You’ve most likely considered outsourcing your bookkeeping processes at one point or another, but perhaps thought it was something your business could manage without for a little while longer. The fact of the matter is though, if you’re spending more time as the chief bookkeeping officer rather than the CEO, then finding an outsourced bookkeeper should be the first thing on your to do list!
By multitasking, there’s the potential you’re costing your business productivity, because when you spend as much, if not more, time handling your financial records, then you’re not focusing on your sales, are you?
You may already be in business for a few months or years, or perhaps you’ve just entered into the business world. Either way, a bookkeeper should be the first job to outsource, not the last, and here’s why.
Get your numbers right from the beginning
Outsourcing a bookkeeper will help you with everything from business activity statements, lodgements, payroll, training and reporting on how the business is going. Because of their access to online accounting software, an outsourced bookkeeper will make collaboration to manage your financials much easier, which means giving you the best outcome and helping your business grow.
You won’t fear the taxman
Your business has a legal obligation to accurately record its accounts and file company reports to the tax office, so it pays to get everything right. Don’t spend the financial year worrying about your accounts and whether or not they’re accurate; if you get on top of it all from the very beginning with a bookkeeper, everything will run smoothly come tax time.
Bookkeeping errors can actually cost your business time and money. Do you really want someone charging hundreds of dollars an hour for them to ask you questions about your general expenses or why your bank charges are so high? You’re best to have this all sorted beforehand, and that way the data file and reports you hand to the tax department will be reliable and precise.
Better decisions for your business
A bookkeeper will help you make important strategic business decisions and provide advice on improving your profitability and efficiency. They’ll take the time to report on everything that has been done and create action plans to help you realise opportunities. And because of their knowledge, an outsourced professional bookkeeper will provide you with a clear assessment of your business data to help you make decisions that are in the best interests of your company.
This includes improving gross margins, whether or not it’s a good time to hire more staff, considering investments, expense management, and advice on new markets or financial strategies.
They will help your business grow
As you develop a relationship with your bookkeeper, you’ll learn more about the important financial areas of your business. In addition, a bookkeeper provides a second set of eyes on your finances, which means they can detect and prevent fraud or other losses. Their unbiased opinion could be the breakthrough your business needs to push it towards the next level, because while they free up your valuable time to focus on business growth, they are also offering you the flexibility to increase or decrease their services due to being outsourced.
Money is everything in business, and having a highly-skilled, outsourced bookkeeper is an incredible asset who can be your catalyst for growth. Getting on top of your finances with an experienced agent should be first on your list of things to do if you haven’t already done so. At Spark CFO, we’ll be glad to help guide you and help you gain better control over your finances, and be there for you as you build your business.