The Key Points of Outsourcing the Bookkeeping Outsourcing your bookkeeping processes means that hiring an external company to manage your company's regular accounting. It means you can optimize or save the cost of hiring, training, onboarding, and supervising a full-time employee.
When Should You Outsource Bookkeeping? • Lack of Dedicated Personnel – A key employee lost valuable time by spending in bookkeeping, which is not their expertise. • Strategic Planning to Get to the Next Level – To support growth decisions, you need highquality financials as your business is interested in long-range forecasting. • The Need to Downsize – You still need quality bookkeeping services when your company may be forced to lay off staff during a temporary downturn (such as the COVID-19 crisis). • Time Management Issues – You are consuming too much time managing finances at the cost of your primary business activities. • Early Days and Budget Concerns – If you have a start-up and you are trying to keep your expenses low until your business starts to grow.
Benefits of Outsourcing Bookkeeping • Free up key employees and business owners so they can focus on their core business activities.
• Feel confident you have business continuity as if an employee leaves the company, you do not need to worry about losing expertise. • Save money vs. hiring a full-time person, since there are no hiring and training costs. • Have guidance from a team of skilled & experienced professionals with years of financial expertise. • Be Setup for scale by paying for exactly when you need and what you need, with the facility to ramp up at any time. • Rest well-knowing records are accurate and well-documented for potential audits and taxes. So, outsourced bookkeeping services save your time, efforts and money.