The dramatic increase in online activity continues to change the way that all businesses — both large and small — conduct their operations. Companies are constantly seeking ways to cut costs and actions that can produce a competitive edge. Given the wide array of factors that any business must contend with (from human resources to marketing, sales to IT), time often ends up being one of the most valuable resources that you have.
As your small business prospers and grows to the next level, one factor that must be attended to is your financial well-being. Specifically, do you have solid accounting and bookkeeping processes in place? Many small business owners are able to manage their bookkeeping on their own or with a part-time position. But as their organizations grows in size and scope, the task of keeping (accurate) books can quickly escalate and become an incredible time burden.
One of the most popular — and first — functions of a small business to outsource is bookkeeping. Read on as we explore four important benefits of outsourcing your bookkeeping.
The value of outsourcing your accounting tasks takes the form of reduced costs. When you make the decision to outsource your bookkeeping operations, you end up paying specifically for the accounting help that you need, when you need it. AS is the case with any outsourced function, the costs of staffing a full or part-time employee are eliminated. There are no health benefits, payroll taxes, or paid sick days to drag down your bottom line.
The Latest Technology on Your Side
Making the decision to delegate your bookkeeping tasks to an outside contractor ensures that your accounting needs are being met with the very latest and top-notch technology and processes that are available. Accounting software is definitely not cheap, and keeping up with the latest changes to the various laws and regulations pertaining to accounting amounts to quite an onerous undertaking. In addition, any mistakes that you or your on-staff employees make open your company up to unnecessary fines or penalties, which are obviously the last thing you want to deal with.
By making the switch to outsourcing your accounting, you are basically gaining access for your company to the latest tools and knowledge — and the best part is, the day-to-day operations are handled for you. Think of the time savings! As an added bonus, backups of your firm’s financial data is performed on a daily basis, providing you with peace of mind and also keeping organized records and books for years — ensuring that if your company ever gets that dreaded call from Uncle Sam in the form of an IRS audit, you will be covered.
Letting The Experts Do Their Thing
When you contract with an outside entity for your bookkeeping functions, you can rest easy knowing that your finances are in the experienced hands of experts in the field. Virtual bookkeeping services (we are proud to check this box) provide specialized expertise and knowledge in the accounting field. Because outsourced bookkeepers are efficient and knowledgeable, they are able to perform the same amount of work in a much shorter period of time. The result? More cost savings to your organization.
Focus on Your Business
It is extremely beneficial to the growth and future of your organization to contract out administrative tasks such as bookkeeping and accounting — one of the most compelling reasons for this is that your valuable time becomes freed up for you to focus your all-important time and resources on growing your enterprise. The distraction of worrying about the day-to-day financial operation of your venture can present a serious roadblock to allowing you to focus on the important things: your customers and your offerings.
Making the decision to switch to an outsourced entity for your bookkeeping needs carries with it many benefits, including cost savings, access to the latest technology and ensuring that your company is in compliance with all applicable laws, and perhaps most important of all providing you the time and energy to focus on growing your business.
The decision is one of the easier business choices you’ll make — contact Gallati Professional Services today, and rest easy knowing that the experts have your books in order!