Q&A: Outsourced Accounting and Bookkeeping to Your Business

Q: What is the Use of Outsourced Accounting and Bookkeeping to Your Business?

I am often confronted with this question from potential clients, as a lot of them tend to believe that if they can manage their personal finances and accounts, they always think they can do the same in business. Another reason is not seeing the difference between your-self and business.

There are many reasons why you should not tackle this yourself, but before I run into these ask yourself this question, would you allow a mechanic to remove or fill an aching tooth just because it was his dream to become a dentist as a child and has read some Dentistry books?

Or would you prefer to visit a qualified dentist who has the training and experience which is valued by his many loyal patients?

    1. Reason why you should use outsourced accounting and bookkeeping in your business

      KEEP YOUR FOCUS ON THE CORE OF YOUR BUSINESS

      You have gone into business to sell a product or service which will require many hours of strategy, marketing, and much more. This is the area that best deserves your attention not trying to learn another skill half-heartedly. If you are spending a large part of your day or week overseeing the financial records, then your focus is being drawn away from the daily operational tasks and potential success of the business. It will be taking you away from what you’re good at.

    2. Reason why you should use outsourced accounting and bookkeeping in your business.

      ESCAPE THE TEDIOUS ASPECT OF BUSINESS

      Not everyone finds numbers exciting and, in most cases, if you are not a bookkeeper or accountant then dealing with invoicing, bills, bank accounts, and payroll can often bring on a cold sweat! An accountant or bookkeeper, on the other hand, not only enjoys these tasks but also does them quickly at a higher level of accuracy. It makes great sense then to hand this tedious task over to someone who has the motivation to stay on top of it for you!

    3. Reason why you should use outsourced accounting and bookkeeping in your business.

      MAINTAIN WORK-LIFE BALANCE

      While you manage the core of your business needs along with many other demanding aspects of your business, you’ll find that you have less time available for yourself or your family.  Having the added responsibility of the bookkeeping takes valuable time away from family and increases the risk of burnout! Reduce the load by using a bookkeeper to take on the task of managing your payroll, accounts, and VAT and WHT obligations why you spend time with your kids and better half.

    4. Reason why you should use outsourced accounting and bookkeeping in your business.

      TAX COMPLIANCE

      There are various TAX obligations that a small business needs to meet, and it is best practice to remain compliant. By using an accountant or bookkeeper, you will not only have the accounts ready to prepare the relevant returns, but they will also be able to assist with calculating and submitting such returns as VAT, WHT, and PAYE. Bookkeepers (good ones at least) will stay on top of any industry or regulatory changes that are relevant to you so that you remain out of trouble from government agencies.

    5. Reason why you should use outsourced accounting and bookkeeping in your business.

      MAINTAIN CASH FLOW

      As a small business owner, you are extremely busy, and it is easy to lose sight of your Aged Receivables. Outstanding debt is cash that could be in the bank, available to keep your business on track. An accountant or bookkeeper can ensure that your cash flow remains positive by following up with the clients and sending out reminders.

    6. Reason why you should use outsourced accounting and bookkeeping in your business

REDUCE COSTS

While you may think doing the accounts yourself will save you money, the truth is that a qualified accountant or bookkeeper will save you more. With their experience, knowledge, and accuracy, the accounts can be maintained in a much quicker time frame. Remember, your time is money and you should be using it to build your business, not try to figure out which invoices are due, who hasn’t paid you, which tax is applicable to what item, and why are not up to date in your returns!

So, if you value your time and want to focus on your business, give us a call and we can help you with your accounting and bookkeeping!