7 Reasons Entrepreneurs Outsource Their Bookkeeping
Keeping your financials up-to-date and properly recorded is not easy for a busy entrepreneur to do. Ask yourself these questions:
Are you spending more time handling your financial records than actually working on your sales pipeline?
Are you sometimes making business decisions without up-to-date accurate financial reports?
Are you uncertain that your accounting data is accurate and ready for the CPA?
If you answered YES to any of these questions, then you should consider outsourcing your books to a professional. Here are the Top 7 Reasons our clients have outsourced their books to HR Business Solutions:
#1. Entrepreneurs are too busy to keep records current
Outsourcing frees up the owner’s time so they can focus on growing and managing their business.
#2. Expertise
You do not have to take time to train or manage a bookkeeper. A professional bookkeeper will be one step ahead of you and should anticipate what you need, when you need it. They will know what you can and cannot deduct.
#3. Reduction in staffing costs
You can radically scale your operations up or down without impacting your personnel staff. You don’t have to pay for salary, vacations, training, insurance or unemployment. If your bookkeeper also answers your phones, manages HR, and conducts sales calls, they are not as focused as they should be on your finances. An outsourced bookkeeper is not distracted, and has you as a priority.
#4. You have a team of experts
When you outsource with a professional bookkeeping firm, you have an entire team of experts checking your accounting with highly trained eyes. You are not relying on a single employee who may not have an accounting background.
#5. Confidentiality
When you outsource, you do not have your staff in your books looking at day to day financials. This can give the entrepreneur peace of mind, knowing that someone is not talking about their financials to others in the community. A second set of eyes will help find fraud as well.
#6. Tax ready
Your financial records should be up-to-date and correct at all times. With AI and accounting programs like QuickBooks Online, it is easy to sync with your financial institutions and pull in all records so that transactions are not missed. Old-fashioned bookkeepers who do manual entries slow down the process and increase the room for errors.
#7. Get regular financial reports (without contacting your CPA)
With cloud-based accounting systems, your outsourced bookkeeper can get you the information you need to make business decisions at any time. It is up-to-date every day.
Lynn Talbott, MBA, is the Founder and President of HR Business Solutions, LLC. She is an Advanced Certified QuickBooks ProAdvisor. Lynn was a Corporate Trainer and HR Manager for a Fortune 500 Company in Seattle, Washington, before moving to Chattanooga in 1998. She received the TSBDC’s 2015 Small Business Person of the Year Award for Chattanooga and was the 2020 Chamber Small Business of the year.
If you are interested in exploring outsourcing your books, shoot us an email at info@hrbizsolutions.net.
