your time is worth money - even more than you realize!

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At a minimum, it' s estimated that small business owners can easily spend from 4 to 10 hours per month or more on bookkeeping, depending on how large their business is and their familiarity with the procedures.  While that may not seem like a lot, this is on top of the 60+ hour work weeks small business owners often put in.

Hiring an employee to do the bookkeeping is certainly an option.  But you may not want to have the expense of bringing someone on staff.  The average cost is around $45,000/year.  An outsourced bookkeeper starts at much less.

Outsourcing bookkeeping can offer several advantages to businesses and individuals. Here are some key reasons why you might consider outsourcing your bookkeeping:

1. Cost-Effective:Outsourcing bookkeeping can often be more cost-effective than hiring and maintaining an in-house bookkeeper or accounting team. You can save on salaries, benefits, office space, and equipment expenses.

2. Focus on Core Competencies: When you outsource bookkeeping, you can focus on your core business activities, such as product development, sales, or customer service, rather than spending time managing financial records and transactions.

3. Expertise:Professional bookkeeping firms have experienced and skilled professionals who specialize in bookkeeping and accounting. They can provide accurate, up-to-date financial information and insights that may be challenging to maintain internally.

4. Scalability:Outsourced bookkeeping services can easily scale up or down according to your business needs. This flexibility is especially beneficial for small businesses that may not require a full-time in-house bookkeeper.

5. Timeliness:Professional bookkeepers are often more efficient at processing financial data and generating reports promptly. This timeliness is crucial for making informed business decisions and meeting financial deadlines.

6. Access to Technology:Outsourced firms often have access to the latest accounting software and technology, ensuring that your financial data is well-organized and can be easily accessed and shared.

7. Reduced Errors:Professional bookkeepers are less likely to make mistakes compared to someone who is not trained in accounting. This can help prevent costly errors or discrepancies in your financial records.

8. Compliance and Regulations:Bookkeeping firms are well-versed in tax laws, financial regulations, and compliance requirements. They can help ensure that your financial records and tax filings are accurate and compliant with relevant laws.

9. Risk Mitigation: By outsourcing bookkeeping, you reduce the risk of fraud or embezzlement by internal employees, as a third-party firm is more likely to maintain strict ethical and security standards.

10. Saves Time:Handling bookkeeping internally can be time-consuming, especially for those not well-versed in accounting. Outsourcing frees up your time to focus on strategic and revenue-generating activities.

11. Access to Insights:Experienced bookkeepers can provide valuable financial insights and analysis to help you make informed decisions, identify areas for cost savings, and improve your financial management.

12. Consistency: With an outsourced bookkeeping service, you can ensure that your financial records are consistently maintained, even when internal staff members take leave or change positions.

13. Reduced Employee Turnover:Hiring and retaining in-house bookkeepers can be challenging due to turnover and the need to constantly train new employees. Outsourcing eliminates this concern.

It's important to note that while outsourcing bookkeeping offers numerous benefits, it may not be suitable for every situation. The decision to outsource should be based on your specific needs, budget, and the complexity of your financial operations. Additionally, it's essential to carefully vet potential bookkeeping service providers to ensure they meet your requirements and maintain high standards of professionalism and security.