Running a business can be stressful, especially if you’re trying to get your head around things you’ve never done before, such as bookkeeping.
Why struggle when you can outsource that part of your business to an expert who will be able to get it done much quicker than you can?
If you’re not convinced, here are seven reasons why you should outsource your bookkeeping.
Maintain your focus
When you outsource your bookkeeping, you can stay focused on the things you’re good at. Despite popular belief, no one is an expert in everything – nope, not even you. We all have our specialisms, so by letting an expert take over your bookkeeping, you’ll have more to put into yours.
Growing your business
One of your priorities will be to grow your business. However, you can’t do that if you spread yourself too thinly.
If you want to scale up operations, it’s essential you outsource bookkeeping or hire an internal team to work on it. Otherwise, other areas of your business will lose out, and you could miss the opportunity to grow.
But taking on additional staff isn’t always the best option for small businesses, which leads us nicely onto number three in our list.
Staff
The alternative to outsourcing is to hire and train staff. Of course, that takes time, energy and money, which could prove inefficient for your business.
On top of finding someone and training them, you have to consider the additional supervising responsibility you’ll have to deal with compared to if you were to outsource your bookkeeping.
Credibility
Working with an external contractor experienced in their field has more credibility than doing it yourself because they are a specialist and will be trusted by HMRC. In theory, that means your books may not be questioned the same way as if they would when kept by you.
A qualified bookkeeper has a professional accounting body membership, which has standards that they must follow. So, outsourcing bookkeeping can also make things easier for the HMRC and banking institutions, making your life easier, as it’s less hassle for your business.
Privacy
Do you really want members of your team looking at your business’s internal financial records? If you want to avoid this, find a trusted virtual bookkeeping service with strong client references.
Accounting Systems
Outsourcing gives your business access to accounting systems, which make their processes far more efficient than yours.
The most popular accounting software systems are Xero, Quickbooks and Sage.
Accuracy & Quality
Last but not least, we come to the accuracy and quality of your books. You are doing a top job at running your business, so let your virtual bookkeeper do a top job of your books. With a specialist on board, your books will be kept at a higher quality and be more accurate. Therefore, there is less risk of any trouble or costly mistakes.
The final word
There you go. Those are our top 7 reasons for outsourcing bookkeeping.
Time Wise VA work with a wide range of small- to medium-size businesses to make their working day that little bit easier. Call the team today on 01611 211 9837.