Good Reasons Why You Should Outsource Your Bookkeeping
Bookkeeping is the activity or occupation regarding keeping and recording financial matters of business.
Bookkeeping can be done by the individual business owner or we recommend outsourcing bookkeeping to a qualified accountant, so your time as a small business owner can be more productive.
Bookkeeping is a very tiring job and without the appropriate training and knowledge, some small business owners may have difficulties with balancing the books. Here at Perth Tax People, we have come up with 5 good reasons as to why small business owners should outsource their bookkeeping needs.
1. Privacy
There are few things more guarded in business than internal financial records. This is information that an owner wants to be kept private and secure. Finding someone you can trust to do the job well, stay with the company long term, and maintain confidentiality is not a simple task–especially when a local bookkeeper knows your personal financial health. Outsourcing to a virtual bookkeeping service with strong client references can give an owner peace of mind by removing the opportunity to have a member of their community in contact with their financial records.
2. Scalability
Growing businesses often start out with smaller needs but rapidly grow to require a full suite of bookkeeping services. Hiring an outsourced bookkeeping service with controller oversight and a full-service offering enables the service to scale to needs, without having to hire or train additional staff.
3. Training and Management
Most business owners are not in the position to be able to train or manage bookkeeping staff–primarily because their bookkeeper likely knows more about it than they do. But the benefits of having a bookkeeper up to date on the latest QuickBooks features or have comprehensive knowledge of state tax rules or reporting methods makes a big difference in the quality of bookkeeping.
4. Maximize Your Resources
When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time and energy that could be better used growing the business. When they outsource their bookkeeping services, they free themselves up to spend their time doing what they do best. CFOs, office managers and non-accounting personnel simply shouldn’t be spending their time on the books.
5. Tax and Audit Ready Financials
Using outsourced professional bookkeeping services to prepare financial records makes tax accountants, the ATO and banking institutions happy. There is no concern over whether the books are accurate or questioning the integrity of the financial data. Whether a business owner needs to provide financial statements to the bank, satisfy investor reviews or share information with the ATO, outsourced bookkeeping services help make sure there is no doubt about the data.
For these reasons and through personal testimonials from clients that we have dealt in the past, it is vital for small business owners to find an accountant that they can trust and that outsourcing a bookkeeper will put more time into the business and less stress for business owners.
So why not alleviate your bookkeeping hassles today by contacting us on 1300 751 700 or email us at info@perthataxpeople.com.au and we can manage your bookkeeping needs, so you have more time to do what you do best and make your small business soar!.
