Let a professional bookkeeping firm take care of the books and free yourself to build your business!

Now is the time to outsource bookkeeping, accounting and payroll. The advantages are endless, here are just a few of the reasons to engage with a professional bookkeeping company.

Serious Financial Savings

You might be spending more time than ideal on processing and reporting your own accounting and payroll information, and not enough time doing what you should be – making money by building your business.

It’s less expensive to hire a bookkeeping service than to employ a full-time staff member to take care of your finances. If you contract the finance function to a specialist booking firm, you will only pay for the services you use.

And the savings are not just on wages of an in-house bookkeeper, remember the add-on expenses associated with an employee:

  • Annual and sick leave.
  • Benefits and work functions.
  • Equipment and material costs.

Access Best Reporting, Expert Advice and Best Practice Strategies

One of your main motivations for outsourcing should be to obtain better financial advice and reporting. The right advice will save your business money (in immediate and long term) and provide you with data and analytics that will allow you to make informed decisions.

Professional accountants and bookkeepers specialise in financial management and consulting, as well as the actual day-to-day ‘doing’ of the work.

Your Time is Everything!

Whether you’re logging your own hours doing the books or hiring a staff member to spend time doing them, you’ll be able to free up some time (or reduce your wages expense) by contracting out to a team of experts.

Having more time to allocate to business growth and relationship building activities could be vital. You might also find that your stress levels naturally decrease by getting a skilled bookkeeper on the job.

We often meet a lot of clients at a critical turning pointing in their business growth. Business owners who have met that elusive million-dollar mark in annual revenue (though sometimes they arrive at our door a bit later) and suddenly feel the burden of managing their own bookkeeping catching up to them.

It doesn’t take long for a business owner to understand that accurate and up-to-date financial records are a vital part in the success of their business.

At the same time, the daily tasks required to maintain these records often fall to the bottom of an owner’s to-do list of priorities.

We know that business owners didn’t go into business to become bookkeepers and their value of time spent on maintaining the books translates into an expensive hourly rate. It takes professional bookkeepers a fraction of the time to do what would take a business owner hours.

Here are some of the reasons that our clients outsource their booking.

  1. Privacy and Finance Team Stability. There are few things more guarded in a business than internal financial records. This is information that an owner wants kept private and secure. Finding someone you can trust to do the job well, stay with the company long term, and maintain confidentiality is not a simple task, especially when a bookkeeper knows your personal financial health. Outsourcing to a virtual bookkeeping service with strong client references can give an owner peace of mind by removing the opportunity to have a member of their community in contact with their financial records.
  2. Scalability. Growing businesses often start out with limited needs but rapidly grow to require a full suite of bookkeeping services. Hiring an outsourced bookkeeping service with controller oversight and a full-service offering enables the service to scale to needs, without having to hire or train additional staff.
  3. Training and Management. Most business owners are not in the position to train or manage bookkeeping staff, as sending their staff on courses is expensive and time consuming. The benefit of the outsourced model is that we ensure that all our bookkeepers and accountants are participating in ongoing training and learning best practice methods.
  4. Maximise Your Resources. When business owners try to save money by doing their own bookkeeping or delegating it to another key employee, they are expending valuable time of people whose expertise is not accounting and whose energy that could be better used growing the business. When they outsource their bookkeeping services, they free themselves up to spend their time doing what they do best. To put it simply, office managers and non-accounting personnel simply shouldn’t be spending their time on the managing the finances.
  5. Tax and Audit Ready Financials. Using outsourced professional bookkeeping services to prepare financial records makes accountants, the ATO and banking institutions happy. There is no concern over whether the books are accurate or questioning the integrity of the financial data. Whether a business owner needs to provide financial statements to the bank, satisfy investor reviews or share information with the ATO outsourced bookkeeping services help make sure there is no doubt about the data and reporting.

Whether a business needs current financial figures to present to a banker or it just needs to keep tabs on cash flow, keeping up to date on accounting tasks is essential; an easy solution is to outsource bookkeeping to a professional service.

Improve Your Service and Efficiency

If you decide to outsource to bookkeeping specialists, part of their job can be issuing invoices in a timely fashion and ensuring your bills are paid on time. They can help your business become more efficient by reducing late payments.

In addition, by taking these tasks off your hands, you might be able to focus on improving the service you offer your customers.

The Added Bonus

By outsourcing the finance function, you are getting expertise of people who work on numerous businesses and can apply learnings and experience gathered by working other industries etc, to your business in a beneficial way.

Confidentiality and Trust

“But how can I trust an outsider to manage my finances?” you may ask. The answer is simple. We are not outsiders, we your finance team who happens to work out of another office. And haven’t we learned how efficient remote working can be over the last 18 months?! Plus, always ask for references and ensure confidentiality agreements are signed by all parties.

If you work with a company who is recommended and with a person assigned to your business, the trust in their knowledge, ability and account service will build quickly.

What next? Call Bas and More and find out how we can free up your time and maximise your finance function! 1300 227 770 or send us an email at info@basnmore.com.au