When growing a small business, the importance of keeping accurate and up-to-date financial records cannot be understated. Proper and complete financial records and reports indicate where a business is and where it’s headed. Without them, many small businesses have little understanding of the company’s finances, what makes it tick, and risk expensive headaches if HMRC or other stakeholders want to dig into inaccurate or incomplete records.
Most owners of small businesses and start-ups consider the daily tasks required to maintain proper financial records a low priority, compared to pursuing their company’s core goals. And so they should; after all, the entrepreneurial spirit is best utilised in driving the business forward. They therefore may keep substandard records or employ in-house bookkeepers to help with the situation.
But in-house bookkeepers may not be the best solution to the problem. If you want the best bookkeeping services for your business, consider outsourcing from an experienced and reputable accounting company, who can offer a whole lot more to support your journey.
Here are the five top reasons to outsource a bookkeeper for you small business:
- Saves You Money
Saving money is arguably the number one reason why you should outsource your small business bookkeeping services. Hiring, training, managing and catering for all the needs of an in-house bookkeeper including the cost of holiday pay, sick pay and employee benefits is more expensive than perhaps realised.
With outsourced bookkeeping services, you don’t need to worry about renting extra office space to house the accounting department or purchasing accounting and IT equipment to run the function.
Outsourcing ensures you pay only for the work done and frees up much of your funds so that you can commit them elsewhere to contribute to your company’s growth. With a good outsourcer, a full daily response service can be offered, on a part-time basis, with cover for holiday and sickness not your concern. Thus, you end up with a whole team to support you, all providing differing skills and experiences.
- Your Business Is in The Hands of Experts
Outsourcing accounting and bookkeeping services places your business in the hands of skilled, reliable professionals. And these professionals, give you indirect and direct access to a large pool of resources and qualified talent that understand your industry and the issues inside-out.
Seasoned professionals know how best to maintain your financial records and always stay up-to-date with upcoming financial matters related to your business and industry, so you don’t have to. They also provide solid financial advice to help you make sound business decisions.
- Let’s You Focus on Your Business Core Operations
Outsourced bookkeeping services take the hassle of maintaining daily financial records away from you. They free up your time and effort – allowing you to entirely focus on running and managing your business’s core operations.
Some small business owners see bookkeeping as only a matter of tracking incomes and expenses, but quality bookkeeping encompasses more than that. A good book keeping team will set up the books in a tailored way to help you with decision making. To do the job probably requires time and effort and, in all probability, a mixture of skills.
Many bookkeepers do not have the breadth of industry experience to cover all eventualities, with insourcing/outsourcing firms, the chances are they have staff you know your industry. So why go through all the hassle while somebody else can do it for you at an affordable price?
- Allows Scalability
Outsourced bookkeeping and accounting services provide exceptional scalability benefits. With these services, you can comfortably expand or cut back your expenditure on accounting operations when and where you see fit. As a small business, outsourcing helps you plan for your current and potential future simultaneously.
You receive an ongoing analysis of your business’ finances, and this allows you to make good decisions in preparation for growth or down-sizing.
If your business is seasonal, the flexibility of outsourced bookkeeping also helps you avoid costly expenses that you would have incurred to run an in-house accounting department in a low season.
- Access to Accounting Systems & Tech
As a small business, it can be difficult to afford the best and latest accounting systems in the industry, but an outsourced professional bookkeeper can. Because they specialise in this field, reputable accounting and bookkeeping firms invest in the best technology available so they can continually offer top-quality services to clients.
Leveraging on their tech and up to date practices guarantees that your business enjoys the best tools for the job – saving you time and money, ensuring accurate record keeping, and making end-year reporting or filing of tax returns smooth & easy.
If you are a small business owner or start-up founder, consider outsourcing your bookkeeping services to a reputable and compatible professional. There are many more benefits to enjoy!
If you’re interested in hearing more around our experienced bookkeepers to help manage your company’s financials, get in touch today. Contact our team via email or call 01582 516300.