There are many reasons why business owners may consider outsourcing bookkeeping and accounting business processes.
Since launching Enkel Backoffice Solutions, I’ve had the opportunity to have conversations with business owners of varying sizes, in a wide variety of different industries. Ultimately, the pain points I come across with business owners are fairly universal. We all want to save money, save time, and make better financial decisions.
However, the benefits of outsourcing your accounting and bookkeeping tasks go beyond the cost and time savings. Outsourcing your accounting back office gives you peace of mind knowing that your books are taken care of while you focus on your core business functions.
Here are the top 10 reasons why you should outsource your accounting tasks.
1) You want to save money.
There’s a common misconception that outsourcing non-core functions is more expensive than managing the processes internally. But for many small businesses, it simply isn’t cost-effective to have an accounting department, full-time accountant or bookkeeper on payroll.
2) Or you want to save time.
As a small business owner your core focus is on what you do best. Whether you’re an expert at selling medical equipment or your true passion is crafting gluten-free baked goods, focusing your time and efforts on bookkeeping is taking time - and subsequently money - away from what caused you to go into business in the first place. By outsourcing non-core functions, you’ll feel the weight lifted from your shoulders, both metaphorically and financially.
3) You want timely financial advice.
If you’re leaving the majority of your accounting functions to year-end tax season, you’re allowing a gap of 11 months without financial advice from an expert.
Outsourcing your accounting and bookkeeping to a business like Enkel will allow you to have a customized bookkeeping process that works for your business, and a team of professional bookkeepers managing your day-to-day financials. You'll be equipped with useful, actionable financial data to make sound business decisions.
4) You want to understand your cash flow.
Knowing when and where your money is coming from can help you make strategic business decisions for the long haul. For example, if your company operates within the wedding industry, you’ll know that the summer is your busiest season. But are you losing money on excess staff during your quieter months? A reliable bookkeeper can support with cash flow statements, helping you to understand where you’re losing money and where you should be investing your efforts.
5) Your year-end accounting bills are too high.
If you’re managing your own books until tax season and then passing things off to an accountant, chances are your year end bills are going to be pretty high! By maintaining proper records year round, you’ll save significantly when it comes to filing taxes.
6) You're looking for tax-saving opportunities
A trusted bookkeeper will always be looking out for your best interests. As a small business owner, you may not even be aware of the tax saving opportunities available to you. Are you recovering all of the GST that you’re spending? Leave the number-crunching to the experts - we’ve got your back.
7) You want to keep your financials up to date.
Keeping your financial information accurate and up to date reduces innumerable headaches down the line. A good outsourced bookkeeping partner will ensure that the data in your accounting software is always accurate and kept up-to-date. You'll always have someone staying on top of your numbers and committed to delivering regular monthly financial statements.
8) You're looking to reduce audit headaches.
Being audited can happen to anyone, and it’s stressful even in the best-case scenarios. Knowing that your books are up to date and carefully documented can relieve almost all of the headaches associated with an unexpected audit. A good bookkeeping service will properly document and record your financial records, helping you move through the auditing process with ease.
9) You want to make life easier.
When it comes to owning and operating your own business, you’re busy enough! Managing employees is time consuming; an outsourced bookkeeping service provides you with a set-it-and-forget-it service. We’re here when you need us, and we’re working quietly in the background when you don’t.
And the number one reason why you may want to consider outsourcing your accounting functions?
10) As an entrepreneur, you're always looking for a better way.
You started a business because you saw a better way of doing things. I’m an entrepreneur myself: I started Enkel because I saw a better way of providing bookkeeping services to small to medium size businesses. It’s that shared entrepreneurial spirit that drives us to always look for a faster, smarter, better way of doing things.
If you are looking for an efficient and accurate way to get your books done, we can help! Get in touch with us today to learn more about our outsourced bookkeeping and accounting services.