If you are wanting to make sure your business is running efficiently, and your books are always up to-date you may want to look at outsourcing your bookkeeping.
If you are unsure about whether or not your business is ready for a bookkeeper you can read our previous blog about that here. There are a lot of different benefits to outsourcing your bookkeeping so it’s well worth considering for your business.
Let’s start with our top 5 reasons.
1. More Time for Focusing on Your Business
Bookkeeping can be a tedious, time consuming but necessary task. If you’re trying to manage bookkeeping and accounting yourself, and you’re not an experienced accountant, it may require a lot of extra time and effort.
By having a professional bookkeeper take it over, it can allow you more time to concentrate on other aspects of the business. You will have more time to work on growing your business or doing the parts you enjoy and excel at. You may just even want to take the time to have a better work/life balance.
It’s important that you plan ahead when it comes to business. By already working with a professional bookkeeper, you will be ahead of the game fully prepared to take that next step in your business when the time comes.
2. Credibility – Bookkeepers are Educated and Accredited
Outsourcing bookkeeping gives you the opportunity to have a fully qualified and trained professional on your team.
It is important to check out the qualifications and accreditations of any bookkeeper you are looking at working with. You want to make sure that they have
- a nationally recognised qualification such as Certificate IV in Accounting & Bookkeeping
- membership to a certifying body such as the Institute of Certified Bookkeepers (ICB)
- BAS registration.
Financial and compliance obligations are forever evolving and changing. Professional Bookkeepers are constantly doing further education and professional development to ensure that their skills and accreditations are always current.
They are able to keep up with the changes of requirements in
- Tax reporting and more
3. Cost-effective – No Need for Full-time Staff in The Position
One of the biggest benefits of outsourcing bookkeeping for your business is that it can be more cost-effective. A lot of businesses may not be able to afford to have an accountant or bookkeeper on staff full time so outsourcing can be a way of getting the same expertise in a more cost-effective way.
Most bookkeepers will be able to tailor a package to suit you and the needs of your business, making any necessary changes as your business grows so you are only paying for the services you need.
You also don’t have to worry about other added employee costs, such as
- sick days
- holiday leave
4. Privacy with Your Financial Information
Doing the books of a business requires handling of sensitive financial information, so you need to be able to trust that your financial records are always secure.
By outsourcing accounting or outsourcing bookkeeping, you can help maintain a degree of privacy between your financial information and employees.
This is why it is also important to vet any bookkeeper you are looking at working with. This helps to ensure you choose someone you trust and feel like you can build a good working relationship with.
If you want to know how to get the most out of your relationship with your bookkeeper you can read about that here.
5. Peace of Mind Knowing Your Books Are Always Up to Date
Do you find yourself scrambling at the last minute when it’s time to do your BAS or put off working through that shoebox of receipts? Having a qualified bookkeeper means you can have peace of mind that your books are up to-date and accurate.
This means your bookkeeper can provide you or your accountant with the information required at any time quickly and easily. This also makes preparing your finances at tax time a less stressful process.
If you want to chat about outsourcing your bookkeeping needs and what the benefits could be for your business Sense in Numbers are accredited bookkeepers that have a passion for numbers and would love to help you.