As a small business owner, your days often end up pulled in ten different directions. Between juggling employee matters, making long-term decisions, paying bills, and analyzing costs, the clock just doesn’t stretch enough to cover all the aspects of running a business. And when you add in the pressure of impending tax deadlines, things can easily get overwhelming.
If you want to grow your business, it’s time to think about the benefits of outsourcing your bookkeeping. A report published in 2015 found that 40% of small businesses rank tax preparation and bookkeeping as the worst part of running a business. The report also found that most companies waste 41 hours each year on tax preparation, and that companies spend over $82,000 per year on a full-time accountant.
Bookkeeping is an essential function that can impact the growth of any organization. It’s a repetitive, tedious task that you could hire someone to do in-house. However, a quick look at the benefits of outsourcing bookkeeping indicates that it goes far beyond just punching in a few numbers.
When you start your business, you may be able to handle your books by yourself. But as your business grows, so does the complexity and volume of your transactions.
But how do you know when it’s time to hire a professional bookkeeper? If you find yourself in any of the following situations, it’s a good indicator that you need to hire someone to handle your bookkeeping.
If these challenges sound familiar and you’re wasting precious time every month, it’s time to hire a bookkeeper.
Bookkeeping services are essential for any business, no matter the size or industry.
With online bookkeeping, you can save time, money, and hassle by letting a virtual bookkeeper handle your financial records. You don’t need to hire a full-time employee or outsource to an accounting firm. You can enjoy the convenience and flexibility of virtual bookkeeping without compromising on quality or accuracy.
Outsourcing your bookkeeping has many advantages—and you won’t lose anything in the process. In fact, you may even find new opportunities and insights for your business.
Bookkeeping is not just about recording transactions. It’s also about providing financial insights that can help you make better business decisions. Finding a bookkeeper who can do both is not easy. But you can overcome this challenge if you choose a service provider who uses the right tools and systems to go beyond data entry and offer advice and guidance that can improve your business performance.
As a small business owner, you have a unique skill and passion that drives your business. Whether it’s arranging flowers or baking gluten-free treats, you don’t want to waste your time and money on bookkeeping tasks that are not your core strength. Outsourcing tasks that are not directly related to your business will not only ease your load but will also give financial freedom.
No one likes to be audited, and it can be nerve-wracking even if you have nothing to hide. Having your books in order and well-documented can make a huge difference in how smoothly an audit goes.A good bookkeeping service can help you properly document and record your financial records. This will make it easier for you to provide the auditor with the information they need.
Data is the key to success in today’s business world. But data is only valuable if it can be turned into insights that can inform decision-making. An effective bookkeeping provider will give you clear visibility on your KPIs–which you can then use to optimize your operations and profitability. And with the power of platforms like QBO, Xero or Microsoft Dynamics 365, you can access your data and real-time financial position anytime, anywhere.
Imagine if your office manager is taking maternity leave and one of your accountants is quitting to pursue their master’s degree. Outsourcing these administrative and accounting tasks means your business can continue working with minimal disruption. In case of a disaster, such as an accident, severe weather or a fire that could damage financial records, an outsourced bookkeeping service provider helps ensure your business stays operational by having contingency plans in place.
Your bookkeeping needs change as your business grows. But hiring and training more in-house bookkeepers is costly and time-consuming. And keeping them on payroll when business is slow is wasteful and inefficient. Outsourced bookkeeping services are flexible and scalable to your business needs. They can handle more work when you need it, and less work when you don’t. This is ideal if your business is seasonal, as the service can adjust to your demand.
Your internal financial records are very sensitive and confidential. You want to keep them safe and private from prying eyes. Finding a reliable and trustworthy bookkeeper who can do the job well, stay loyal to your company, and keep your secrets is not easy–especially when a local bookkeeper knows your personal financial situation. Virtual bookkeeping services often have stronger security measures in place than local bookkeepers, and they may also be located in a different jurisdiction, which can add an extra layer of protection.
Peach BPO offers outsourced bookkeeping services that provide companies in the US with all of the benefits discussed above. You can rely on our talented team, robust technology, and forward-thinking solutions. Peach BPO ensures that your accounts are transparent and secure, and that you have the confidence to grow your business. Contact us today to find out more about the Peach BPO experience!