Are you falling behind on your bookkeeping? Are your finances becoming more complex? Are you feeling insecure about the accuracy of your finances or concerned you don’t have the full picture of your finances? Are you experiencing issues with your cash flows or profitability? Or are you performing the role you should as a business owner or being bogged down in business manager tasks?
If you answered yes to any (or all) of the above questions, it may be time to consider outsourcing your accounting or bookkeeping.
What is outsourcing?
Outsourcing is when you engage a bookkeeping or accounting firm to look after your business’ bookkeeping and ensure you stay on track. Outsourced accountants and bookkeepers can also look after your:
Recording financial transactions and balancing the books
Bank reconciliation
Monthly reports
Accounts receivable and payable
Payroll
Lodge BAS
Prepare tax returns
End of year reporting including profit and loss statements and balance sheets
Create budgets and forecasts
Training
What benefits can you expect from when you hire an outsourced bookkeeper?
1. Financial and Time Savings
Are your financial duties preventing you from growing your business? Are you overloaded with work responsibilities including filing receipts and paying invoices? Back-end office functions can take up so much of your time and distract you from the day-to-day tasks of running and growing your business including increasing sales, overseeing job quality and keep your customers happy. Outsourcing your bookkeeping can allow you to meet the needs of other priorities and ensure your tax time doesn’t catch you off guard. You also gain many financial savings, as you don’t have to pay full-time employees, which allows you to only pay for what you need rather than tax, insurance, paid time off and workspace costs related to full-time employees. Hiring a professional bookkeeper also saves money by removing the need to train your staff, which allows you to focus on revenue generating work instead.
2. Fewer Errors
Are you concerned about the accuracy of your financial records, whether this be incorrect balance of revenue or expense balance, accidental omission of an expense or transaction or misclassifying an expense? It is common to make mistakes, we all do! But even the smallest financial mistakes can be costly with possible fines from the ATO for reporting the wrong information or wasted time when you must redo your bookkeeping. As your bookkeepers, we can accurately record and report your financial information to necessary agencies, so you don’t have to, and our team checks and rechecks your data entries to ensure everything is entered correctly. You are also provided with an expert team of accountants and bookkeepers who are always building their skills to ensure our service exceeds the standard of our competitors.
3. Better Tools and Systems
Outsourced accountants and bookkeeper’s success depends on being the best in the business. This means our bookkeepers and accountants are constantly undergoing training to keep them up to date across new practices and top systems. Outsourcing your accounting and bookkeeping, therefore means you have access to a team with the extensive industry knowledge and since they have a higher liability to meet the demands of their contractual obligations, you can expect top quality service. This is perfect for your business, as you have less to lose since majority of the risk falls onto your outsourced accountants or bookkeeping. Therefore, they will have to work hard to keep your business.
4. Smarter Financial Decisions
Outsourced accountants and bookkeepers have extensive knowledge and can determine where your money is going and how much you are spending. Understanding is most of the battle! Insights into critical financial information gives you the control to manage your business better and save money. You will be able to pinpoint trends and opportunities available to you and understand how your business is performing. This in turn also allows you to increase your ability to make better business decisions and work on growing your business, rather than being stuck in the time-consuming day-to-day tasks.
5. Cost Effective and Scalable
It is normal to worry about costs, especially when deciding to outsource accounting or bookkeeping. Outsourcing you accounting and bookkeeping does not need to be expensive! We offer many services that are fully customisable to your needs to ensure you only pay for what you need. You can scale up your services as your business grows or scale down when you’re wanting to cut back on spending. Outsourcing gives you the flexibility that in-house accounting or bookkeeping cannot, as this requires full time wages. It is also possible to just hire an outsourced accountant when you need one, like around tax time. Overall, it is nearly always more cost effective to hire a bookkeeper than to try to handle finances yourself. We use the best online accounting systems, such as MYOB and Xero, so we can remotely work on your accounts in real-time to ensure you always have access to the data you need.
So, what next?
Outsourcing your bookkeeping allows you to keep track of all your financial transactions in the business. We are always more than happy to help, so please contact us if you have any questions or would like to know more about our bookkeeping, accounting, tax, and virtual CFO services.