Most businesses out there aren't a one man operation. It takes a team to have a well oiled machine. Everyone doing their part and coming together with the same goal in mind makes a successful business. Your team though doesn't all have to be "in house". Outsourcing some of the services is good for you. Let's go into why:
1. Time saver
If you are a small "mom and pop shop", you are running most of the business yourself which keeps you very busy. Your books will be the last thing on your list at the end of the month. If you are a medical office, your staff is busy with patients, billing, answering the phones and keeping the office organized and running smoothly. Having an outsourced bookkeeper allows your books to be focused on without the rush of time being squeezed in here or there.
2. One less employee on the payroll
Saving money is yet another benefit. Bookkeepers can assist with A/P and A/R along with keeping up with the books. Bookkeeping services ARE tax deductible and here at On Point Bookkeeping, there is only a monthly rate so there's no paying someone by the hour!
3. Up-to-date Records
It's very common to see businesses with books that need "clean-up". Thinking it's something I'll do later is not something you want to make a habit. It maybe just not knowing how to classify and reconcile your accounts. If you get too far behind, the fees for historical cleanup get very costly. Also, if you want or need to get a business loan, the bank will need to see up-to-date financial statements. Tax time is the other obvious reason your books need to be tidy.
Even though you have someone in your office keeping your books up-to-date doesn't mean it's getting done correctly. Now this isn't against them or that they mean to do it. Giving your employee this duty if they aren't trained can make them feel overwhelmed or unsure in their confidence if the books are done right. Outsourcing your bookkeeping now allows that employee to do what he/she does best and focus more on the job they were hired for. Bookkeeping is more than reconciling your bank accounts, it's understanding what your numbers mean and how they are affecting your business in the future.
These are a few ways on how and why getting an outside bookkeeper helps your business. Maybe some of these hit home with you. I would love to help you and your business thrive more. Call or email me if you would like to get started or have any questions. Thank you :)