Business owners who are busy scaling their businesses must make sure their financial affairs are in order. Staying on top of your company’s bookkeeping is the only surefire way to avoid a financial fiasco. Many entrepreneurs still struggle with the basic elements of bookkeeping, especially when juggling with other priorities like growing the business.
Are you a business owner struggling to keep up with the growing demand for your products or services? Maybe you’re seeking a loan or want to pivot to a new sector in the near future. Any entrepreneur looking to take the next big commercial step should learn how to outsource bookkeeping and why outsourcing bookkeeping services often pays off.
What Is Bookkeeping?
Bookkeeping refers to the creation and maintenance of financial records for your business. By recording all of your financial transactions, you can gain a clear understanding of your company’s commercial status.
Bookkeeping is important when it comes to determining your annual profits, whether you’re operating at a loss, and other financial factors that could impact the growth of your business.
According to Fremont College, the practice of bookkeeping can be traced back to at least the 1400s. Truth be told, merchants and other individuals involved in complicated financial affairs have likely been keeping business accounts for even longer.
To this day, Fortune 500 companies and local family businesses alike often have to keep careful financial records for legal and tax purposes. In addition to meeting some legal requirements, bookkeeping is also simply sound practice that ensures your business is being run properly.
Companies that fail to invest in careful bookkeeping can run into unexpected financial hurdles. Without good bookkeeping, you could default on an important loan. You may even end up having to downsize your workforce. Worst of all, a lack of good bookkeeping could lead to the permanent failure of your business when you fail to generate a profit after years of hard work.
To many modern minds, the very idea of bookkeeping can seem strange –– isn’t most of this done digitally these days? The truth of the matter is that bookkeeping is simply an old term for a truly timeless practice –– keeping records about your financial position, especially as a business.
When To Outsource Bookkeeping
It’s not always possible to manage your own bookkeeping –– as a business owner, you have other priorities that need attending to. Outsourcing bookkeeping to a reliable third party is thus incredibly popular. There are some occasions when it’s particularly helpful to outsource your bookkeeping services:
- During a time management crisis. Are you simply more pressed for time than usual? Is your entire team so busy growing the business that you can’t meet your bookkeeping responsibilities without ignoring something else? A time management crisis is a perfect time to outsource bookkeeping services for your small business.
- When dealing with limited internal resources. Your company may lack the internal resources needed to manage bookkeeping, such as modern bookkeeping software or talented employees who know how to use it. If you’re unwilling or incapable of acquiring the resources needed to manage your own finances, outsource your bookkeeping to a dedicated expert.
- When you need to make an informed decision. Many business owners face tough decisions that require thoughtfulness to be successfully navigated. It’s impossible to make an informed decision about taking a loan or opening another branch if your bookkeeping is out of order. When you outsource bookkeeping, your company will always have the financial data it needs to make an informed decision at a critical commercial juncture.
Some entrepreneurs recognize that there are unique moments when outsourced bookkeeping is called for. Others still fail to recognize the many commercial advantages you derive when you outsource bookkeeping services for your small business.
Benefits of Outsourced Bookkeeping
Still unconvinced in the power of bookkeeping? These are only some of the benefits which your company accrues when you outsource your bookkeeping:
- Easy access to qualified professionals. Your company may not possess the human capital needed for stellar bookkeeping –– but an outsourcing service has the best talent in the industry at its command. By outsourcing your bookkeeping, you guarantee that your company’s financial dealings are recorded by the best of the best.
- You’ll save valuable time. As a business owner, your time is perhaps your most valuable resource. When a dedicated expert manages your bookkeeping, you can pay attention to the other things that matter. Spend time focusing on recruiting more employees or launching your next email marketing campaign.
- Improved financial records. An outsourced team won’t be rushed to finish their bookkeeping responsibilities as soon as possible. They’ll take the time they need to do the job properly, and in return, you’ll see improved financial records. This will help you pay your taxes, solicit loans in the future, and form long-term plans that can lead you to sustainable profits.
Tips for Outsourcing Bookkeeping
Now that you appreciate the benefits of bookkeeping, you need to learn how to properly outsource it to the right third party. Take these steps before you outsource bookkeeping services to guarantee the best outcomes:
- Identify your company’s weaknesses. What is your company incapable of doing by itself? Perhaps you’re struggling to record transactions with customers. Alternatively, you may be having trouble keeping track of payroll records. Identify the problem you can’t solve on your own before assessing whether outsourced bookkeepers can manage it.
- Set clear expectations. The outsourced team you’re working with needs to know what’s expected of them. Establish goals and ensure everyone is on the same page before turning away to deal with other urgent matters of business.
- Choose an end-to-end company. End-to-end outsourcing ensures that your business receives priority support from the start of the process until the very end. Some outsourcing services only find you a qualified professional to temporarily join your workforce. Others provide a full package of bookkeeping services that will prove far more useful to your company.
Find Your Next Bookkeeper With C9 Staff
The experts at C9 Staff are ready to help your company quickly find and hire the very best bookkeeper in the business. By providing end-to-end staffing services to ensure your company receives support throughout the entirety of the process, C9 provides unlimited staff scaling. With experience in the diverse staffing markets spread across the global marketplace, C9 can help virtually any company find the right bookkeeper for their unique situation.
With specialty expertise in 9 core industries, entrepreneurs in any sector can find help with C9. Whether you’re a small organization trying to corner a local market or a major enterprise looking to expand the workforce, C9 assists with the billing, interviewing, and integration of excellent bookkeepers.
Ready to revolutionize your record-keeping? Contact C9 Staff today to find your new bookkeeper.
