go into business to become bookkeepers–and the value of time spent on maintaining the books translates into a pretty expensive hourly rate! Hiring a bookkeeper to handle the accounting tasks in-house for the business is one solution to the problem, but it isn’t always the best solution.
Here are good reasons to outsource bookkeeping services:
1. Save time and money.
Bookkeeping and accounting take a lot of time. Finding someone you can trust to do the job well, stay with the company long term, and maintain confidentiality is not a simple task–especially when a local bookkeeper knows your personal financial health. Outsourcing to an established bookkeeping service with strong client references can give an owner peace of mind and the confidence to focus more on the needs of the clients.
2. You can scale your business sooner.
Growing businesses often start out with smaller needs but rapidly grow to require a full suite of bookkeeping services. Hiring an outsourced bookkeeping service with controller oversight and a full-service offering enables the service to scale to needs, without having to hire or train additional staff.
3. Save a lot more of what you earn.
Most business owners are not in the position to be able to handle the day-to-day transactions of a growing business. By outsourcing the checks and balances of your financials you’ll be able to strategize more on your growth and track inefficiencies within your company. Plus saving wages and benefits taxes of an in-house employee.
4. Sharpens your focus to your business.
When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time and energy that could be better used growing the business. Outsourcing bookkeeping services, sharpens business focus and execute tasks that drives growth. It gives value to the organization.
5. You get a whole Team, not just an individual.
Using outsourced professional bookkeeping services, you’re placing the financial records of your company to a team of professionals. They can prepare your financial records for accountants, the IRS and banking institutions. Integrity with your financial data will be solid without question. This will be easy for a business owner to provide financial statements to the bank, satisfy investor reviews or share information with the IRS, outsourced bookkeeping services help make sure there is no doubt about the data.
Whether a business needs current financial figures to present to a banker or it just needs to keep tabs on cash flow, keeping up to date on accounting tasks is essential; An easy solution is to outsource bookkeeping to a professional service.
Find out more about how you can grow your business with a US based team that can handle your bookkeeping and tax queries at the same time. Contact us for more information.
