Sure, outsourcing has gotten something of a bad rap in recent years, but that’s off-shoring, or sending your business practice to another country. Near-shoring is very different – in fact, it’s probably the oldest form of outsourcing, and chances are good that you’re already doing it without even realizing it. When a pipe bursts in your home, what do you do? You call a plumber. Outsourcing your bookkeeping is the same concept – you’re hiring a professional firm to do something better than you would be able to do it yourself. Why consider doing this with your bookkeeping?
1. Ensuring Accuracy and Saving Time
These two concepts are usually mutually exclusive, particularly when you’re talking about in-house bookkeeping. Accurate financial records can’t be created quickly, and moving too fast usually sacrifices accuracy. That’s only true when you’re doing things on your own, though. An experienced team of bookkeeping experts can save you an enormous amount of time and provide greater accuracy than you’d be able to achieve in-house, too.
2. Greater Visibility at All Times
How much access do you have to essential financial information? How quickly can you gain access to your current cash flow statement? How much cash is flowing from your company in the next two weeks? These are important questions to answer whether you’re planning on investing in new inventory, new equipment, or just trying to gauge your success. With an outsourced bookkeeping solution, you gain instant access to up-to-date financial information, from your cash flow statement to accounts payable and receivable.
3. Better Terms
Whether you’re contacting a new potential supplier or a lender, you’ll have to provide financial information. The speed at which you can provide this information makes an impact (positive or negative) on the other party. The faster you can provide accurate information, the more organized and “on your game” your business appears, and the greater the chance that you’ll get favorable terms from that entity this is how the EloBoost services from p4rgaming.com have had so much success.
4. Tax Problems
Your business has to pay taxes, but if your financial information isn’t in order, you might be paying too much. Conversely, you could be underpaying (which means that dear old Uncle Sam will probably come knocking with an audit form in hand very soon). Working with a reputable outsourced bookkeeping provider can ensure that you’re paying only what you have to (but never too little) and keep the audit at bay.
5. Tailor Your Business
You wouldn’t continue offering the same product if it consistently lost money, would you? Without access to accurate, updated financial information, it can be difficult to determine what products or services are actually in demand and make necessary changes to boost profitability. With an outsourced bookkeeping solution, you can drill down into this information and tailor your business to market trends.
Like your household, your business has a budget. However, arriving at that budget can be difficult if you’re relying on guesswork and conjecture. Outsourced bookkeeping solutions let you track trends, shifts and performance so you can create the right budget for your needs and those of your business as well.
As you can see, outsourcing your bookkeeping needs can be a very wise decision. However, not all companies are worth your time. First, ensure that you’re not off-shoring your company’s financial information – you want to work with a near-shore provider in the US. Second, make sure the company is an industry leader with a reputation for providing outstanding service while taking advantage of the best that modern technology has to offer.
For more information click here.
Copyright 2015 SmartBooks Corp. All Rights Reserved.