5 Benefits of Outsourced Bookkeeping
The expansion of modern technology specifically, cloud computing, has made outsourced accounting more accessible to business owners around the globe. It’s brought us closer to people who can help us with the day to day operations and other business needs, helping our businesses run smoothly and generate more profit.
Many business owners confess to not having the necessary time or skill to carry out bookkeeping tasks themselves, which often result in neglected financial accounts. As a business owner, ensuring that your business is financially healthy should be a top priority. If your goal is to expand your business, then you should explore the possibility of outsourcing your bookkeeping services to a professional outsourced accounting partner like Open Books. We explore 5 benefits of outsourcing your bookkeeping:
1. Saving time and money
Outsourcing your admin-intensive tasks, like bookkeeping, can save you an immeasurable amount of precious time and money. Back-end office functions can be incredibly time consuming, distracting you from your core business functions. Furthermore, by outsourcing your bookkeeping, you can save on the costs associated with hiring a full-time employee. By outsourcing your bookkeeping, you will only pay for what you need, when you need it.
2. Access to a team of experts
Outsourcing your bookkeeping to a professional accounting firm will give you access to a team of highly skilled individuals who are at your disposal. When you outsource your bookkeeping, a team will be handling it, but when you in-house this function, then it is usually handled by an individual. Just as you are an expert in the particular field of business that you operate, you need an expert to manage your financial information, and who better to do this than the team of experts at Open Books.
3. Access to the latest software
Outsourcing your bookkeeping and other accounting functions gives you access to the most advanced accounting software and tools, without personally having to pay for them. Cloud-based accounting software is often expensive and most small businesses cannot afford to pay their fees. By outsourcing, you will be able to benefit from the latest software, without having to absorb the expenses related to it.
4. Reduced errors
When hiring an in-house bookkeeper, you will usually only hire one person for the job. This makes you solely reliant on that one specific person to do your bookkeeping. Not only does this create more room for error as there is only one person to manage your books, but it also has the potential to hinder your business. If this person is sick or on leave, there is no one to manage your books. When you make use of an outsourced bookkeeping partner, you gain access to a whole team of bookkeepers, which means that there is less room for errors as more than one person will be making sure your books are correct and up to date.
5. Adaptability and scalability
Whether your business is small or large, you’re going to want to have the flexibility to scale up or down without suffering from a loss of profit. This is where having in-house bookkeepers could be a problem, as a sudden drop in revenue may force you to lay off staff. By having an outsourced bookkeeping partner, you can scale up (or down) in a heartbeat, without impacting your employees.
At Open Books, we offer our clients services and support that follow country-specific accounting and tax requirements. Our team of dedicated professionals have extensive experience in providing quality outsourced accounting services across multiple accounting functions. Contact us regarding any of your outsourced accounting needs.