The term ‘outsourcing’ sounds like something exclusive to big corporations. However, if you get a cleaner to come in and tidy up around the office or have someone sub for you at a networking event, technically this is outsourcing. One aspect you may not have considered when it comes to your small business is outsourcing your bookkeeping.
One of the biggest advantages of having someone else working on your books is freeing up time to do other things. The old expression ‘time is money’ may be a cliché but it is also a valid point- the time you spend on your work is what will make it grow in the long term.
There is also the fact that unless you are a professional bookkeeper or accountant then you are unlikely to be able to make an accurate analysis of your own finances. Even if you are a professional in this field it is different when it is your own work. Having someone look over this and give you figures and projections will help you grow your business as you react to clear trends, figure out who pays their invoices on time so you know what companies are more reliable and deserve more favourable treatment and so forth.
Another massive aspect of this is ensuring that your books are properly maintained. Non-compliance can result in fines and any subsequent bad press could negatively impact your public image, so it is better to have someone handling this from the start. Furthermore, the fact is this can be stressful and it is something you find difficult it is better to save yourself that, especially since stressed people are more likely to make mistakes and mistakes could potentially cost you business.
A common concern with small businesses and start-ups is cost and this can initially put people off bringing someone else in. This is understandable but it is important to take a step back and consider what will be more beneficial in the long term. Value for money is not about doing these for the cheapest price but finding the best people and services for the budget you have.
This is why a sensible approach will pay off. There are a lot of people out there who offer accountancy and bookkeeping services and it is worth looking into their background, check the level of experience that they have to offer and feedback from clients who have used them before.
In other words, it is possible to find someone that not only suits your budget but also understands the needs of your business and can adapt as necessary. The good thing about someone being outside of your work is that it is not dependent on the amount of transactions, as most outsourced bookkeepers can use programs to do the work.
To discuss the needs of your business and to find the ideal solutions to suit you please contact Digi Toolbox today so we can look over your needs in more detail.