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Salt Lake City Bookkeeping Blog

Small Business Time Crunch? Here's Why You Need an Online Bookkeeping Company

Posted by Leanne Armstrong on May 25, 2017 9:00:00 AM

Small Business Time Crunch? Here's Why You Need an Online Bookkeeping CompanyAs one of the few business resources that are truly finite, your time is irreplaceable. And while it’s almost an unspoken law that the average entrepreneur will shoulder the brunt of the work that keeps their company running, the wise will take steps to avoid this.

Hiring an online bookkeeping company to meet the demands of your small business time crunch will save you more than just valuable hours – it will also play a fundamental role in:

  • assuring the accuracy of your financial records,
  • streamlining your business decisions, and
  • capitalizing on your ability to generate more income

In fact, choosing to outsource your bookkeeping services will easily pay for itself in time that can be more profitably invested in the upkeep and growth of your business.

Advantages of Cloud-Based Accounting

Today’s commercial bookkeeping company stands out from traditional business consultants because of their access to powerful cloud computing tools. The internet-based storage and management of your small business accounts means that calculations can be performed faster and with greater accuracy, and information can be exchanged in real time.

Cloud-based software programs allow online bookkeeping companies to keep your business in the loop, with the most current financial information about your:

  • receivables,
  • payables,
  • payroll, and
  • taxes

Whether you need to check on a client’s payment history, or print a copy of your most recent cash flow statement, the reports you need can be accessed quickly, securely, and from just about anywhere.

Let’s look at how engaging outside bookkeeping services can help to alleviate your business’s time crunch dilemma.

1. Multi-tasking wastes more time than it saves

Unless you’re one of the 2% of people who are truly capable of performing multiple tasks at the same time - WITHOUT sacrificing work quality or productivity - you are a serial tasker. What does that mean for your business? It means that every time your brain shifts focus from one activity to another, your performance deteriorates and you lose valuable time.

Today’s digital environment has ramped up the competition across a wide range of industries. But you can gain a competitive edge by cutting back on your multi-tasking efforts, and hiring a professional bookkeeping company to handle your accounting.

2. The privileges of delegation

The word delegation is enough to send shivers down the spine of any self-respecting entrepreneur. But learning to navigate this difficult lesson can yield some incredible results. When you trust in the ability of others to carry out some of your more arduous chores, you’ll carve out significant hours of extra time.

Remember, asking for help isn’t a sign of weakness: it demonstrates strength of conviction in the skill sets of fellow professionals. Not only will delegating your company’s bookkeeping services to an outside firm allow you to concentrate on more pressing matters, it can mitigate workplace stress. In fact, relying on others for help is recognized as one of the best ways to avoid small business burnout.

3. Streamline your strategic planning

Did you know that planning up to five years in advance drives the strategies of most successful companies? If you can’t even begin to fathom finding the time to create, yet alone implement a solid business plan, you’re doing yourself a disfavor. Your business simply can’t grow sustainably if you don’t turn your company’s financial information into a scalable scheme.

Experienced commercial bookkeeping companies offer more than just accounting services. They can help to translate the figures they generate into facts - facts that will make it easier for you to understand where your business stands now, and how you can take it where you’d like it to go.

4. Keeping proper records saves valuable time

With time at a premium, no small business owner wants to waste theirs sorting out problems that could have been avoided. But juggling responsibilities often means that important data goes missing, or gets improperly recorded and reported.

Bookkeeping errors and late report filings are just some of the events that tend to trigger a tax audit. But regardless of the cause, this time-consuming IRS process runs a lot more smoothly when a qualified online bookkeeping company has kept your records in order.

5. Tough choices made easier

Making the big decisions that every business owner faces is tough. But trying to make them without the help of relevant financial data is even tougher. By taking advantage of online bookkeeping services, you’ll have the information you need to make timely decisions about everything from investing in new equipment, to hiring more staff.

The choices we make each day can have a tremendous impact on the health of our business. If these decisions are worth the investment of your time to make sure they’re right, they’re worth investing in the expertise of a knowledgeable bookkeeping company.

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Topics: Small Business Bookkeeping, Bookkeeping Companies, Bookkeeper