Proper bookkeeping is crucial for any business, but it especially tends to fall to the bottom of the priority list for small business owners who wear multiple hats.
Rather than risking unorganized books or spending more than you have to on an in-house bookkeeper, many business owners are opting to outsource bookkeeping services. When you outsource your bookkeeping duties, you free up your time for higher-level tasks while avoiding the costs of hiring full-time and in-house. Still, your decision on whether to outsource depends on a few core factors.
The bookkeepers at NorthStar have been delivering outsourced services for the past decade, helping businesses save capital on financial services while gaining deeper insight into their business’s health and future opportunities. Rather than DIY-ing your bookkeeping services or paying too much for an in-house employee, it may be time to consider a more streamlined option – one that acts as an extension of your business.
Find out whether your operation would benefit from outsourced bookkeeping, and contact NorthStar Bookkeeping for small business bookkeeping support.
Reasons to Outsource Bookkeeping
As a small business owner, you wear plenty of hats – often more than you can manage. And typically, bookkeeping falls to the bottom of your priority list amidst other tasks to handle or fires to put out. However, proper record-keeping is crucial for managing your cash flow, tracking expenses, preparing taxes, and much more.
To keep bookkeeping a priority without sacrificing accurate record-keeping, many small business owners opt to outsource bookkeeping duties. Outsourcing can free up your time, allowing you to pivot to higher-level tasks and take the tedious act of bookkeeping off of your plate.
There are a handful of reasons why you should outsource bookkeeping as an SMB owner, including:
Cost Savings
Outsourced bookkeepers often charge a fraction of an in-house accountant’s salary, not to mention employment benefits. Plus, you only pay for services rendered, rather than carrying year-round overhead. When you outsource your bookkeeping, you essentially add an extension to your business, acting as your personal bookkeeper in a streamlined manner.
Compliance
Bookkeepers stay current on accounting regulations, allowing you to avoid penalties, audits, and other legal issues. This expertise can also help with gaining all eligible tax deductions and credits.
Cash Flow Visibility
With up-to-date data on accounts payable and receivable, profit and loss, and other metrics, your outsourced bookkeeper can provide real-time visibility into the true financial health of your business. In the end, this empowers smarter decision-making based on reliable numbers.
Fraud Prevention
When you outsource your bookkeeping duties and isolate them from other accounting tasks, you improve your checks and balances. Your bank reconciliations, inventory counts, and other procedures are handled independently – allowing for more visibility and less confusion between numbers.
Assessing Your Business’s Needs
Before you decide to outsource bookkeeping duties, it’s important to take stock of your existing bandwidth, in-house expertise, and any unique accounting needs.
Depending on how stretched your current staff is, as well as their bookkeeping proficiency, an outsourced option may fit your business’s needs. Or if your business faces certain compliance rules or accounting needs, specialized outsourced bookkeepers can offer the expertise you’re searching for. Bookkeepers such as us at NorthStar keep our fingers on the pulse of current standards and regulations, ensuring that you stay in line with industry protocols.
Outsource Your Bookkeeping for Saved Time, Stress, & Capital
Running a business is demanding, and most owners don’t have the skills or bandwidth for bookkeeping duties. Hiring an in-house bookkeeper can be expensive though, especially with additional employment costs. Enter NorthStar Bookkeeping. For the past decade, we’ve offered small businesses a better solution – outsourced bookkeeping that ties together automation and personable service.
Our comprehensive services can handle your books, reporting, and advising, providing the insights you need to make smarter business decisions.
Partner with NorthStar Bookkeeping for clarity and confidence in your financial records.