5 Reasons to Use an Outsourced Bookkeeper
At some point, every business owner has to make a certain decision. When does it become too much work to handle the company’s finances on your own? For some, that point comes before they even start, and they work the whole time with financial professionals. Others try to go it alone for a while. Eventually, though, the burden grows too heavy. That’s the point when it becomes necessary to hire someone else, a specialist who can dedicate all of their working time to the task. There are many different ways to go about solving this problem. One that may work for your accounting needs is to hire an outsourced bookkeeper. Let’s take a look at some of the most important reasons why this may be the best solution for some businesses.
1: Outsourced Bookkeeping Costs Less
This is one of the principal advantages of outsourcing in general. The concept itself exists because some jobs are less expensive to do in some places than in others. Companies that specialize in a particular field enjoy advantages like economies of scale. The more you focus on a specific type of work, the better you can get at it, and the more efficient. Doing it yourself means expanding outside of your core competencies. It means learning new processes and managing different types of workers. Contracting with a specialist company, like SyncLedgers, therefore allows you to save substantial amounts of money versus doing your bookkeeping in-house.
2: Training is Easier
Similar to the issues of cost, outsourced bookkeeping companies are able to train their accountants and bookkeepers faster. They gain more experience with a wider variety of clients, and that makes them better at solving unexpected or unusual problems. Even if you use unique accounting software, it will be easier for an outsourced firm to bring new bookkeepers up to speed than it will for you to train them yourselves.
3: Scaling Happens Faster
Did you just land a major deal? Are you expanding into a new warehouse? Is your widget or software suddenly a lot more popular than it was last year? All of these major business events can trigger new accounting needs. Sometimes the volume of paperwork becomes too much for your current team to handle. If you need to scale up (or heaven forbid, down) fast for whatever reason, it may be tricky. An outsourced bookkeeping firm, on the other hand, can have a whole team in place for you in a matter of days. However fast your needs change, they can match them and keep your finances in order as fast as you need them done.
4: Getting Ready for Taxes is Simpler
Very few outsourced bookkeeping firms will go so far as to actually do your taxes for you in addition to everything else. The main reason for that is that at least in the USA, it’s too complicated to remotely handle all the intricacies of state and local taxes in addition the the IRS’s cut. What they can do, however, is make your CPA’s life a lot easier. By keeping all of your financial documents in order in real time, they have your paperwork ready for tax season year-round. The financial reports we generate also give you a good look ahead of time at what you can expect to pay or deduct in the future.
5: Running a Tight Ship is Quieter
One of the best things about keeping your bookkeeping separate from the rest of your in-house team is that it lowers the chances that word about your company’s finances leaks out into the community. If your company is struggling financially, and your workers know it, many times they’ll start looking for greener pastures before you have a chance to turn things around. Businesses and economies fluctuate! While of course you should always be honest when it comes to reporting, not everyone who works for you has to know whether you made more profits last year than this year. Outsourced bookkeeping helps you make sure that your finances are kept secure, because the people doing your books are not connected to anyone you don’t specifically authorize to have access.
Contact SyncLedgers today to start enjoying these five advantages, and many more!