Updated: Feb 14, 2022
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Sometimes when business owners attempt to do their own bookkeeping, it can cost even more than if they hired an outsourced bookkeeper. Each business eventually starts to grow so it gets harder and harder to do financials on top of everything else. With that in mind, not every business owner can handle doing bookkeeping on their own which is why Financial GPS is here to help. There are lots of options out there but based on company size and needs, learn and consider if bringing on an outsourced bookkeeper is right for you.
What is Outsourced Bookkeeping?
Working with an outsourced bookkeeper can be seen as an extended department that handles day-to-day accounting tasks. Here are just a few points of what you can outsource in bookkeeping:
Set up work and keep track of financial records
Management of basic ledger
Invoice transactions (data entry)
Allotting the items to their correct account heads and credit card records
Bank account and credit card reconciliation
Month-end and year-end closing
Financial Reporting (Profit and Loss, Balance Sheet, Cash Statement, and more)
For more information on how to read reports, here are some video tutorials
Benefits of Hiring an Outsourced Bookkeeper
As mentioned before, not everybody can handle all aspects of owning a business, especially when the business starts to grow. Most often times what happens is an owner of a small business will do their own bookkeeping and then transition to having a professional take over to avoid complications. Without proper bookkeeping, there could be more problems and you could run into even more trouble, especially with the IRS. If you accidentally get the tax dates mixed up, the consequences can be even more than if there was an outsourced bookkeeper hired prior.
Cost-Effective for Scalability
The investment for an outsourced bookkeeper is worth it in the long run. It’s understandable that growing businesses may normally attempt to do their own accounting since their needs are smaller. However, once it gets past that stage and starts to rapidly increase, hiring an outsourced bookkeeper will enable better oversight. An outsourced bookkeeper that’s part of the team will not only save you money, but time is just as valuable. Taking on an outsourced bookkeeper may be right if you don’t need a whole accounting team, but an equal amount of expertise experience.
Analytical Insights and Advice
With an outsourced bookkeeper, they go the extra mile to give additional support. You are guaranteed that you’ll get more than just getting the books done. Your outsourced bookkeeper is your personal consultant when it comes down to the business’s numbers. They will be able to give suggestions on whether your business can bring on more employees, insights on where to cut down on costs, or even help out with tax preparation. Here are the services for Financial GPS so you can see the difference in what type of packages there are.
Find the Right Outsourced Bookkeeper
All in all, rather than training an employee in-house on the profession of bookkeeping, it is just overall more worth it to hire an outsourced bookkeeper. You will be able to save precious time to work on more important responsibilities while getting the right expertise and have peace of mind. Get in touch with Financial GPS today to discuss more on outsourced bookkeeping plans and packages.