As a business owner, you’re probably the one that keeps an eye on everything. Being responsible for the success of your company and ensuring everything pans out as planned, is a tough job and as your business grows and the volume of activity increases, things are likely to get even more complex, particularly from a bookkeeping perspective.
It’s fair to say that bookkeeping is an essential task but by outsourcing it there are plenty of benefits to be had and it can help take your business to the next level. So, let’s jump in and take a closer look.
One of the main benefits of outsourcing bookkeeping is that it saves money.
Think about it, when you hire a bookkeeper, you’ll either be paying them an annual salary or an hourly rate. But it doesn’t stop there.
Taking on an employee involves more than adding to your payroll costs. You’ll have to factor in other costs like:
- Fringe benefits
Outsourcing can give your business more than it would get with a traditional bookkeeper.
Rather than using your payroll budget on support staff, why not spend money on a person that can advance your business to the next level in a strategic way?
Utilising online bookkeeping services gives you the freedom to spend wisely as you grow your business more.
It’s no secret that entering, analysing and reconciling payments and other financial records is time-consuming and tedious. One of the benefits of outsourcing a bookkeeper is that you will probably end up paying less than you would for your own time and at a far lower cost than lost opportunities.
By outsourcing this essential task, you can apply yourself to other things that require your attention – evaluating processes, improving customer service, and generally improving operations overall.
Furthermore, you’ll probably rid yourself of mounds of paperwork, since outsourced bookkeeping services use online portals.
Access to a Cloud-based centralised bookkeeping system
Modern bookkeeping companies streamline your process by making use of online portals that handle everything.
Their functionality varies according to the price of the various bookkeeping packages but the bottom line is simple. As it’s based in the Cloud, both you and your bookkeeping company can access your records at any time.
This means they can enter your expenses and/or income instantly enabling you to see your finances in real-time.
Reduces errors and maximises accuracy
Bookkeeping service providers promise maximum efficiency from day one and you can feel at ease in knowing that you have an expert team on your side that has the skills and knowledge to handle everything. An automated system is utilised that tracks your business finances seamlessly with expert oversight to resolve any problems immediately.
Full-service bookkeeping and accounting
An outsourced bookkeeping provider does more than just keep the books and tally up expenses. When their full potential is utilised, you’ll discover that they can bring a whole lot more to the table. You can see your business’s financial status as money moves in and out and whether you’re in growth or crisis mode, these insights can help influence your decisions.
Expenses and income are sorted, giving you a more detailed insight into your business.
Detailed financial reports
Beyond data entry, another benefit of outsourcing your bookkeeping is the wealth of financial information that comes with it.
With a tap of your finger you can access financial reports that provide more in-depth information:
- Profit and loss
- Cash flow history
- Balance sheet
Because this information is meticulously recorded by a bookkeeper, it’s quick and easy to view. Moreover, it’s easy to share it with partners, employees, financial advisors and legal counsel. As your business grows, these insights are invaluable.
Often, the best business decisions are based on your gut feeling but it helps to have the numbers on your side too. With better financial knowledge of your business, you can make more informed decisions.
Prepare for tax season
Instead of scrambling around trying to get your finances in order at the last minute, an outsourced bookkeeper will help prepare for tax season as time goes on. Once the time comes, they can help you file immediately and take advantage of any potential tax deductions.
You’re not just tied into one bookkeeping package either. As you double your revenue you may find that your current bookkeeping package doesn’t quite cut it. No worries. By upgrading, you can give your business extra capabilities that will take it to the next level.
Let us help with your bookkeeping
Here at JSM Accounting, we provide flexible bookkeeping packages that are tailored to your business needs and budget for a custom fit. As well as doing the books our service encompasses paying the bills, managing the money, and sorting the wages, freeing up time for you to concentrate on what you do best – running your business!
Why not contact us on 07 3814 6512 to discuss how we can help you and your business.