Eliminate Bookkeeping Pains with Outsourced Services
Most often, if you are truthful with yourself, it comes down to, you got into business to sell a product or provide a service, not to do bookkeeping. This isn’t what your skillset is, nor have the knowledge or experience, and quite frankly, the desire to spend your time doing. All of these, and more, lead to delinquent reports, delaying important decisions for growth, keeping you in a holding pattern, and a vicious cycle. You are anxious and intimidated, as you feel the control slipping away, not knowing the status of your company’s financial. However, proper bookkeeping will remedy many of these pains. Outsourcing is one of the best kept secrets to minimize the pain as well as maintaining, timely and accurate financials. Outsourcing gives you a ‘clean’ eye on your records as well as helps to keep your financials private, without the expensive overhead cost of an employee.
It is crucial to keep up on your bookkeeping, in order maintain the focus and goals of your business. If you are feeling any of the following bookkeeping pains, you need to make some changes to your current system.
Time Crunch
There is never enough time to accomplish everything you need to, in the day of a small business, owner. People often use time as an excuse, mostly for avoiding undesirable tasks or events they would rather not attend. However, if you don’t find it practical to do your bookkeeping because it takes you away from more critical business tasks, the reasons you started your business to begin with, then outsourcing is a great solution to this pain.
Stress & Anxiety
Just talking about taxes and bookkeeping causes anxiety for the small business owners. Outsourced bookkeeping services creates an opportunity. Proper procedures in your bookkeeping department, provides you with current records, and timely, accurate financials. The elimination of worry and stress allows you to free up your mind for growth and goals.
Current & Accessible Information
Knowing that you need access to reports, and current details to present for business growth decisions, can be overwhelming with unorganized, unreconciled records. A properly maintained bookkeeping department offered by outsourced providers, can and should give you access to regularly-updated financial information that is accurate. When interviewing for an outsourced provider, you should be sure they specialize in this as well as the accessibility factor. Most companies use cloud-based systems, and understanding how that will benefit you is essential and keeps you in control.
Taxes & Adjustment
Taxes cause many business owners a high-level of anxiety. This is mostly due to the lack of confidence in their bookkeeping records, delaying the returns, causing the need for an extension to be filed. An extension keeps the dark tax cloud hovering over you, only to rear its ugly head again in a few short months down the road. Utilizing an outsourced bookkeeping service, you minimize or eliminate most of these tax pains. If your books are updated, accurate and timely filings should become the normal. There may be an exception to the rule on occasion, however, being in control of the variables, is a much different scenario than the alternative. These exceptions can be eliminated also, with a tax review, which will give you an estimate of your financials before year-end. This valuable information from a review puts you in control, assuring you understand your potential liability. The power to reposition the most tax advantageous use of your money, making calculated decisions before year-end, is a strategic business move.
We are in the 4th quarter, homestretch of a long and stressful year. When you consider changes your company should make for next year, put schedule time for making your financial records a priority, and research and interview a service provider who specializes in bookkeeping services. You will need someone who can take on the majority of bookkeeping tasks, allowing you to focus on running your business. Staying involved to your level of comfort, allows you to remain in control. At the end of the day, the reduction of stress will be very clear to you and those around you.