The Benefits Of Outsourcing Your Bookkeeping

There definitely comes a time when you know it’s ‘time’ to outsource your bookkeeping. I have abbreviated ‘time’, because that’s what business owners want. They want more time to spend on their business rather than working on the bookkeeping.

Here are 11 benefits to outsourcing your bookkeeping.

1. Saves Time

Outsourcing your bookkeeping frees up your time to work on your business, instead of in it. Doing the bookkeeping yourself is an extremely time-consuming task and you have to be in the mood to sit and do your books. Outsourcing your bookkeeping will also streamline the financial management process, rather than having an onsite or in house bookkeeper. The days of having someone onsite is long gone, especially with COVID and more people are working remotely. When you outsource your bookkeeping, you will save valuable time that can be put back into your own business.

2. Saves Money

How can outsourcing your bookkeeping save money? Actually, outsourcing bookkeeping is cost-effective and will save you and the company money. If you outsource to an experienced bookkeeper, like myself, I can review and find overdue clients, do your payroll, bank reconciliations, your BAS, provide advice and do your reporting. Outsourcing rather than doing these tasks yourself, if you calculate your hourly rate to what you are paying, you will still be in front.

3. Get Clear Financial Reports

Many business owners don’t have the software or the expertise when it comes to reporting. As a bookkeeper, I provide more in-depth financial reports than your typical in-office bookkeeper. I use online virtual platforms for all records and reporting. Which means a business owner can see their records at any given time, ie including the cash flow and balance sheet and every single transaction. This is a fantastic way for any business owner to be able to glance over at any time, especially if they are traveling or busy working on their business.

4. Reduces Errors

When you look at outsourcing to a bookkeeper, you may think more errors may be made. But in fact, it is known that outsourcing to a bookkeeper reduces many common errors made by business owners. As a bookkeeper, I work on cloud based automated systems which allows you the business owner to view records at any time, plus myself as your bookkeeper. This leaves little room for error as many eyes are on the books. As a highly trained and experienced bookkeeper, with over 20 plus years’ experience, I can help you with your bookkeeping and if you have any concerns, they are picked up there and then, which ultimately reduces the number of errors.

5. Makes Tax Time Super Easy

There is no secret when you hear business owners complaining, the dreaded tax time is here. EOFY and every business owner cringes. If you have been outsourcing your bookkeeping during the year, it makes tax time much simpler. Up to date reports will be provided monthly throughout the bookkeeping process, which provides a business owner a good idea of how much they will owe when tax time comes around. As a bookkeeper I can help with the tax preparation and help you navigate your tax returns.

6. Get Expert Support

It’s not only expertise that is in your corner, but outsourcing your bookkeeping, provides you a great way to have full time knowledge at hand without having to pay an onsite bookkeeper full time wages and still have someone that you can call outside of business hours to manage your bookkeeping. In business it means best practice and makes your job easier outsourcing tasks to a bookkeeper.

Maree’s Mobile Bookkeeping provides a complete Bookkeeping, BAS Lodgment and Payroll Service for small business owners. As we work virtually, we service business owners from anywhere in Australia. From bookkeeping services through to payroll services, we’re here to help you take control of your bookkeeping and compliance functions so that you can focus on growing your business.

7. Allows You To Focus On Running Your Business

Business owners have so many tasks to do that they can hone in and be more focused in doing what they do best. By eliminating the distraction of bookkeeping tasks, business owners can work on their business, be traveling, selling, buying stock, whatever it is they do, rather than having to sit down and work out reporting and bookkeeping tasks. It also helps that outsourcing to a bookkeeper, that part of your business is taken care of and it helps you focus on the job at hand.

8. Teamwork

Now how can outsourcing mean teamwork? Well, when you think about it, outsourcing your bookkeeping, you’re placing your financial records, reports in the hands of someone that actually thrives on teamwork. When you outsource your bookkeeping, you have a team player who is ensuring everything is correct in reporting, payroll, records. It also helps if you have many other branches within your business ie HR officer, purchasing officer, your bookkeeping is another branch of your business who can be liaising with other branches/sections and work together smoothly.

9. Access

When you outsource your bookkeeping, it provides you more access to the top tools of the industry. Many business owners cannot afford to pay for expensive bookkeeping programs, nor can they spend the time keeping up with all the changes in regulations and laws. Whereas, by outsourcing, you’re essentially purchasing those tools and knowledge and you don’t have to do the work. Bookkeepers like myself have systems that can create nightly backups and keep organized records and books for years. This comes in very handy when the auditor comes knocking on your door, you will always be prepared.

10. Allows You To Grow Your Business Easier

When it comes to growing your business, outsourcing your bookkeeping allows you as a business owner to expand or reduce staff within your business. Some business owners may be looking to grow or cut down on spending. If you have outsourced your bookkeeping, it provides you with different options and flexibility that an in-house bookkeeper can’t provide. Scalability is a huge focus for many business owners who want to obtain the best people within their business, but still keep their overheads low.

11. Compliance

12. Better Planning

It’s easier to plan your business, when you outsource your bookkeeping. You can plan ahead i.e. 3 to 6 months for future changes or expansion, or even plan to have a holiday. Having the security of an experienced bookkeeper who can keep records up to date, can make a business owner’s life much easier when planning other tasks for their business.

If you have been considering outsourcing your bookkeeping for some time, but haven’t had the time, nor the confidence in doing so, then these are just some of the many benefits when it comes to outsourcing your bookkeeping.

Summary

It can be initially daunting when you first outsource your bookkeeping, but it’s no different to when you first started your business. Doing something new can be exciting and being in business, you cannot take care of every component of your business, otherwise you will be burnt out and do no good to yourself or to your business or family. Once you outsource your bookkeeping, you will look back and think, why didn’t I do this earlier. When it comes to Bookkeeping, outsource to someone that has the knowledge and expertise, someone that cares and cares about your business as much as you do.

To find out more about how a professional bookkeeping service can save you time and money, phone Maree today on 0429 363 047.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID