Using an external bookkeeping service has many benefits over using an individual bookkeeper. Here are our 5 biggest benefits of using a bookkeeping service:
Having an external bookkeeper can do wonders for your business. An internal bookkeeper is often emotionally involved in the business. External bookkeeping services will be all business and may offer some crucial insight into your businesses financial situation. It may be positive or negative insight, but either way it is valuable information you may have missed otherwise
A bookkeeping service should lower your costs in numerous ways. The obvious cost savings benefits are lack of payroll taxes, paid vacation and other employee benefits. Also, in general you should be able to pay a bookkeeping service much less than a full time employee. Lastly, a bookkeeping service will not tell you what you want to hear regarding your financial situation. Your bookkeeper should act like a financial watchdog over your business, always on the lookout for cost saving opportunities or financial trends that need attention.
Many internal bookkeepers simply leave a business. It may be from boredom, a better opportunity or they feel underappreciated by the business owners. No matter what the reason the absence of a bookkeeper can cause major financial turmoil within your business. All of a sudden those simple day to day bookkeeping tasks are no longer getting done. Money has stopped flowing in and vendors are calling about past due balances. If you outsource your bookkeeping you may never have to hire again. Bookkeeping services rarely drop clients and are more interested in long-term business relationships.
An Expert for Your Industry and Your Business
There are general bookkeepers and there are expert bookkeepers. You should be able to find a bookkeeping expert for your specific business; both the industry and size of your business. Finding a bookkeeper with specific experience in your industry can be crucial and highly beneficial. Also, look for a bookkeeping service that specializes in working with companies that are similar in size to your business.
Focus on What is Important to You
Using a bookkeeping service will allow you to focus on what is important to you, both within and outside of your business. Maybe you want to focus on sales and growth but you need certain financial reports and analysis to do so. Maybe you just don't want to have to worry about your business bookkeeping so you can focus on things outside of the office, such as your family and golf game. Using a bookkeeping service will alleviate any concerns about your business financials so you can refocus on what is important to you.
Interested in exploring outsourced bookkeeping opportunities?