There’s an age-old adage: time is money.
One of the greatest ways to grow your business is to have the time available to spend nurturing it. Being able to clear up as many daily time sinks as possible will free you to develop your company, find new clients, and discover new and efficient ways to run your business. Innovation is crucial to overcome competition and draw new clients, so being able to dedicate yourself to new ideas is the life’s blood for your agency.
An easy way to make this happen is to outsource your bookkeeping to a trusted agency, which can not only save you an enormous amount of time but can also save you money in many ways.
Here are 10 ways that calling in a professional bookkeeping service can save your business money.
Bookkeeper agencies have spent years (or even decades) specifically handling records, and they know how to do it in the least amount of time possible. They’re up to date with the most proficient methods to ensure that everything is done in an orderly and efficient way.
As they are well versed in legal processes and are adept at performing the job, you will not have to worry about facing penalties due to failures to meet financial deadlines.
Also, these services will spend far less time working on accounting than an employee who is not as well-versed in the realm of bookkeeping. You can end up saving money simply by cutting down on the costs due to the extended time an employee could spend trying to accomplish the same tasks.
With those responsibilities taken care of, that employee could be used somewhere else, which can allow you additional resources for other projects.
Errors can cost a lot of money and the less qualified a person is, the more likely they are to make mistakes in the books. Incorrect financials skew the value of your company and can cause you penalties and other detrimental results if the errors are not discovered. If they are, that’s more time spent researching and making corrections.
Professional bookkeepers are elite at their craft and are unlikely to make costly mistakes. When you put your trust in the experts, you will be able to bank on accuracy and ensure legal qualifications for your accounts.
As you won’t need to hire part-time (or full-time) help to maintain your books, this can save you on hourly wages. Plus, you won’t have to worry about providing benefits or other necessary expenses since you are not covering accountants.
You also have a variety of payment options with these companies and can choose if you want to do hourly rates or a fixed amount for services provided. That means you only pay for what you actually need and nothing more.
With the saved time-expenditures a bookkeeper provides, you and your employees will have more time to focus on other projects, which can have mental health benefits. With less multi-tasking required, employees suffer less fatigue and make fewer mistakes and increase their job satisfaction.
Focusing on a small number of tasks means that those tasks can be done more efficiently and with increased results, which will help your company meet its goals and reach a broader audience as you can spend your time where it matters the most.
You aren’t required to give over every aspect of your accounts if you do not want to. You can opt-out of specific aspects and pick and choose which services you wish for the bookkeeper to provide. That way if you want more control over what is happening with your finances, but still want to save time and money on some arduous tasks, you can pick a plan that works for you.
As business waxes or wanes, you will find that you will have more or less time. In situations where you have less time, the bookkeeping services can prove invaluable. If, however, you are experiencing a slow period, you can take over your accounting again to save on costs.
The ability to determine when you need the services and when you don’t can help you remain flexible to keep your costs down and provide the best budgeting for your business during peak and slow periods.
While outsourcing is more cost-effective than having a full-time employee handle the same work, you can also take advantage of shopping around to reduce costs on your professional bookkeeping.
Compare prices and negotiate with bookkeeping services so that you can save even more money by working out a deal that fits your budgets and finding a reputable service that will work with you on whichever features you wish. There is a multitude of options that provide different services, so you can find what you need at a cost that works for you.
Keep in mind that while your business may not be able to afford top-tier bookkeeping technology, professional bookkeepers can. They will be using the top tools of the trade which can provide you with incredible statistical information and improved details on your finances.
Not only will you save money by the time spent, but you will receive the highest quality data and save money since you will not need to purchase the high-level technology to enjoy the same results.
As professionals, these bookkeepers have taken steps to provide optimum security for your data. As you are not placing sensitive data in the hands of regular employees, who may or may not prove trustworthy, your financial data will be safe and unlikely to face risks that can come with placing secure data in the hands of others.
They will also have high-quality protection software to keep your data safe from cyberattacks, so the added security in itself is an added bonus that saves you money and peace of mind.
With a bookkeeping service’s accuracy, attention to detail, and legal proficiency, tax time will be a smooth and easy process. Putting the responsibility in the hands of someone who deals with taxes all the time and knows what they’re doing will ensure that your company gets its taxes done in time and with alacrity.
We hope you enjoyed our article about the ways bookkeepers help save businesses money and how important they can be for the success of your business. MY OC Bookkeeper has the experience and expertise to help you with bookkeeping and business advisory services. Make sure to contact us here for a free consultation.