Would outsourcing work for my business?
Outsourcing has become more and more popular among small and large businesses. Bookkeeping and accounts are just one example of where you can outsource. It is something every business needs to consider. Whether they are monthly accounts or yearly, you will need expert help to ensure you stay on top. There are so many businesses who fail to succeed because they didn’t have a full understanding of their accounts.
It is crucial for any business that you can monitor your company’s performance. In order to achieve this, your figures will need to be checked regularly to enable you to make important decisions and consider different strategies.
In some cases, businesses that are just starting will believe it is a simple task that won’t take up much time. This is not the case! Especially if you are spending time building up your company from scratch. All of your time should be committed to gaining a reputation and expanding on ways to increase your revenue.
If you have an in-house employee who can carry out your bookkeeping and accounts, they will have to be trained and fully qualified. If they are not, getting the training they need will be costly and time-consuming.
In this article we have put together a list of just some of the reasons outsourcing would work for your business.
Free up more time for clients
Even if you already have an established business, doing your own bookkeeping and accounts is taking up time that can be valuable elsewhere.
The number of hours you spend checking figures and filling out paperwork could be spent on improving your services and giving more time to your existing and new clients.
Increase your businesses growth
One of the biggest reasons for outsourcing your bookkeeping and accounting is recommended for businesses is that it will help increase the efficiency of how your company works. You will not have the constant distraction that comes with the upkeep of books, allowing you to stay focused on the growth of your business.
As a business owner or manager, you may not be trained in bookkeeping. Some entrepreneurs have the focus and ability to grow a successful business but have little understanding of accounts. If that is the case, you are likely to spend far much more time than others who are more qualified in that area of expertise. Even if you do find the time to commit, you would have the constant worry of your accounts not being accurate which will cause you problems in the future. Simple mistakes can have detrimental consequences, including investigations and penalties from HMRC.
By outsourcing your bookkeeping and accounts, you can guarantee you have a fully trained expert keeping an eye on everything from start to finish.
A trained bookkeeper has access to essential tools
By outsourcing your bookkeeping, you can rest assured that they have been highly trained. This is also the case when it comes to the software they use. There are always new updates available and ever-changing technology that will be readily available for any professional bookkeeper and accountant.
Keeping up with deadlines
If you rely on in-house help with your bookkeeping and accounts, there will always be a time that somebody may go off sick or on holiday. Accounts mean strict deadlines. By outsourcing, you can rest assured that no matter the circumstances, your accounts will be done on time.
Saving on cost
It is a common misconception that by outsourcing your bookkeeping, you will be costing your business more money. By allowing your in-house employees to concentrate on other tasks you will have more chance of increasing your revenue.
You can employ less staff
To employ an accountant in-house, you will be committing to set hours, yearly pay, including sick days and holidays. You will also have to send them for training as and when software changes.
Avoid software problems
From time to time servers can encounter problems, as can software. To have these issues resolved can take time and cost money. By outsourcing your bookkeeping and accounts you won’t have to worry about this happening.
So, in conclusion, outsourcing work for your business will not only help relieve the pressure, but it can also save you money in the long-run.
At CEM bookkeeping we have a team of experts who have an excellent reputation for assisting many businesses with their bookkeeping and accounts across Essex and beyond.
For more information about how we can help you, please don’t hesitate to contact us and we will answer any questions you may have.