At times, the term bookkeeping takes on a vague meaning the makes it seem easier than it really is. This couldn't be more true for the small business owner that doesn't fully understand what outsourced bookkeeping is all about. If you are an office manager or administrative assistant you might get work put on you from your boss that "should just take a few minutes" or "shouldn't be too hard to figure out." The reality is that your boss may not have the right small business mindset and doesn't realize that some bookkeeping tasks can be complicated and time consuming. If this is the case then maybe you should approach your boss or small business owner and tell them some pointers about outsourced bookkeeping. It could make your life easier and possibly lead to more revenue for the business, it's a win-win situation for everyone.
Issues Are Resolved Instantly
When a handful of mistakes or errors are found in the books, it's extremely easy to not make them a priority and move on to the next task. All of a sudden, a few months have passed by and the list of items that need correcting is massive and a whole day might be needed to fix them. That full day of work may snowball even bigger and result in a ton of work at year end in order to get the books ready for tax season. This is a dangerous game. We, as outsourced bookkeepers attack mistakes as soon as they are discovered. This allows for 100% accurate financial reporting and provides immediate peace of mind knowing that the books aren't riddled with errors.
It Reduces Stress
Pushing mistakes to the back burner can quickly lead to stress. "Is someone going to notice the mistakes and call me out?" or "Will my quarterly review suffer because my boss knows I'm not handling the books 100% correctly?" These might be a few things any office manager might have in their head if they aren't fully trained bookkeepers. Being stressed at your job can eventually make your life miserable since its tough taking your mind off of these things. Next thing you know you are dreading going to work and thinking about it during the weekends and evenings. Having outsourced bookkeeping can help eliminate this stress and make the system work so no one is losing sleep over bookkeeping mistakes.
Checks & Balances Are Provided
Maybe you aren't a bookkeeper at all, nor have you taken one single accounting class in your life. Yet your boss has slowly turned you into the bookkeeper for their small firm. It makes sense why this might happen since a lot of small businesses have employees doing work in more than one departments such as inbound marketing, customer relations, sales, bookkeeping, etc. Any person who isn't trained or educated in bookkeeping and accounting is playing a dangerous game since it can ultimately lead to over paying hard earned money in taxes or under paying and possibly getting audited.
Our outsourced bookkeeping firm excels at setting up systems and training the staff to handle certain tasks if the job demands. Need an office manager trained in entering daily sales report for you restaurant bookkeeping? Do you need the office admin to help with lease initiation fees for your HOA firm or property management business? We can help put these checks and balances in place so the value of the books aren't compromised.
It Allows For Growth
Want to grow your business? Maybe start by having one person be 100% dedicated to the bookkeeping. Not surprisingly, having an employee dedicated to just bookkeeping can lead to an increase in cash flow and allow for growth. Accounts Receivable will always be 100% accurate, Accounts Payable will never grow out of control, financials are consistently updated, etc. Make sure the bookkeeping doesn't get put on someone that also works on the IT stuff, helps with the dishes, or has to spend an hour or so getting lunch every other day.
Tax Time Isn't Scary
If you work with an owner that is stressed each year for a few months over taxes then this should be a no brainer. We take pride in keeping the books 'tax ready' throughout the year and are pretty comfortable saying year-end bookkeeping shouldn't exist. As the year winds down, we pass the books off to the CPA for a pre-year end review. This takes any surprises or guessing out of the annual tax bill. This peace of mind allows the owner and his company to look ahead and focus on forecasting, goals, budgeting, etc. and not get hung up on the BS that goes along with pushing off tax deadlines.
Need more reasons to convince your boss that outsourced bookkeeping is needed? Reach out and let's talk some more. Coming up with more company specific examples can lead to some great things and who knows, maybe a raise.