10 reasons to consider outsourcing your bookkeeping
10 Reasons to Consider OutsourcingYour
o Expect to see a small cost
savings by outsourcing, but don’t
make this the primary goal.
o Primary motivation for
outsourcing should be getting
better financial reporting and
advice. One key piece of advice
now could save you tens of
thousands of dollars later.
o Consider hiring as many people as you can manage to carry out
revenue-generating tasks and outsourcing other functions,
o A professional bookkeeping company will shoulder the
responsibility of replacing bookkeepers who leave and conduct
o Apart from the upfront cost of purchase, troubleshooting these
systems will add expense and require the business to learn new
non-essential competencies. Outsource bookkeeping and you
o You save more than salary by outsourcing. Factor in employer
taxes, health insurance, travel insurance, worker’s compensation,
vacation pay and retirement benefits.
o Counting money won’t make
more money. If you have spare
time to build in-house accounting
teams, inject it into the areas of
the business which make money
like your sales team. Outsourcing
is not a perfect system, but
compared to the alternatives its
far more effective.
o There is nothing worse than an unmotivated leader to bring down
the morale of the whole crew.
o If you are still doing the books each month, stop today. Maintain
your passion and do what you love most. You will excel at what
you love most and are more likely to remain motivated.
o To engaging an outsourced bookkeeper, physically restrict the
number of hours you are exposed to bookkeeping per month. For
most services businesses, one or two days per month is adequate.
Tasks take as long as the time allotted to them. A full-time
bookkeeper will occupy part of your day, every day. Outsource
and instead focus adding value to your client’s business.
o Rent constitutes one of the largest fixed costs for businesses. You
want to maximize every dollar of this expense item and ensure the
space is occupied by sales teams or producers who directly
o You may want to keep the books
confidential. One of the most
outsourced financial functions is
payroll. This is because payroll is
complicated and many firms do not
want to share salary details with
internal stakeholders. By outsourcing
bookkeeping, the accounts are one
step removed from your staff.
o In times of financial crisis, tough decisions need to be made. An
outsourced bookkeeper will be more impartial than an in-house
person, and will probably give you unbiased advice. Suppliers are
also easier to let go of than full-time staff.
o Despite how it may appear, an outsourced bookkeeping company
should provide you more control.
o When choosing a bookkeeping company, look for value in their
advice and practices.
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