25 May Benefits of Outsourcing Your Accounting and Bookkeeping

Business owners start out small trying to manage everything on their own to help turn a profit.  As their business grows and starts to make money, one of the first areas where entrepreneurs are happy to turn over the reins is accounting and bookkeeping.  It is one of those tasks that most every business owner abhors ever having to handle even though they know it has to be done.

So do you hire an in-house accounting staff member or outsourcing the “department” to a subcontractor or professional bookkeeping service.

Here are the benefits of outsourcing bookkeeping and accounting:

Expertise of a Large “Staff”

As a business owner, you might be able to figure out the basics of your accounting and bookkeeping with the available software programs, but there is nothing like having the expertise of an accounting professional on your side.  When outsourcing to a professional accounting or bookkeeping service, not only do get one person to handle your finances, you get the expertise of a large “staff” that knows the ins and outs of all areas of accounting including the most current rules, regulations and laws that deal with your specific business.  Accounting people are different than the others. They love numbers and can dive into a set of books and come back with ways to make a business run in a smoother, more profitable manner.

Save Time

Let’s face it.  When you spend time with the accounting and other backend tasks related to your business, you lose a lot of valuable time you need to grow your company.  This is especially true with business owners who are not as savvy with numbers.  The end result is a lack of efficiency because you might spend double or triple the amount of time working on your accounting to make sure it is accurate than if you outsource it to an accounting and bookkeeping service. You need to use your time building your business not handling the tedious, yet essential, tasks involved in accounting and financial reporting.  You started your business to do what you love to do so why not do it.

Save Money

This is probably the number one reason to use an outside source for accounting and bookkeeping.  The expense of hiring a full-time accounting person for your business is expensive, if not cost prohibitive.  In addition to an annual salary, you will have other costs associated with employees to pay.  Employee costs include vacation and sick pay, payroll taxes including social security, medicare and unemployment taxes, recruitment and training expenses, software and document storage expenses and the list goes on.  Outsourcing means you can significantly lessen the expense of this integral area of a business and even scale the services to meet your needs at a particular moment.  It allows you to use the services how you need them and at a fixed cost.

Advanced Software Solutions

As a business owner, you may think investing in accounting software to keep your books accurate, up-to-date, and in line with the most recent regulations is all you need to do. This may be all well and good but the difference in what you may have versus what outsourced accounting and bookkeeping services have is night and day.  Accounting and Bookkeeping services provide integrated software solutions that solve not only the bookkeeping and financial reporting needs but also document storage needs. These systems not only maintain a clear financial picture of your business and are in line with the most up-to-date on laws and regulations; they also provide you with an analysis of where you are most and least productive.  On top of all this, the information is always secure, accurate and at your disposal the second you need it from wherever you are.

More Popular than Ever

Outsourcing different tasks within businesses has become more popular than ever.  With technology today, more and more companies consider it because of what it brings to the table. What began as a way to have people at your disposal only when you need them has grown to be a primary means of accomplishing day to day tasks. As your business grows so do your accounting needs.  Why not outsource them to services that offer you a full-service accounting department that can keep up with your growth rather than look up one day and realize that you need help?

Let us show you how TBooks can provide the accounting department you need.