For many businesses, bookkeeping is a responsibility that falls on the entrepreneur’s plate but isn’t really in their desired role. Let’s face it; bookkeeping responsibilities have to happen for a business to grow and operate. But they’re not always fun to do – especially for those who didn’t sign up for the position.
If your business has frustration in the bookkeeping department, outsourcing this service to a trusted partner may make the most sense for your company. But how do you know if it’s the right choice for you? We’re sharing four signs to keep your eyes open for that may suggest outsourced bookkeeping is the right step for you.
1. You feel like you’re wasting time or spinning your wheels handling bookkeeping duties in-house.
As a business owner, your time is your most valuable asset. When you spend your precious time plugging away at things that could be handled by someone else, you lose time that could be spent doing what you love and are an expert at. For those who feel like they’re wasting time attempting to handle their own bookkeeping, an outsourced bookkeeper may be the right option for you.
While there is the additional expense of paying someone else to handle these responsibilities, you also gain back time in your schedule that can be better spent. Is the trade-off worth it to you? If so, explore your outsourcing options.
2. You don’t feel confident in your abilities to handle your bookkeeping.
Chances are, if you don’t feel comfortable carrying out your bookkeeping responsibilities, there is probably a better use of your time and money investing in someone who is confident and competent in that role. It can also be easy to make mistakes and overlook errors when you’re unsure of what you’re doing. A bookkeeping partner means there is always someone reviewing your business, and that partner is trained to know exactly what to keep an eye out for.
3. You spend a ton of money internally for an in-house bookkeeper.
An outsourced bookkeeping partner can be an excellent option for businesses with a current in-house bookkeeper that isn’t worth the expense. When you choose to outsource this position, you avoid paying employee benefits including insurance, payroll taxes, and paid leave.
While an outsourced partner may seem like an expense upfront, the financial savings you benefit from in the long run are undeniable. Within a few months, you can already see the investment in accurate and efficient bookkeeping paying for itself and then some. You will also enjoy peace of mind knowing your outsourced partner is competent in their skills, and additional resources or training costs won’t come out of your pocket.
4. You feel stuck in the twentieth century when it comes to bookkeeping.
If your current bookkeeping situation looks like many marked-up papers, reports, and unorganized filing cabinets, you could use some help. An outsourced bookkeeping service can help bring your business up to speed with the latest technology and ensure things are organized and ready to roll. In addition, an outsourced bookkeeper helps keep things running smoothly internally and sets you up for success when it comes time to file your taxes.
When things are organized and easy to access, you save additional time that would otherwise be spent rooting through documents or folders piled up in the closet.
A Partner You Can Trust
If outsourced bookkeeping sounds beneficial to your business, the team at Gift CPAs would love to help. We work with a variety of clients from all different industries, including startups, nonprofits, construction, automotive, food and beverage, and fire and emergency services.
To start the conversation, you can schedule a free consultation with our experts today!