As a business grows, handling bookkeeping becomes difficult for business owners. Many companies prefer to hire bookkeeping outsourcing services that want to reduce their overhead costs and increase efficiency.
Check out the following industry experts’ views on how outsourcing bookkeeping services helps your business grow:
Sam Lowy, CEO / Insurance Agent - Life Insurance Star
Especially for a small business, bookkeeping is
essential in keeping track of finances. But if you don’t have enough resources,
you likely won’t be able to hire someone to do it for your full-time.
So your next best recourse is to outsource. And the
one advantage of this is that you get specialized individuals for a much lower
price. The good thing about that is you can outsource tax preparation to a company to do it and
get, say, an accountant and a tax consultant for a price of one.
Jake Jorgovan - CEO & Founder, LeadCookie
I started outsourcing my bookkeeping six months ago, and it had a tremendous impact on my business growth. So here is how outsourcing your booking can help you grow your business:
Having to deal with invoicing all by yourself is a lot of work. And it's very easy to get it wrong. Not only do you need to lose all the hours spent on checking up the invoice for mistakes and potential issues, but you need to lose revenue too when your customer doesn't pay. Except for wasted time and mistakes, doing your bookkeeping limits your growth opportunities because your focus is on the wrong things.
You need to have time to think strategically, review your data, and know where you're at financially to make smart decisions about how to grow your business. More accurate financial information can also help you qualify for more business financing or a low-interest business loan. To summarize, by outsourcing your bookkeeping responsibilities, you not only reduce your company's payroll costs and save time, but also increase your business's potential to grow profitability.
Sara Bernier, Founder of Born for Pets
Outsourced bookkeeping services are highly recommended because everything is organized, structured, and allows you to focus on other elements of growing a business. Too many business owners get lost in the world of bookkeeping, which can harm their ability to generate growth. With an outsourced solution, it's a lot easier to avoid common bookkeeping mistakes while pushing the business forward.
Mike Falahee, Owner of Marygrove Awnings
A huge benefit of outsourced bookkeeping is that you will not have to spend time hiring more staff, providing space or supplies as your business grows. Once you reach the level of needing the services of a CFO or Controller, but you do not need someone full time, outsourced bookkeeping takes care of this in-between stage. These are huge advantages in saving money on overhead. Another benefit is keeping duties separate. This creates checks and balances to keep everything on the straight and narrow. Say you own a small business that only requires one bookkeeper, the only check/balance on their work is going to be the owner. This takes you away from other responsibilities, such as focusing on sales growth.
Dimitris Tsapis, Head of Growth at PlanM8
Currently, most of the transactions and payments are happening online and the amount of data is growing evermore as we begin 2021. With even more data, companies who will take outsourced accountant services will have more time and energy to spend on things that matter more, while letting them take care of the accounting. But those are not the only benefits; imagine If you would have a whole department of expert accountants by your side to help you with your needs, while at the same time helping you reduce the operational costs. For us, that sounds great, not even mentioning that they are always on top of all the regulatory changes.
Another benefit is that you receive well-made analytics of your business spendings, which can help you adjust and develop better budget plans. Better accounting with greater insights and lowered costs are just a few good points of why to have outsourced accounting as we're going into a more data-filled chapter of life and businesses.
Conclusion
With the points described above by experts, it is
clear that bookkeeping outsourcing services can turn out to be a very favorable
decision you can take for your business. However, in order to get your business
on the path toward success, growth, and expansion, you need to choose a
reliable outsourcing partner offering flexible services that you can scale when
required.
