Taking the decision to outsource any part of your business can be scary. There is a lot to consider; first and foremost, the cost. However, if you like attending networking events, you will notice how many businesses there are that provide an outsourcing service, so you have to ask yourself, is there something in this?
The main reason a business owner will make the decision to outsource is time. They want to focus on what they are good at and all other tasks seem menial. Unfortunately, they are still important.
When you decide to start a business, it’s usually because you have a talent and a passion for something and you want to share that with others. At the start, that’s exactly what you do but as you grow, the reality of business sets in and you realise, there is more to being successful than just one product or service. Now you need to manage your business as a whole.
I regularly speak to business owners who are fantastic at what they do but they are terrified of the paperwork involved. The simple fact is, you can’t be good at everything. You are an expert but in your chosen field, but you can’t be an expert in everything else too.
Bookkeeping is definitely one of those tasks that should be delegated but unlike years ago, you can now outsource it Instead of having the stress of taking on staff or finding an accountant who doesn’t mind shoe boxes and last-minute paperwork.
To help you make your decision, here are my top tips as to why, outsourcing your bookkeeping is a great idea.
1 – Time
As I’ve already said, you have talent, passion and expertise in your chosen area so taking time away from the job that will ultimately help you grow is pointless. You could save yourself hours of heartache and stress by simply handing over the task you hate and allowing an expert in that area do it for you.
2 – Money
The main concern around outsourcing for a business owner is money. However, hiring a bookkeeper could save you thousands. Not only will it stop you having to pay a salary but also their pension and not forgetting the tax implications but will also save you money in accountancy fees and fines for late admissions.
3 – Expertise
Whilst you are an expert in your industry, a Bookkeeper is an expert in theirs. Let us do the job you hate and we will let you get on with the job you love.
4 – Systems
Bookkeepers will generally have access to the most up to date systems. By doing it yourself, you will spend a fortune on software and hours of time you don’t have learning how to use it.
5 – Cashflow
A good Bookkeeper will be able to keep you up to date with your cashflow in real time. That means that adjustments can be made as and when it’s needed instead of allowing it to get to the end of the tax year, only to find, there’s nothing in the bank.
6 – Budgeting and projections
Because we are keeping your books up to date, you are able to budget and forecast for the future. This could be critical to the growth of your business and it’s an opportunity that shouldn’t be missed.
7 – Get paid on time!
Do you know how many invoices you have outstanding? If you are solely focussed on your product or service, you may have trouble keeping up with the payments that are owed to you. A Bookkeeper can remind you to send out your invoices and also check to see who has and hasn’t paid you.
8 – Keeping on top of your bills
It works both ways! Whilst you’re not keeping track of who owes you money, it’s possible that you’re not keeping track of who you owe. We can help you keep on top of the situation and avoid any nasty surprises.
9 – Tax ready financials
There is nothing worse to an accountant than receiving a shoe box full of receipts and invoices on the 30thJanuary. (It happens!!!) If you have outsourced your bookkeeping, your paperwork will be up to date and ready to go in time for any tax deadlines. I can’t emphasise enough how much these key dates cause business owners to breakdown, let a Bookkeeper take the stress away.
10 – Your accountant knows best
Accountants are advocates of Bookkeepers. We make their life easy too. Your bookkeeper can liaise with your accountant on a regular basis so all parties know what’s going on. It saves time, money and stress.
Written by Neeta Patel – Rosemary Bookkeeping Northampton
Outsourcing is actually a very realistic option for business owners so don’t be scared. If you’re still not sure, Rosemary Bookkeeping are more than happy to come and do a 1-2-1 health check with you and give you the opportunity to decide for yourself if you think you could benefit with no obligation, contact your local Rosemary Bookkeeper today.