Originally published by Patricia Cognard in Best In AU
It is common to see a business owner who finds it difficult to control all aspects of his business single-handed. One of the most crucial things that is often overlooked is accounting. We have to admit, it is not a very exciting topic. But it doesn’t have to be that bad.
It is important for every business owner to realise the importance of having an up-to-date and accurate financial record. This is integral to the success of the business. But not every business owner would love to do this. “I didn’t go into this business to be a bookkeeper”- is what they would always say. Many of them also think that they are wasting a valuable amount of time doing the task.
Get the Time You Need
You need to have a full-time staff member to do in-house bookkeeping, even in quiet periods. But this person may not be happy to end up not doing non-accounting related tasks. When you outsource, you get the right amount of time to cater to the needs of your business.
As the business grows or in times of seasonal needs, you don’t need to change anything. It will be the task of your outsourced bookkeeping service company to adjust to your needs.
Get the Right Price
Cost is important in any business. But quality should not be compromised. However, quality may demand what seems to be very high for a business. You can cut down costs by outsourcing the accounting function of the company.
Outsourcing will save you workers’ compensation insurance, employer payroll taxes, paid vacation, health benefits, and other fringes. Most importantly, you can avoid training an in-house bookkeeper and eliminate turnover. Not to mention that you have an expert from the start.
The Right Skill Set
Lower cost should not equate to lower quality. It is possible to save money while having access to high-quality accounting professionals for your business. Hiring a bookkeeping firm will let you have a team that is focused on accounting.
You can also expect these people to engage in continuing education, have the right experience to help the business, and are updated on the latest trends in the industry.
If you need an employee to handle the accounting needs of your business, you’ll probably hire one person. But a single person cannot handle all the roles needed. Staff, clerks, controllers, and CFO all play a significant role.
By outsourcing, you will have access to all these professionals. A good bookkeeping firm should assign several professionals to your account. Thus, whether you need financial reporting, data entry, budgeting, and forecasting, etc. you will have the right person for the job.
Contracting a bookkeeping company will help increase business flexibility in terms of growing or shrinking. You will have a team of professionals who are experienced in the field and will give you objective opinions. Also, they can help you formulate a plan for every decision you make.
Outsourcing a team that specialises in accounting will make the business more efficient and in a better position to adapt and compete in the market.
Do you need one?
Every business has their own focus, but in most cases, it’s not bookkeeping. Some business owners choose to hire an in-house accountant. Some tasks are assigned to the office manager and the owner takes some of it.
But, imagine a day when you don’t have to do any accounting-related tasks. The office manager can focus on customer service. You, as the owner, can focus on running and growing the business. You can better make use of your time and focus on other important aspects of the business. You can make these things happen if you choose to outsource your bookkeeping needs.
If you think you can’t handle every aspect of your business, especially the accounting part, asking for a little help wouldn’t hurt. Hiring a company for your accounting operations will make good business sense. You get the benefits of time, cost, skill, and expertise, altogether with a goal of making the business successful.