Small businesses are an integral part of our economy. They provide an outsized contribution to both job creation and economic growth, but many small business owners face daunting challenges as they try to balance their books each month.
One-third of small business owners reported that they spend more than ten hours a week trying to figure out how much money they have coming in and going out – which is time that could be spent growing their company. In this post, we will explore some of the benefits outsourced accounting can bring your small business, including peace of mind and more time for you to focus on running your company!
1. Outsourced Bookkeeping Ensures Accurate Financial Records
One of the benefits outsourced accounting brings to small business owners is accurate financial records. When you outsource your accounting to a professional bookkeeping service you get the benefit of having an expert keep track of your books. So many business owners make mistakes in their financial recording processes because it’s just not what they are best at. When you outsource your bookkeeping, a professionally-trained accountant will handle all the record-keeping for you so that you can focus more on what you do best – leading your company.
2. Outsourced Bookkeeping Lowers Stress
Bookkeeping takes a lot of time and can be stressful if you lack the education or expertise to do it right. No small business owner wants to learn how to be an accountant while also leading their company. Outsourced accounting makes your job as a small business owner easier because a qualified professional is now responsible for all of the tedious, difficult-to-understand work of managing your books.
3. Outsourced Bookkeeping Saves You Money
Outsourced bookkeeping can save you money in two ways:
- The more accurate your books are the better you can understand your margins, cash flow, and gross profit.
- Outsourced bookkeepers are less expensive than hiring full-time employees. Most bookkeeping services allow you to pay a flat, monthly fee and are available whenever you need them.
4. Outsourced Bookkeeping Saves You Time
If you’re a small business owner, time is your most valuable resource and outsourced bookkeeping can give your time back. You can’t afford to waste your valuable time doing mundane things that someone else could do for you. When you hire someone else to do your accounting work it frees you up to focus on what really matters – running your company.
Outsourced bookkeeping could be a pivotal, strategic move that helps take your business to the next level. Outsourcing your bookkeeping to someone else will save you money, stress, and time.At Still Water Accounting & Consulting, we relieve small business owners of the hassle of bookkeeping so that they can focus more fully on growing your business. We do what we do best – outsourced bookkeeping and accounting – so that you can do more of what you do best – running your company. If you are interested in learning about how our team of Fractional CFOs could take on the work of running your books to help your company go to the next level, reach out to us below.