9 Benefits to Outsourcing Your Bookkeeping
Keeping your books up to date is important if you care about your business. Without quality bookkeeping, you won’t know how much cash is coming in or going out. You will have no idea as to whether you are meeting your goals or even running a business successfully. However, the reality is that not everyone enjoys bookkeeping. This is why outsourcing is such a great option for creatives and entrepreneurs. If you are thinking about outsourcing your bookkeeping, it comes with an array of benefits. Maintain Focus on your Business Rather than take time away from your business to do the bookkeeping, you can entrust them to the professionals. Your attention can be spent running the business and ensuring that your customers are 100% happy. It is one less thing to drag you away from what is important – the successful management of your business and the growth of cash flow. Minimise Full-Time Staff Outsourcing your bookkeeping on a regular basis does away with the need to hire a part-time or full-time employee. You just pay for the services you need. You aren’t required to furnish an office or buy additional computers to get the job done. As the majority of...
Read MoreHow to Choose the Right Bookkeeper
As a business owner, you have a lot to keep up with. In addition to creating your products and services, taking care of your customers, and building your reputation, you have to keep up with your revenues and expenses. Keeping your books up-to-date isn’t always easy. In fact, it’s quite time consuming. You have to make certain that every bill that you pay, and every sale that you make, is properly recorded and tracked. There are filings and tax payments to make, as well as important deadlines that come with hefty penalties if you miss them. One of the best ways to lighten your load and gain more time to run and grow your business is to hire a bookkeeper. While you could certainly settle for conducting a local online search and picking the bookkeeper from the list, this isn’t a wise strategy. This is because bookkeepers, like any other professional, each have different areas of expertise and levels of skill, talent and knowledge. Tips to Help You Choose the Right Bookkeeper for Your Business Get Better Advice by Hiring a Bookkeeper that Knows Your Line of Work As a busy business owner, you don’t have a lot of...
Read MoreHiring A Bookkeeper Can Increase Your Profits By 16%
Everyone in small business knows there are jobs that just have to be done in order for your business to stay afloat. For those of us who aren’t fond of figures, it often feels like a chore and a waste of valuable time. We all know that it’s vital to keep on top of your financials. Not only is it a legal requirement of the tax office, it is important information that lets you know how your business is operating. Knowing your income and expenditure, and where your profits are going, from unnecessary expenses, to tax collected, allows you to plan and operate effectively. If you struggle with managing your accounts, it makes sense to hire a bookkeeper. It takes the pain of dealing with your financial information off your hands, and takes away a load of stress and frustration. Your time can then be used to go and make more money while your bookkeeper takes care of the records. That’s not the only benefit of hiring a bookkeeper, however. Accounting software company, Xero, recently conducted a survey of 300 small business owners and found that those who hired a bookkeeper saw an average increase in profits of 16%....
Read MoreDon’t Like Numbers? Go Visual!
Whether or not math was one of your favorite subjects in school, keeping up with the books can be difficult, time consuming and even boring. That’s why many business owners, especially creative types, turn to a bookkeeper or accountant to do their books and keep up with their finances and other paperwork. Just because you’ve brought in a professional, however, you still can’t abdicate all responsibility for your finances. It’s still your business, after all, and you should always have an accurate understanding of how well your business is performing. If you are uncomfortable with numbers and spreadsheets you can still get a handle on your finances by turning your figures into a format that you are comfortable with and that’s easy for you to use. Why a Picture is Worth a Thousand Words Oftentimes it’s easier to understand the meaning of numbers and other abstract concepts when this type of information is presented visually. This is especially true for those of us with a creative streak as we tend to think holistically and in terms of an overall view of things rather than focussing on specific, details and individual steps. Just as a picture can be better at...
Read MoreHow To Begin Outsourcing
For most small business owners, the initial months are all about juggling all the facets of your business while it is in startup phase. There comes a time however, when you have to start outsourcing the tasks that consume your time so you can focus on the overall management of your business. Unless you actually enjoy doing your own bookkeeping this is one of the first tasks you should look at outsourcing. If done well it can benefit your business. If it is all left to accumulate, you can end up not knowing when accounts are due, how much money you are owed and the general financial state of your business. Listed below are some of the things to look for when outsourcing your bookkeeping. 1. Referrals. Speak to other local business owners and find out who they use to look after their bookkeeping needs. Don’t simply rely on the fact that someone has advertised in the phonebook or local paper. You need someone with experience and someone you can trust for this position so it is essential to hire someone that comes highly recommended. 2. Cost. Compare the hourly rate of various bookkeepers and find out what the “norm” is. ...
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"Sophie is so professional – careful, attentive and punctual – she has made managing my accounts not just easier, but a whole lot less stressful" Fast Ed, TV Chef from Better Homes & Gardens.
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