06 Jan Four Reasons to Use a Bookkeeping Service for Your Small Business
When deciding whether to use a bookkeeping service for your small business, there are several important factors that should be considered before making a decision. These factors will help you determine if outsourcing the bookkeeping is the right choice for your business.
- Opportunity Cost
You should first consider how much time you spend dealing with your books. Remember that this is all time that you are taking away from your business, and that any bookkeeping errors made could have impact your ability to make business decisions. One way to look at it is to see what other tasks you could accomplish in that same amount of time, after all, the extra money you could make would practically pay for your accountant!
For many small businesses, having timely information is a key factor in being able to make impactful business decisions. Using a bookkeeping service will help provide you have access to timely financial information, ensuring you are able to spot issues as they arise. While many small businesses wait until the end of the year to receive an overall financial picture, EveryEntry provides you with a real-time picture of your business.
When you hire someone to do your books, you will be getting someone who has experience in accounting. They know how to deal with your transactions, which can be beneficial when you are dealing with your tax and other related expenses. This experience is critical to ensure you are making business decisions on accurate information.
While many businesses require a bookkeeper working in-house full time, many more small businesses do not have the transaction volume to justify the cost of a full-time bookkeeper. This allows for the possibility to look at affordable alternatives, such as outsourcing. Using an outside bookkeeping service for your business may result in significant savings when compared to the cost of employing a full-time bookkeeper.