Why Should I Outsource My Accounting?

outsourced-accounting

Is your bookkeeping giving you a headache each month? Are you finding yourself strapped for time and money because your invoices keep getting put in the wrong pile of papers? Are you tired of not knowing where your business is at financially? If so, then it sounds like your bookkeeping is not doing all it can for you, and you should investigate your outsourcing options. There are many good reasons to outsource your bookkeeping, including fewer headaches!

From what I have found, outsourcing can be a source of relief emotionally, financially, and on your time. I will get into the financial and time aspects of relief a bit later, but I would like to touch on the emotional relief first.

Outsourcing your bookkeeping can offer you peace of mind when it comes to your business financials. Once you have a system in place and due dates set up, no longer will you need to worry about if you will get a report on time, or if that invoice was paid. Having that peace of mind allows you to focus where it is important for your business. Putting your efforts where they are really needed in your business helps you not dread your daily grind at work and sets you up for higher job satisfaction. And as we all know, higher job satisfaction creates more productivity, which helps clear your mind of stress and benefits the company in so many ways. Lastly, you can also have peace of mind about your cyber-security. Online bookkeeping programs that many outsourcers use are as secure as logging into your bank account online. Securing your documents electronically keeps you from succumbing to documents getting put in the wrong pile on your desk and accidentally getting thrown away.

Now, let’s talk finances. Financially, outsourcing your bookkeeping is a no-brainer. By outsourcing, you can reduce month-to-month costs. The ability to get multiple people working on your finances as opposed to hiring one in-house person is unbeatable. Most outsourcing companies have multiple people working there and can have more than one person working on your accounts as needed. Additionally, if one person is out, the company doing your bookkeeping can still be sure that your deadlines are met. Also, your cash flow will likely improve. By having an unbiased person looking at your finances regularly, they can help you to be sure all invoices are paid in a timely manner, which reduces late fees, and can even earn you discounts with some vendors! If cutting costs and improving cash flow is not good enough motivators to outsource your accounting, here is one more reason. Typically, outsourced accountants have the latest knowledge of financial trends and the newest accounting systems, which sets you up for an easy-to-do list on your end.

If the emotional health of your company and the financial success need any more help convincing you to outsource your bookkeeping, think about the time you will have saved. You will no longer have to input invoices daily or weekly. You will get reports sent out quickly, as they will be generated by someone who has a thorough knowledge of whatever system you are using. All you need to do is send an email or make a phone call, and you can get tasks taken care of quickly. Many outsourced bookkeepers use cloud-based software, so you will be able to access any approvals while at a conference or you can easily transfer those responsibilities to someone else while you are on vacation. There is so much flexibility. Lastly, you can even have your outsourced accountants help prepare tax documents, like 1099s, so you will not have to.

Now that you have heard some great options about why to outsource your bookkeeping, it is time to act on it! If you have any questions or would like to outsource your bookkeeping to Devine Consulting, please contact us. We would love to help you have a smooth transition and share all we offer with you. We offer a personalized experience that is unique to you and your company’s needs and really care about your success. Simply click the ‘contact us’ tab on the top of the page, select how you would like to contact us, then relax! You will soon be on your way to an easier time with your finances.

Jennifer Devine

I'm an experienced finance professional with more than 20 years of experience. I've held several Controller positions throughout my career, most notably with an internationally respected commercial real estate investment, management, and brokerage firm. In this role, I was responsible for all aspects of accounting across the company's many operational divisions - including internet services, real estate development, property management, and brokerage services. As our company operated in multiple countries and currencies, it was essential to me that all financial reports were accurate and compliant.