Should You Outsource Your Small Business Bookkeeping?
It’s no secret that bookkeeping and accounts services are time consuming, a distraction and often frustrating for business owners. Outsourcing is an option for small business owners who are tired of dealing with complicated bookkeeping. Outsourcing bookkeeping has many benefits, but how do you know if it’s right for your business? This article explores small business bookkeeping and whether outsourcing is right for your business.
What does outsourcing bookkeeping entail?
If you are considering outsourcing your bookkeeping, it is also a good idea to be clear about your goals and reasons for doing so. We recommend you consider what services you would like a professional bookkeeper to support you with. Bookkeeping can include the following services:
- Accounts Receivable
- Accounts Payable
- GST & FBT
- Monthly Reporting
- Job Inventory Management
- Cost Management
It is a great idea to consider roughly how much time you or your team are currently spending on these functions within your business today and if you are using best practice bookkeeping processes. This way, when you discuss your needs with potential bookkeepers, you can ensure they will be able to meet your expectations before you select and commit to a bookkeeping partner.
Why should I outsource?
Outsourcing bookkeeping comes with a lot of benefits, especially for small businesses. Here are a few of the key benefits that outsourcing bookkeeping can have for your small business:
1. Save time:
If you are a small business owner, there are a lot of roles and responsibilities that require your attention. The last thing you want is to be worrying about bookkeeping on top of everything else. Outsourcing bookkeeping can free up a substantial amount of your precious time, enabling you to focus on making a material difference to the success of your business.
2. Make use of expertise:
Numbers and accounts aren’t everyone’s strong suit. If you struggle to make sense of your accounts, or if you didn’t get into business to process invoices, outsourcing is ideal. Outsourced bookkeeping ensures that your bookkeeping is taken care of by someone who knows what they’re doing. Get best-practice accounting and bookkeeping services from qualified and trained bookkeepers for small businesses.
3. Save money:
With outsourced bookkeeping, you only pay for what you need. No overheads, no head count, no office space, no hassle. When you outsource your accounts operations you eliminate the costs associated with employing accounts staff including salaries, unproductive time, training, benefits, office space, equipment, recruitment costs, legal and sometimes redundancy costs. The cost-benefit analysis of outsourced accounts vs. in-house bookkeeping can represent a saving of up to 40% in monthly costs.
Choosing the right bookkeeper for your small business:
Resources are precious in small businesses, every penny counts, so you want to be sure that you select the right bookkeeping partner. Here are a few things to consider when choosing your bookkeeping service provider.
- There are many bookkeeping companies; look for one specialising in small businesses. Every business has unique requirements, so look for a partner that will customise their services to meet your needs.
- Find a bookkeeper that utilises 100% paperless cloud-based software and the best technology to optimise your accounts processes.
- Find a bookkeeping partner that works remotely – to save time and money.
- Choose a service with fixed monthly fees, so you know what to expect each month. The last thing you want is a bunch of hidden costs popping up after outsourcing your bookkeeping.
- Do your research. Look at previous client testimonials and google reviews to ensure they come recommended and will be a good fit for your company.
Looking for a bookkeeping service for your small business?
ClockworX provide a complete outsourced accounts service customised to your business needs. A dedicated team of experts, smart technology, and forward-thinking solutions. We provide clients with seamless, accurate, and timely accounts. ClockworX gives you transparency and ongoing confidence that your accounts are in the best hands. Get in touch with us today to learn more about the ClockworX Way!