According to Forbes, 86% of small business owners work on the weekends, 53% work during major holidays, and 60% only take one vacation per year. With many entrepreneurs already sacrificing so much of their time each week, it is crucial to take advantage of outsourcing to improve your productivity. One source of frustration for many small business owners is bookkeeping. Bookkeeping is the cornerstone of most business operations. Bookkeepers manage your daily financial affairs and keep your business running smoothly. They do things like:
- Balance your ledger
- Produce reports
- Verify accuracy
- Collate financial transactions
- Manage payments
Not many people will be as enthusiastic about balancing your books and researching tax codes as your bookkeeper.
Let an expert crunch the numbers, while you spend time expanding your business. Hiring a professional bookkeeper will guarantee that the job will be done right. They are doing what they love and know all the little nuances of their job. They reduce liabilities such as fraud and identity theft by decreasing oversights typically made by someone less experienced. Additionally, a professional bookkeeper not only knows the software you need to keep your finances organized but also keeps up to date on the most recent technology trends in their field. Ensuring they possess the most efficient method of handling your transactions, leaving you with more time to focus on your business. A Bookkeeper can help you:
- Make better financial decisions with knowing exactly where every penny goes
- Be less stressed at tax season
- Have error-free auditing and documentation
- Have more opportunities to focus on your other business needs
- Get insight into future financial decisions
- Have a clear understanding of revenue, profitability, fees, etc
- Reduce risks
Bookkeeping can be done on-site or remotely, for any period of time you need. Some bookkeepers work daily, weekly, monthly, or quarterly. Whether your business is growing or scaling back, you can tailor labor hours to your own business’ needs. According to a study by Kaiser, annual health insurance premiums for small businesses totaled over $6,000. Outsourced bookkeepers are not typically full-time employees, so you won’t have to pay them fixed wages or benefits either. You would only have to hire them for very specific jobs that you need to be done. This leaves you with more money, to be more productive in other aspects of your business.
As you can see there are many ways a bookkeeper positively impacts your profitability and productivity. Outsourcing your bookkeeping is a perfect solution for entrepreneurs looking to save money and guarantee greater success rates. It offers your business more growth potential, higher productivity, with greater profit margins. Bookkeeping also gives you a picture of where your business has been and where it’s going. Enlisting the expertise of a professional bookkeeper gives you a chance to make sure you are making the most informed decisions for your business.