Outsourcing your bookkeeping and avoiding all that data entry and number crunching seems like a dream, but can it really save you money? Whether your business is large or small, the answer is: yes! While you’re incurring a few for this service, the amount you spend by utilizing outsourced bookkeeping may be a financial bargain in comparison to what you’ll save.
Time is Money
That’s not only a catchy phrase. Any business owner knows it’s true. Now, you most likely did not open a business simply for the thrill of bookkeeping. You started a business because you had a great idea, made the best scones around or because you’re a fabulous dance teacher. You should use as much of your time as possible to invest your specific and unique skills into your business. That’s what creates your business differentiator, and it often comes down to you. You cannot create, control quality or manage customer service if you’re locked in a room doing your company’s books. By outsourcing your bookkeeping, you’re keeping your best skills where they are most profitable, while others take on the less unique tasks.
Avoiding Tax Gotchas
Oh, the taxman loves to keep businesses on their toes with new and changing regulations. Outsourced bookkeepers not only know the basis to keep you in compliance, but also stay abreast of new tax regulations. This keeps your filings accurate and helps you avoid penalties, not to mention the time and frustration of refiling amended document or additional forms.
Also, if you’re not the most organized when it comes to financials, you’ve probably run into some frustrating, burning-the-midnight-oil deadlines. When you’ve fallen behind on your bookkeeping tasks, filing taxes becomes a huge nightmare of endless document searches. Not only does rushing through deadline pressure cost you in mistakes, but you also run the risk of missing deadlines altogether. We all know what that means. Yes, more money paid simply for the opportunity to file an extension.
Whether you have or are considering a full-time or part-time help with your bookkeeping, you are paying beyond simple salary and benefits. You are also paying for training, time to learn software updates and research time on tax changes. In addition, you are once again paying for time. Every time an in-house employee is out on vacation or sick, you don’t have access to your documents or reports until they return. With outsourced bookkeeping, most if not all of your information is online for access 24/7 at the times when you need it most.
When you look at all the hidden expenses incurred with doing your bookkeeping in-house, fees for outsourced bookkeeping decline sharply. Talk with one of our professionals about how we can save your business money by customizing a bookkeeping solution for your business and your budget today.