The Small Business Administration (SBA) considers a small business to be a venture with less than 500 people working as employees. A broad range of businesses could fit into that category. According to the SBA, there are over 30 million small businesses in the United States and they make up 99 percent of all U.S. businesses.
Many of those businesses outsource a large range of tasks including human resources, accounting, customer service, marketing, tech management and shipping. As your business grows you may find that outsourcing may work for you especially with the complex job of professional bookkeeping.
Bookkeeping covers all of the record-keeping and includes preparing records for all business operations and its transactions. Many small business owners start out doing their own bookkeeping before realizing how much time it takes to do the job right. This includes the all important task of accurately accounting for your expenses and income.
When your business grows and you are faced with the decision to use a service for professional bookkeeping there are some benefits you may want to consider. Ultimately, you want to make sure your decision is beneficial to you and your businesses bottom line.
It can be time-consuming and expensive to hire a new bookkeeper or to replace one. When you use a professional bookkeeping service, their team will be ready to go as soon as you contract them with very little down-time. You don’t have to pick an anonymous online system where you don’t know the individuals. You can find a local service in town where you can do business online and in person.
Using a bookkeeping service will give you peace of mind knowing that their experts have years of combined experience in the job. They will be familiar with the responsibilities of bookkeeping and know how to avoid making common mistakes which are possible with less experienced or trained staff.
When using a service, you only pay for the help you receive. This will save on overhead for employee training, benefits and salary. The money you do pay goes to the service which will provide accurate and timely bookkeeping for your business.
You will be given a new perspective when using a completely impartial party for your bookkeeping. They can stay focused on your bottom line, giving direction and advice that will be of great benefit to you. They will have no investment other than doing their best to serve you as a client.
When running a business, there are always employee issues. These may be happy ones like pregnancy leave or difficult ones like firings. Using professional bookkeeping eliminates this issue and creates stability in your accounting. A service will have a team working on your account and if one were to leave, the other members would continue to do the work with the same expertise.
It will be important to inquire about what accounting work the professional bookkeeping service will provide for your business. It should include an accurate general ledger, balance sheets, cash flow statements and quarterly tax reports. In addition, they may provide performance graphs and data helping you to plan and budget for the next fiscal year.
As your business grows, the job of bookkeeping will become more complex and more time-consuming. If you are trying to wear many hats including bookkeeping, you will be pulled in many directions while wanting to attend to important business issues. By outsourcing some of the work and allowing experts to take it over, you will be free to focus on your business including strategies, customer service and marketing all of which are needed to grow a successful company.
Growth is a great challenge to have for any business owner. With that growth will come changes and new decisions for many areas of your company. You are unable to know the true fiscal health of your venture without accurate bookkeeping. Using a service to provide professional bookkeeping may be the way to go. Make sure they will provide what you need and are a good fit for your business before making the final decision. Outsourcing is a great option when it helps you meet the requirements of your company and frees you up to concentrate on your passion of growing a successful business.