If your business is growing, chances are strong that you spend quite a bit of time managing the books. From paying vendors to depositing checks, bookkeeping can take up a significant amount of your time, but if you want those hours back, you should consider outsourcing your bookkeeping services.
Taking this step by outsourcing to a reputable bookkeeping firm will not only allow you to save time, but it can also help you save money. By not hiring a staff member to handle the books, you can save on salaries, office space, technology, benefits and more. In contrast, with an outsourced firm, you only pay for the services you need, which you can increase or decrease on an as-needed basis.
If you’re wondering what exactly an outsourced bookkeeping firm does, check out some of their most common functionalities so you can determine if this structure might work for your needs.
Bookkeeping Tailored to Your Needs
By outsourcing your bookkeeping services, you’ll be able to get specific functions tailored exactly to your needs, since these companies specialize in just one thing, and they know the many options that can help you best maximize your return on investment. For instance, if your main problem is that you are having trouble collecting on past due accounts, the bookkeeping service can create a program in which most of their time at the beginning of your partnership is spent collecting accounts due, and then once that problem is rectified, they can shift to more basic bookkeeping services.
Because outsourced firms have essentially “seen it all,” they’ll be able to talk to you about your goals and customize your services to fit exactly what you need.
Boosting Your Account Security
You might think that outsourcing your bookkeeping will weaken your account security because the data has to be moved offsite, but in reality, the opposite is often true. In many offices, the in-house bookkeeping function is on just one person’s computer, and that staff member is relied upon to keep everything secure. But if that person isn’t an IT expert, they may not know how to spot vulnerabilities or whether the software is up to date.
An outsourced bookkeeping service will typically keep your data secure on a cloud-based system or other shared drive, so you always have access to the information, but in a highly secure format. Bookkeeping companies typically have IT experts on staff who frequently monitor whether the information is well protected, up to date and secure, allowing you to retain access to your data without having to worry about breaches.
When you outsource your bookkeeping services, you can let the company know which custom reports you need, and how often you require them. The bookkeeping firm can then customize the reporting schedule to your needs, ensuring that you have all of the financial information at your fingertips, and that it’s always updated. This is particularly useful if you’re dealing with banks or investors, who may often want to see reports on a regular basis.