When you start your small business, handling a few sales and purchases, record keeping and making payments may seem like a no-brainer. But slowly, as your business grows the burden of managing income and expenses will begin catching up with you. You’ll start looking for someone to handle bookkeeping and help you manage the business by always keeping track of its performance. Should you outsource or hire a professional accountant to do it in-house? Let’s look into some reasons why outsourcing is the way to go.
Keep Your Financial Information Private And Secure
One of the main challenges of hiring someone to manage your accounts internally is that it can be difficult to keep your business finances secure and private. Outsourcing gives you peace of mind that the accounting firm will keep your financial records confidential. This same security is not always guaranteed when you have an internal bookkeeper.
Outsourcing bookkeeping services allows you to pay for what you use. This means that if your business expands and requires additional bookkeeping services, you never have to think of hiring more people to handle the workload. The accounting firm that was handling your bookkeeping can now offer you a full service depending on your needs. No need to spend more money and time training additional staff to perform bookkeeping as your business grows.
Get Access To The Latest Technology And Skill
When you outsource bookkeeping services to a firm that has the latest knowledge of tax rules and financial reporting methods, you get to enjoy quality bookkeeping and maximize your profitability. Most small businesses do not have the financial capacity to train and manage their employees because bookkeeping is not one of their areas of expertise. Outsourcing helps you to gain access to the best talent in the business and improve the quality of your bookkeeping.
Focus On What You Do Best
Comply With Tax Guidelines
When you outsource bookkeeping to professionals, you can have the peace of mind that all taxation matters will be appropriately handled. Stakeholders such as investors will not question the integrity of your financial data if you hire someone outside the organization to handle your bookkeeping. Outsourced bookkeeping can even help you secure a loan from a bank because they don’t have doubts about your data.
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.