5 Reasons to Switch from an Inhouse Bookkeeper to Outsourced Bookkeeping
5 Reasons to Switch from an Inhouse Bookkeeper to Outsourced Bookkeeping
“I don’t think our business needs an outsourced bookkeeper when we have an in-house one.”
Bookkeeping is a compilation of multiple financial steps. Keeping the financial details accurate and up-to-date with the records is crucial. However managing these records internally can be a time-consuming and resource-draining task, especially for small and medium-sized businesses (SMBs). This is where outsourced bookkeeping services emerge as a game-changer.
Small businesses tend to revert to the traditional ways of managing their accounts by hiring a full-time or in-house bookkeeper. An in-house bookkeeper sounds like a viable option. However, this option comes with hidden costs and limitations.
Here are 5 reasons why switching to outsourced bookkeeping is more beneficial to your small business.
1. Resource Optimization– Employing an in-house bookkeeper includes more than just the salary cost. Hiring a new person also impacts your income statement. There are various entailed expenses with in-house bookkeepers like benefits, payroll taxes, vacation time, and ongoing training. These hidden costs can quickly add up, making in-house bookkeeping less cost-effective than it initially seems. Outsourcing saves you the overhead costs, and also there is a freedom of work. Since outsourced bookkeeping is a teamwork activity, the work doesn’t get delayed. You pay a definite monthly fee based on your specific needs, offering greater financial clarity and control over your budgeting.
2. Compliance effective– Maintaining financial records requires staying updated on ever-changing tax laws and regulations. There’s a high possibility that your in-house bookkeeper might not be updated with the latest updates due to other business-related tasks. Outsourced bookkeeping services offer a team of experienced professionals with diverse expertise in accounting and bookkeeping practices. This expertise ensures your books are always compliant and managed effectively. Additionally, outsourced services can scale the services to meet your evolving needs, keeping your financial records updated with every new regulation.
3. Improved work efficiency– In-house bookkeeping often cuts down the time from regular tasks. It often steals valuable time and resources from your core business activities. By freeing up your internal staff from monotonous record-keeping tasks, outsourcing the bookkeeping process allows them to focus on core competencies like sales, marketing, and product development. This can lead to increased efficiency and improved overall business performance.
4. Data Integrity and Accessibility– Data protection is the prime concern for any business. As a small business owner, it is data security becomes even more paramount. Outsourcing provides access to a strong security infrastructure and disaster recovery protocols that are often too expensive for individual businesses to implement. These outsourcing businesses have the latest security technology in place. Additionally, with a team approach, outsourced bookkeeping offers greater redundancy compared to relying on a single in-house bookkeeper.
5. Flexibility– It goes unsaid that bookkeeping is a detailed task. It requires the alignment of multiple different financial records. It can be stressful and a time-consuming process. Outsourcing these tasks reduces your workload and frees up valuable time you can dedicate to strategic planning and other crucial aspects of running your business. This translates to greater peace of mind and allows you to focus on what truly matters – growing your business.
Ready to Embrace the Benefits of Outsourced Bookkeeping?
At YourLegal, we measure success by the transformation of our clients.
We offer you multiple specialized services to elevate the business to new heights. Our proven financial strategies, meticulous expertise, and commitment to your goals have a track record of driving quantifiable results. Let our work speak for itself – we’re the partner you need to achieve lasting financial success.
Don’t let in-house bookkeeping hold your business back. Contact YourLegal today and experience the benefits of efficient, reliable, and cost-effective outsourced financial management.
