Looking after company finances is an important matter! There’s no getting around it or putting it off; it has to happen alongside business operations (I know most of you do the opposite). But you know what I’ve realized after years of struggling with my accounts? The best way to get anything done at all is to let the experts handle it. No seriously! There’s just too much unwarranted fear out there that outsourcing such an intimate aspect of one’s business will lead to loss of control, when the opposite is true and I’m here to tell you the benefits of letting the professionals do it for you. Here’s why:
The keeping of financial records, while not the hardest thing to learn when it comes to taxes, can take quite some time to master. This is time that could instead be spent on managing business operations, reviewing strategy and or even taking some time off (everyone and I mean everyone needs a vacation once in a while). Especially when it comes to small businesses that are growing fast, the owner cannot be expected to be on top of every single thing that needs managing. The headache of specialized tasks is best outsourced. That’s another thing—specialization. Bookkeeping is a skill that requires regular practice. There are lots of rules and conventions that need to be followed and sequences of actions to be mastered. For someone who isn’t used to managing finances on a large scale, keeping the intricacies of business transactions straight and coherent is a bit like trying to juggle an entire set of billiard balls. It’s possible, but it takes forever to develop the proper rhythm! However, let a specialist with the right technology in on the job and the immense pressure vanishes.
2. Reduce margin for error
Experience plays a huge hand in the complicated game of taxes. A business owner who knows the basics of book keeping can still be struck dumb by mistakes and errors in records. He just won’t know where they all are coming from! A specialist, on the other hand, knows exactly where to look to root out mistakes. A specialist gains an instinct of where to zero in on problems within transactional data. For him, such adjustments are a routine matter. Just think about that for a second. In the best of cases, they can even help bring fraud and theft which might be happening right under your nose all along and you’ve had absolutely no clue about it!
3. They will help you strategize—your business will grow!
How you allocate your other resources can also be streamlined by a good bookkeeper. In every growing business, there are always tasks that are taking up too much time or money that could be better spent elsewhere. A bookkeeper with accumulated know-how will help exploit other opportunities for outsourcing. The business owner’s own focus can be redirected to things he knows best: running his labor of love!
4. It’s an investment
The initial cost of a professional bookkeeper should not deter you from hiring them. Do you know that it’s overall cheaper to hire them, even in pure monetary terms? They help identify the tax breaks. They already have the proper accounting technology so the business owner doesn’t need to invest in any. You don’t need to hire someone on payroll to do it for you. This is a good thing because business owners might also prefer keeping their financial positions, or especially payroll details, private from people who work closely with them. When working with someone within the organization, there’s a much greater chance of the details leaking out. Outsourcing keeps these matters firmly behind closed doors where they belong!
5. Building familiarity
Another factor to keep in mind is consistency. What if the usual in-house bookkeeper falls ill or is unavailable for an extended period? Even if someone else with the appropriate skill set was brought to stand-in, there are always things that the new guy doesn’t know about your business. Professional accounting firms on the other hand have their employees working in constant collaboration, so these inconsistencies just don’t happen!
Conserved resources, tax savings, less stress, greater operational focus, improved privacy and streamlined allocation. If these aren’t reasons enough to get over your fear about hiring professionals to do your accounting for you, I don’t know what are! When it comes to book keeping, trust the pros.
All Rights Reserved. Jordan is the original Author and Entreprenomics.com is the authorized publisher of this content. Unauthorized republishing of this content will result into violation of Copyright laws. Doing the same may lead to initiation of legal proceedings by the Author and/or Publisher.
However, you are allowed to like, tweet, share or promote the article link in your network without prior permission.