How Can You Save Your Time By Hiring a Bookkeeping Service?
September 14, 2021 | Written by: Sohail Afzal
You are all excited to start a business and enter the world of entrepreneurship. You feel elated as well as anxious. You need to be good at so many things to grow your business—for example, marketing, management, accounting, etc. You can easily manage your startup and do well in marketing, but you are unsure about bookkeeping because accounting is not your forte.
Well, there is a solution for that. It is outsourcing!
As a startup, you have the following choices to keep your books up to date and maintained:
- Learn from the internet and do it yourself
- Hire a full-time accountant
- Outsource the bookkeeping to a third party.
We can’t say that one of the above options would be perfect for you. Each of the options has its own pros and cons. It depends on the size of the business, your accounting expertise, and your future expansion plans, among other things.
Let’s discuss how you can save time when you hire a bookkeeping service.
It Frees Up Your Time
When you are thinking of managing the bookkeeping by yourself, you might have to spend quite a lot of time, and that isn’t right. You have to take care of some of the most important things of your business and think of how you can grow it. If you are starting out or even if your business has a reasonable number of sales, it wouldn’t be liable to have a full-time bookkeeper either. It would cost you a lot. And, when you outsource, you’d have to give the credentials and all the business information to the third party, and it can be an issue if the accounting firm is not trustworthy.
However, outsourcing is the best option for business owners who have small to medium-sized businesses. You wouldn’t want to get involved with the tedious tasks of accounting every day. It would be daunting and also consume a lot of your time.
If you outsource your bookkeeping to an accounting firm, it could save your time as well as capital. That’s why it is more suitable to get your bookkeeping service from a reputed accounting firm.
It Makes You More Flexible
There are some months in a year where you might not have a lot of sales; as a result, you wouldn’t make a good amount of revenue. For instance, you might have a lot of work to handle in January, so your accountant has to be on their feet all the time to manage the tasks. But you might not have the same situation the next month, and your accountant would be free, doing nothing. The biggest drawback is that you’d have to pay the accountant if they are a permanent employee even if there is no work for them to do. On the other hand, if you outsource the work, you can adjust the level of service according to how well your business is performing. You have to pay for the specific task that they do. In this way, you can save money and increase the revenue of your business.
You can save a lot of your time by hiring a bookkeeper. There are so many accounting firms that you can contact but make sure that you can get an expert CPA who has a lot of experience in bookkeeping. You need to find the right accounting firm. We are sure that apart from saving you time to focus on the business’s strategic goals, you can also save a lot of money.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.