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FIVE REASONS TO OUTSOURCE YOUR BOOKKEEPING SERVICES
September 7, 2015 / by Jim Rice
If you’re like many other small business owners across the States, you’ve probably considered outsourcing your bookkeeping processes to an outside firm. As a provider of outsourced bookkeeping services, I’ve advised many potential clients on this issue before. Here are the top five reasons to make the switch.
1. A Bookkeeper Will Save You Time & Money
Outsourcing your bookkeeping will allow you to pay only for the time you actually need. Rather than paying an in-house full-timer, an outsourced bookkeeping services firm will bill you a fraction of the cost of a full-time employee. In addition to this, if you’ve been trying to do your books on your own, you’ll probably find that those in the bookkeeping business will do the same work faster and more effectively than you can do yourself.
2. Bookkeepers Do More Than Just the Books
Your bookkeeper will be doing more than just logging transactions for you and giving you a bottom line at the end of the quarter. Your bookkeeper is there to provide you with valuable financial metrics on your business allowing you to see how you’re progressing financially.
3. Bookkeepers Have The Latest Knowledge
Your bookkeeping services provider is the first to know about the latest regulatory changes and how to handle them. This will ensure that all your financial operations are in compliance with the most up-to-date regulatory changes affecting payroll, hiring, and other vital processes. Without this expertise, you could end up having to do the same work twice to make sure you’re in line with the latest compliance standards.
4. Bookkeepers Provide Up-To-Date Records
Your outsourced bookkeeper should be providing you with up-to-date financial records on a monthly basis at the very least. This will be extremely helpful when it gets to be every CPA's favorite time of the year: tax season. Having up-to-date records will make it very easy for your accountant to file your tax return, and this way you can avoid staying up till 4:00 AM the night before with two filing cabinets and a shoebox of receipts.
5. A Bookkeeper Can Help You Understand Your Business
Most importantly of all, a bookkeeper is an outside eye on your business. Your provider of bookkeeping services is especially valuable for this because, while they’re on your team, they’re also on the outside, which gives an invaluable outsider perspective. Your provider will be well versed in the most vital financial processes of your business, and will be able to help you examine your profits and losses when making your financial plans and business strategies. Remember, your bookkeeper isn’t just there to crunch the numbers. They’re there to help your business thrive.
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