There are no doubts: it is very challenging to lead any sort of business, no matter its size and influence. Several factors, including not circulating the same amounts of money as large businesses, understaffing and having multiple types of work at a single job position can turn an otherwise exciting and fulfilling experience of being your own boss into a nightmare.
To avoid all of this and to get out of your own head, it is very smart to consider rethinking whether your business is fully effective having one person accountable for all your bookkeeping. Why outsource bookkeeping services? Let us give you a brief walkthrough.
Why Outsource Bookkeeping Services?
Remember starting off your business thinking of your responsibilities five years on from that point? Most business owners do not necessarily see themselves being their own management accountant and bookkeeper, but rather a leader, thinker, and manager. As small businesses, for instance, tend not to pay for a third-party bookkeepers whose yearly services can cost anywhere from $40k to $75k, it is easy for one to get caught up in tax managing, credits, debits, salaries, and so on, and experience plenty of hardships and headaches that come with demands of having several positions at once.
While many small businesses have a tendency of relying on Quickbooks or other software to save money and gain better revenue, there is a point where one must choose whether they prefer being stagnant or upping their business game.
This checkpoint, for small business, for example, normally is triggered once you start reaching $1M in overall revenues, when you have more than 10 employees, start needing much more intricate financial data parameters for making future decisions, etc. Status quo is never a way to go when it comes to doing business – so, what is?
Expertise Will Always Do You Good
At certain times of the year, especially in the tax season, bookkeeping can become a bit of a pain in the neck, especially if there is one person to be held accountable in case of error. As some businesses might hire a single bookkeeper working on payroll, it can be overwhelming for a single individual to cater to all the needs the tax season might ask for.
However, if you decide to periodically outsource a team of people that crunch numbers with ease rather than putting one person on the payroll, it is much more effective and business-proficient. Not to mention – this workforce brings their expertise not only through their work but with accompanying tools of work, delivering you pristine-quality information and keeping everything that has to do with your money intact in the smartest way possible.
Expertise Does Not Have to Set You Back a Ton of Money
These people can but will not be on payroll unless you wish them to be; this means spending much smaller amounts of money, and only pay for what you need. Of course, it is great to bear in mind that they are not your own employees, but rather someone else’s workforce whose services you outsource. Thus, you do not have to think about providing health insurance and benefits that come with having an extra employee working for you, giving you much larger cost-effectiveness.
No Headaches, No Stress, Just You Investing in Your Own Tim
As a thriving businessperson leading a successful company, it is good to think about the old equation where time is money. As you lay off your bookkeeping responsibilities on someone else, you will find yourself moved to think of other business opportunities and ideas.
Of course, as a business-savvy individual, it is not only normal but imperative to think about potential money setbacks such as hiring someone else to do something for you. But, elevated quality service, expertise, and strategic decision-making of outsourced bookkeeping and management accounting is nothing short of the best investment you can give your business.
Reach out to us to get a quote and to find out more about our services, today.