Ditch the data entry freedom with outsourced bookkeeping services

Any business owner can understand the fact that keeping books of accounts is a very tiresome and time-consuming process especially when one is operating a small business. Recording transactions, verifying accounts, and preparing statements – it is a continuous process where you stay stuck in front of the computer for hours. But, it is crucial to learn how to maintain your books correctly to make proper decisions for your company and be financially steady.

Do not waste your time and effort on data entry; you can always outsource your bookkeeping processes. In addition to the above points, hiring an experienced bookkeeping service offers several advantages that allow you to free up time for business development.

Top 5 key reasons outsourced bookkeeping is the smart move:

1. Saves You Time

Accounting is time-consuming to a certain extent as it occupies a significant portion of one week. There is no way you can avoid the tiresome process of keying in every single receipt, invoice, bank statement, and all other forms of transactions into your chosen accounting software. While this contributes to data overload, it also ties you to your desk for 10, 20, or even over 30 hours monthly.

When you hire an outsourcing agency for bookkeeping services, the professionals in that company manage the figures for you. They key them in on your books and record the transactions at your convenience – daily, weekly, or monthly depending on your business. This prevents the use of huge portions of your time on tasks that are far less productive such as answering calls, attending numerous meetings, and other personal activities leaving you with sufficient time to engage in business development, and marketing among other activities in the provision of your products or services.

2. Brings Accuracy Through Expertise

Even though there are bookkeeping programs available designed for do-it-yourself-ers, it doesn’t mean your books will be prepared to the penny. Outsourced services involve the employment of certified bookkeepers who use their expertise and proficiency to prepare financial statements that depict the financial position of the business. It saves one from making potentially disastrous errors particularly when calculating taxes, financing, or business plans.

Contracted bookkeepers also, keep abreast with the current legislation and standards to make sure that the records are accurate and conform to accounting rules and tax laws. They also add reliability and assurance to the results of your financial calculations.

3. Saves Money

It is only natural to assume that it is cheaper to handle bookkeeping on your own rather than pay for a service. However, for most small business people, outsourcing is cheaper in the long run because it avoids errors that may cost lots of money and makes the process of filing taxes much faster.

There is always a chance you may forget to enter a few transactions or misallocate certain expenses, fail to notice the tax deductions you are entitled to, or make pitiable mistakes that can lead to losing money at the time of paying taxes or affect the business loans and other finances. Hiring an expert bookkeeper ensures the operations are subjected to a series of checks that reduce the possibility of making mistakes. It also has the advantage of a keen eye for identifying potential legitimate deductions that you might not have noted.

The cost of outsourced bookkeeping services is also relatively fixed, in the form of monthly fees that can be easily budgeted for, in advance. Furthermore, the time that you save from avoiding the data entry tasks yourself translates into an amount earned working on value-added jobs.

4. Scales support as you grow

During the initial periods of your business, managing the initial bookkeeping responsibilities may seem achievable. However, as your company’s size increases, the number of transactions that you will need to accommodate also rises. This is a good time for outsourced services to stand out.

In a bookkeeping firm, there are several people available to adjust to the various changes taking place in your account. They already have people, who are trained in handling these tasks, waiting to work on more tasks every month with the growth of your business. It eliminates the need for an employer to look for a candidate and train him or her to be an employee of a company. It also deals with cases of sickness, replacements during employees’ vacations, training recruits on other activities in the team, and other HR responsibilities.

Outsourcing provides you with a more or less open framework with which to work that is reconfigured as necessary when your fiscal situation evolves.

5. Leverages Cloud Technology

No need for thick ledgers and filing cabinets are so bulky that they even have to be hired. In outsourced services, you take advantage of cloud applications that help in managing different services and making them more secure and transparent.

There are reliable bookkeeping companies that employ the use of secure online accounting utilities to perform updates from any location. You get to enjoy the convenience of running your business as you monitor and access actual time reports on your financial statements and KPI through password-protected private login areas and websites. Additional applications and connectors with other business programs do help in simplifying the process of synchronizing your data. This erases geographical restrictions and can connect you with bookkeepers in other areas while not compromising your oversight.

Sharing information also becomes easier and more efficient for both you and your bookkeeper through the use of the cloud. This enables the adoption of a teamwork approach since the bookkeeper can update figures, while you can still analyze reports for errors. It allows you to stay on top of things without actually having to get your hands dirty and enter the data yourself.

You do not have to be trapped in the world of data entry.

Automating tasks such as data entry while offloading may seem to be one of those small changes, but can be one of the more significant ones for solopreneurs and their small teams. Compliant books have numerous uses in cash tracking, strategic planning, cost management, tax planning avoiding nasty fiscal shocks, and many others. However, getting those quality accounting records also requires a lot of time – time that can be better off used on business growth not merely sustenance.

Contracting the services of bookkeepers allows the owners of small businesses to escape the many monotonous tasks involved in accounting. Transaction processing, analysis, and consultation help you stop data entry while providing you with the financial control and insight you need. If the time for you to get your nights, weekends and sanity back is now, then consider outsourcing with professional bookkeepers. This will revolutionize how you run your business due to the flexibility and autonomy that comes with the solution.