How do you know if you’re ready to outsource your bookkeeping?
If you’re spending time outside of normal business hours managing your business finances and you’re wondering if there’s a better way to be spending your time…
There are three things to take into account when deciding to outsource your bookkeeping.
Point 1: Know how much time you’re spending and where
How many hours a week/month are you spending on bookkeeping and organizing your business finances?
You are already spending time with your clients, but how much time are you spending outside of normal work hours trying to keep the backend of your business organized?
If you’re spending more than 3-5 hours a month on bookkeeping, you may want to consider how your time may be better spent. What’s your hourly compensation? Times that by hours spent bookkeeping, and that will let you know what your true bookkeeping cost is.
Typical outsourced bookkeeping starts at around $300 per month (can be more or less depending on a variety of factors), but you get to make the informed decision of whether your time is better spent building your business and clientele base or better spent on bookkeeping.
Point 2: Your accounting records are a bit of a mess, and your monthly account reconciliations are falling behind
A critical part of the accounting process is month-end reconciliation. This is when you look at your bank statements and compare them to your accounting records.
Are they matching up? Have they ever matched up? This directly affects the accuracy of your financial statements, and you won’t be able to get a clear picture of how your business is actually performing. You’ll be making decisions based on incorrect information.
Point 3: Finally, number 3… Your goals are expanding and your profits aren’t increasing like you want
You’ve got goals for your business growth, you’ve got plans to hire more people, you’ve got goals to expand. How many new hires can you afford?
With accurate books, you can dig deeper to find out where the money is going and come up with an informed plan.
HOW outsourced bookkeeping can help you
It will save you time, lower your stress, and maybe even save you money in the long run.
Look, accounting and bookkeeping aren’t for everyone, I know that.
But your numbers can tell you exactly where you’ve been and where you’re going if you stay on the current path. Those same numbers, if read properly, can tell you what needs to be done to grow more efficiently.
Sit down for a moment and figure out how much time you’re spending on bookkeeping and whether you enjoy the time spent on it. Ask yourself if your time can be spent better elsewhere.
Don’t forget- your time is finite. Use it in the best way possible.
If you’re currently on the fence when it comes to deciding to outsource your bookkeeping, please feel free to reach out to us so we can see how we might be able to help.
Comment “outsource” if you’d like to discuss how outsourcing your bookkeeping can benefit you.
Or schedule a free, no-obligation Discovery Call with us: https://hello.burnsidebookkeeping.com/public/appointment-scheduler/630cfb590890c351b5d20c25/schedule
Looking to sign up for QuickBooks Online? Click here for 30% off for the first 12 months: https://quickbooks.grsm.io/karenburnside7448
This post may contain affiliate links. Your purchase helps support my work in bringing you real information about best practice bookkeeping.
Recent Comments