Being a small business owner is a round-the-clock job. Rarely are the days long enough to accomplish all that needs to be done. At some point, every one of the close to 32 million small business owners in America has likely considered outsourcing as a way to keep on keeping on. The challenge comes in deciding what to outsource, to whom you delegate the responsibility and how to release control.
Bookkeeping, the process of keeping your company’s financial records updated, is vitally important if business owners are to make decisions based on the company’s current financial picture. Bookkeeping is also one company function that lends itself to outsourcing so you can get the professional help you need while only paying for a fraction of the costs of a full-time resource.
If you’re on the fence about embracing external bookkeeping resources, consider the benefits you’ll gain by being able to:
- Make important business decisions with the latest financial information.
- Fast-track the loan application process.
- Know if you can afford to make new hires.
- Review virtually unlimited “what if” analyses for financial planning purposes.
- Evaluate potential investors’ investment proposals with confidence.
In addition, your external bookkeeper will be keeping up with changes to state and federal accounting policies and tax rules. Your new bookkeeper will typically meet with your CPA firm to plan for and prepare business taxes. and will file the financial transaction documents required to keep you in business.
If you’re considering using an external resource for bookkeeping, you’ll probably wonder how managing the financials will be handled. Most bookkeepers and savvy business owners prefer using QuickBooks, especially since 29 million small businesses in America use it. QuickBooks’ range of accounting software can accommodate any size business entity from start-ups to larger growing enterprises, and more specifically, the QuickBooks Online application offers extensive versatility and efficiency when working with external bookkeeping resources. QuickBooks easily integrates with more than 700 other software applications, many of which you are already using to run your business. In addition to creating all of the standard and advanced financial reports a small business owner needs, QuickBooks also makes quick work of the billpay function, accepting digital payments and processing payroll.
To most small business owners, outsourcing bookkeeping represents a business decision fraught with complexity. However, the solution is often counterintuitive – it takes letting go to stay in control.
Talk to the team at RYBD about outsourcing your bookkeeping and return valuable time to your day.