Bookkeeping and other CFO services can be quite a daunting task, especially if you’re new to the business. As frustrating as it may be, you may still opt to do it yourself, hire an in-house employee, or let someone outside your company do it. All these are possible, but of course, some disadvantages come with each. Evidently, doing it yourself requires that you devote more of your time than the usual. Hiring an in-house employee, on the other hand, can cost you quite a penny as you have to consider paying the person regularly regardless of the amount of work you currently have. Lastly, outsourcing your bookkeeping needs can be quite a scare. Outsourcing requires that you give someone from outside your company access to your accounts, and that entails a considerable amount of trust. However, outsourcing gives you more advantages than the one disadvantage we mentioned.
Here are four major reasons why you should outsource your bookkeeping and CFO services needs:
Time is indeed the most important and most valuable aspect of a business. The lack or absence of it can compromise operations, and eventually business success. That’s where outsourcing comes at an advantage. Most business owners spend much time working on simple yet frustrating accounting tasks like reviewing QuickBooks expenses, making reports, processing payrolls, and more. The thing is, the less time you spend on these tasks, the more time you can spend on growing your business.
It is not uncommon for some successful small businesses to have their employees take on unfamiliar tasks, not mentioned in their job descriptions. However, these added tasks seemingly divert an employee’s attention from the essential tasks he or she was hired to do, consequently decreasing productivity. With outsourcing, employees can focus more on their roles with increased efficiency and productivity compared to when they were required to do tasks they were not really an expert about.
For some months, you may have an increase in sales, and in some months, you’ll see a significant decrease. This entails a similar decrease in the amount of work among employees, sometimes even finding it practical to cut down either on the number of hours or number of employees themselves. As a business owner or manager who wants growth or has to cut down on expenses during the slowdown of the business, having a trustworthy and versatile team available to provide you with various plans and options will guarantee that your accounting obligation is met. You can enjoy the flexibility that in-house bookkeepers clearly do not have through outsourcing your bookkeeping services.
Contrary to what it looks like, outsourcing is actually much more cost-effective than hiring a full-time employee who must be paid regularly. Even if you have one of your current employees managing bookkeeping tasks on the side, paying them with the service they have rendered is still necessary. With outsourcing, you only spend on your bookkeeping needs when there’s a need to.
Alex Bulmer - Three Pillars Bookkeeping and Business Services