8 Reasons to Outsource your Bookkeeping
The exponential growth of the online community has changed business operations forever. It has brought us closer to people that can help with our day to day operations as well as backend business needs, enabling our businesses to run smoother, more efficiently, and turn more profit. One of the key areas of great benefit is in accounting services. For small businesses willing to follow this trend, they’re finding a multitude of advantages and here I outline just a few.
- Save Money
- SAVE time
- ACCURATE financial information and submissions
- FOCUSED work staff
- EFFICIENT Internal Process
- ACCESS to the best, most suitable systems and tools
- SCALABILITY options
- Go PAPERLESS
✓ Instead of paying wages and benefits to an employee, providing and maintaining equipment, supplies and office supplies, an outsourced, extraordinary accounting professional will only charge for what you need—nothing more, nothing less
✓ Stop paying for your entry-level employees’ distractions and downtime, only to pay your high-cost CPA firm to clean up your books at year-end
✓ Profit Source Advanced Bookkeeping will reconcile your accounts, prepare your financials for tax-readiness, and compile all of the work papers your CPA needs to file your tax return. As opposed to paying high hourly fees for this service, let us serve you at a low monthly or hourly rate
✓ Outsourcing your business’s bookkeeping operations frees up valuable time that can be put into bettering the company
✓ Backend office functions can be a heavy distraction from the day-to-day running of things and having your bookkeeping in-house can lead to a conflict of interests
✓ When your employees have clocked out, we are still working. No need to wait until Monday to have a question answered.
✓ Outsourcing gives you the advantage of dedicated, full-time expert service you wouldn’t normally afford on a full-time employment basis
✓ It’s difficult for an in-house bookkeeper to do their jobs around the hustle and bustle of a business
✓ Removing them from the site by outsourcing not only helps you focus on your business, it helps them focus on your business as well.
✓ Your financial and payroll information is off-site so that confidential information is kept secure
✓ When one bookkeeper is responsible for all of your financial work, you’re lacking the accountability required for reliable, accurate work. When you outsource, you are confident you’re entrusting your financial processing to a highly skilled, dedicated team that challenges one another and checks each other’s work.
✓ The most important internal process principle is the separation of duties for your team to form a more cohesive and productive unit, in addition to preventing fraud. For example, the person receiving, and adding checks should not be the person processing the deposit into the accounting system.
✓ We have found that small businesses benefit from having all to most employees focused on business operations and the strategic progression of the company. This also fosters better teamwork, as they are all focused on the same goal.
✓ Profit Source is highly proficient with the best systems and tools in the industry. Not all companies fit best with any system, so we help you to find the best systems to maximize efficiency.
✓ Outsourcing accounting services ensures your accounting is updated according to ever-changing laws and regulations.
✓ Outsourcing your bookkeeping allows you to expand or cutback in the blink of an eye. Whether you’re looking to grow your business or cut down on spending, having a reliable team at your behest, providing you with different plans and options will help you achieve your goals. Outsourcing provides flexibility in services that in-house bookkeepers just can’t provide.
✓ You may choose to have an administrative or entry-level bookkeeping employee open and add up checks, create invoices, and enter bills while we process the deposits and payments, making sure that they’re posted correctly, or perhaps a monthly, quarterly, or annual audit of your employed bookkeeper’s work.
✓ We securely store your financial information for up to seven years, saving space on your system and paper in your filing cabinets
✓ Keep your financial information out of the hands of all who enter your office, yet accessible at any time, day or night
The possibilities are endless. Whatever outsourcing arrangement you choose, we can assure you that we will provide you expansive benefits. Consider discussing your needs with Profit Source Advanced Bookkeeping FREE of charge, and we’ll show you how this great new way of doing business can ultimately maximize your profit source!
Article by Karen Todd,
Senior Financial Analyst ~ Accredited Business Advisor
Profit Source Advanced Bookkeeping