Updated: Jun 23
The benefits of outsourcing your accounting and bookkeeping tasks go beyond the cost and time savings. Outsourcing your accounting gives you peace of mind knowing that your books are taken care of while you focus on your core business values.
Here are the top 10 reasons why you should outsource your accounting tasks:
1) You want to save money.
There’s a common misconception that outsourcing is more expensive than managing the processes internally. But for many small businesses, it simply isn’t cost-effective to have an accounting department, full-time accountant, or bookkeeper on payroll.
2) You want to save time.
As a small business owner your core focus is on what you do best. Focusing your time and efforts on bookkeeping is time consuming - and consequently financially consuming – taking away from what caused you to go into business in the first place. By outsourcing non-core functions, you’ll feel the weight of finances lifted off your shoulders.
3) You want timely financial advice.
If you’re leaving most of your accounting functions to year-end tax season, you’re allowing a gap of 11 months without financial advice from an expert.
Outsourcing your accounting and bookkeeping allows you to have a team of professional bookkeepers managing your day-to-day financials. You'll be endowed with useful, actionable financial data to make sound business decisions.
4) You want to understand your cash flow.
Knowing when and where your money is coming from can help you make strategic business decisions for the long haul. A reliable bookkeeper can support with cash flow statements, helping you to understand where you’re losing money and where you should be investing your efforts.
5) Your year-end accounting bills are too high.
If you’re managing your own books until tax season and then passing things off to an accountant, chances are your year-end bills are going to be noticeably high. By maintaining proper records year-round, you’ll save significantly when it comes to filing taxes.
6) You're looking for tax-saving opportunities.
A trusted bookkeeper will always be looking out for your best interests. As a small business owner, you may not even be aware of the tax saving opportunities available to you.
7) You want to keep your financials up to date.
Keeping your financial information accurate and up to date reduces countless headaches in the long run. A good, outsourced bookkeeping partner will ensure that the data in your accounting software is always accurate and kept up to date. You'll always have someone staying on top of your numbers and obliged to deliver regular monthly or quarterly financial statements.
8) You're looking to reduce audit headaches.
Being audited can happen to anyone, and it can be stressful even in the best-case scenarios. Knowing that your books are up to date and carefully documented can relieve almost all of the stress associated with an unexpected audit. A good bookkeeping service will properly document and record your financial records, helping you move through the auditing process gracefully.
9) You want to make life easier.
When it comes to owning and operating your own business, you’re busy enough. Managing employees while your focusing on your businesses growth is time consuming. We’re here when you need us, and we’re working quietly in the background when you don’t.
10) As an entrepreneur, you're always looking for a better way.
You started a business because you saw a better way of doing things. At CBBS we saw a better way of providing bookkeeping services to small to medium size businesses. It’s the shared entrepreneurial spirit that drives us to always look for a faster, smarter, better way of doing things.
If you have questions about Full-Service Bookkeeping or the bookkeeping has become too much for you to manage on your own, contact Check & Balance today by scheduling a free consultation! We’ll be happy to ensure your records are always accurate.