As a business owner, outsourcing a bookkeeper is one of the smartest decisions you can make regarding finances and taxes. At the end of a long workday, regardless of your job, crunching numbers and organizing papers or receipts is the last thing you want to do. It can be so time-consuming and tiring, especially if your business is on the larger side and you have to handle things like employee payroll as well.
Now that you have decided to save yourself countless headaches and hours of organizing, it is time to begin your outsourcing. First, you will need to decide if you want to hire a local, in-house or virtual bookkeeper. If you own a business with a large number of employees and are bringing in a revenue of around $1 million, you can likely afford to hire an in-house bookkeeper. They will be helpful in handling payroll for all of your employees, organizing papers, and other numbers-related tasks that need to be done on a daily or weekly basis. In-house bookkeepers are ideal for larger businesses because they are the most expensive form of bookkeeping, as it is a full-time job you need to pay someone for.
The next option is hiring a local bookkeeper, someone in your community that you can meet face to face with to keep your documents organized. There are two ways you can go about outsourcing a local bookkeeper, either finding a freelance bookkeeper or going to a firm and hiring someone from there. The most important thing when you are looking to find a new bookkeeper is trust. You need to be able to trust your bookkeeper with your business’s financial details and know they are confident in their skills when you need them.
Lastly, you can hire a virtual bookkeeper, which is basically the same as a local one except everything happens online and over the phone. This is a convenient option as you can do everything online from your computer. A virtual bookkeeper is also a great option if you are someone who regularly does online banking and prefers talking over the phone rather than meeting in person.
What to look for when outsourcing a bookkeeper
There are a lot of important qualities to look for when outsourcing a bookkeeper. You are trusting someone with important information regarding your business, so you want to find someone trustworthy and knows what they are doing. Communication is also very important when looking for a bookkeeper, you want to be able to get a hold of them promptly when they are needed. You also want to consider their qualifications and level of expertise, how long they have been bookkeeping, and if they are familiar with the industry in which your business is in. Lastly, you want to find someone honest and reliable, someone you can count on for submitting documents on time and to the right place.
Benefits of outsourcing your bookkeeper
Now that you know some of the outsourcing options when it comes to bookkeeping, here are some awesome and helpful benefits of having a bookkeeper for your business.
- Save time and energy – outsourcing a bookkeeper rather than doing all the work yourself will save you so much mental energy and time. After working all day and running your business, you need time to wind down and relax in order to work your best the following day. Bogging yourself down in paperwork constantly is exhausting and can make running your business not nearly as enjoyable.
- Save money and payroll costs – rather than hiring an in house bookkeeper and adding them to your payroll, when you outsource a bookkeeper you only pay them once the job is completed. This will save money in the long run when some weeks aren’t as busy and your bookkeeper does not have as much to do, but you still have to pay them the same.
- Less stress during tax season – outsourcing a bookkeeper is especially helpful during tax season. They will organize your documents and create a bundle of files and necessary information in order to seamlessly file your taxes.
- Experience – Choosing to outsource your bookkeeper means you are looking for an expert in the field. Having a confident, trustworthy person keeping track of your business financial information can make you feel more confident in running your business. It is less likely an experienced bookkeeper would make an error rather than a new business owner learning the ropes.
Successfully outsourcing your bookkeeping can free you up to focus on growing your business, and give you the space and time to think about your forward-looking vision.
If you’re still not sure about how to outsource your bookkeeping or whether it’s right for your business, make sure you do your research and consult with an expert first. You just might find the right fit in the process!