I recently read an article on why outsourcing your accounting has many more benefits than hiring a person in-house. As someone who has seen the benefits this option provides to small businesses, here's my insight into the advantages of outsourced bookkeeping services.
- Avoid hiring pitfalls
I'm sure you've heard the expression "If you think it's expensive to hire a professional, wait until you hire an amateur." This applies directly to hiring an accountant!
Since they will have the responsibility of managing, updating, and reporting your business' financial operations, it is important to make sure they're trustworthy. There have been cases where someone unknowingly hires an accountant who was previously fired for stealing from the company. With outsourcing, you have the benefit of asking for references and speaking directly to other outsourcing clients, as well as looking at previous work experience.
- Access higher-quality support
Many small business bookkeeping employees are administrative generalists, not accounting specialists, and they simply do not have the accounting expertise to know how to properly handle complex financial transactions. Even if they have more advanced accounting skills, they are frequently distracted by interruptions and the expectation to multi-task with office manager/administrative duties.
Outsourcing to a bookkeeping professional is a way to get the advanced skills and the full attention to your work that results in higher-quality bookkeeping and financial reports.
- Reduce employment costs
If you hire someone on-site, you will have to provide them with a workspace and any necessary equipment. Also, you will have to give them employee benefits. This adds extra costs that you wouldn't have with an outsourced bookkeeper. When businesses outsource their bookkeeping, they typically save an average of 30% on costs!
To read the complete Florida Trend article, click here.
Tony Solgard, a QuickBooks Certified ProAdvisor, is president of Bookkeepers Plus, located in Cape Coral and Bonita Springs, Florida, and providing bookkeeping services to businesses nationwide. His blog helps business owners understand why accounting details are important and to educate them (or whoever they assign to the bookkeeping function) on how to do it right. The blog offers accounting, bookkeeping, and financial management tips, points you toward small business financial resources, and gives a shout out to small businesses with financial success stories. It discusses the pros and cons of using QuickBooks as well as provides tips to maximize your use of QuickBooks.