Advantages to Outsourcing Your Bookkeeping

Bookkeeping is the practice of maintaining a company’s books, as well as keeping adequate records for all business transactions.  General bookkeeping responsibilities include:  recording income, expenses, assets, liabilities, keeping daily journals and ledgers, and handling paperwork and statements for tax filings.  While many people believe bookkeeping is easy, it is actually quite complex, and requires a bit of specialized knowledge and training to carry out properly.  Add to this issue the matter or having to run everyday operations and overseeing a business and office, and you have a very full plate.

Because of these reasons, many business owners opt to hire someone specifically to carry out the duties of the bookkeeper.  This can be done in one of two ways:  in house by adding a staff member, either full time or part time, to manage the books, or through outsourcing.  Due to the large number of advances in technology, outsourcing services has become a very attractive and affordable alternative for a wide range of businesses.  Business owners no longer have to worry about not having adequate skills to keep their books, or how to allocate their time to cover all of the necessary operations.  In fact, outsourcing bookkeeping services has now become very popular in the business world, leading to a high number of outsourcing companies ready and willing to take on your financial tasks.

Some of the other key advantages to outsourcing your bookkeeping services include:

Taking the time to explore the advantages of outsourcing your bookkeeping needs can give your business a distinct competitive advantage.  This simple change can truly propel your business to a much higher level, and can be one of the best things you will ever do for your organisation.

Comments

3 Responses to “Advantages to Outsourcing Your Bookkeeping”

  1. aprbookkeeping on June 20th, 2011 10:28 am

    I totally agree, well said and may I add a few more reasons.
    No need to purchase computer equipment and software.
    No need to train and retrain staff.
    No need to pay work cover, superannuation, sick and annual leave, public holidays.
    Your work is completed on time, ensuring no late penalties from the ATO.
    Allow the business owner the time to manage current clients and source new ones.
    Than you

  2. Summer on February 11th, 2012 10:28 pm

    Some people tend to think of outsourcing, in general, as a bad thing. Maybe because they don’t want change. But change is constant and if you’re not open to it, then you’re gonna be left behind.
    One advantage of outsourcing bookkeeping, other than it being cost effective is that you could hire the best employees anywhere around the world.
    Outsourcing got lots of benefits but we should also accept the fact that there might also have some negative results. Most business owners find some ways to avoid those disadvantages by using strategies to make outsourcing successful.

  3. Futurebooks on November 4th, 2012 10:57 am

    We have two reasons when I believe an outsourced bookkeeper can begin to add value.

    Delegation is the hallmark of a successful entrepreneur. As the business grows, so does the founder’s to-do-list. Timing is crucial. The entrepreneur has a limited number of working hours and days per year.

    An entrepreneur’s time may be worth $300 per hour, compared to a bookkeeper at $70 per hour. In this cost equation, it makes financial sense to delegate bookkeeping to another person.

    Bookkeeping can be fun, but most entrepreneurs don’t start a business because they enjoy bookkeeping (unless your start-up is an accounting practice). Businesses are started because entrepreneurs have great ideas they want to develop. Bookkeeping and administration can be a distraction from core competency.

    Focus on what you love, and you will stay motivated and connected to customers. Here are a few more reasons to outsource:

    http://futurebooks.com.sg/blog/10-reasons-to-outsource-bookkeeping/465

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