5 Benefits For Hiring a Professional Bookkeeper
More than ever, you need a qualified bookkeeper to take care of your day-to-day financial needs. Here are five benefits to hiring a professional bookkeeper, and don’t forget it allows you the ability to avoid the ever too common (and costly!) DIY mistakes.
1. An onsite bookkeeper gets to know your business
If you have an in-house bookkeeper leave your company, they take with you all the knowledge they learned of your performance indictors, etc. With an outsourced bookkeeping company you can be sure that the information about your business it well maintained and backed-up, not just in someone’s computer log-on, or desk drawer. It’s easy for someone to not think of these things when it’s someone’s last day. If someone else cleans that desk out, and doesn’t know, even losing some of your valuable records would feel like a hit.
2. Get access to specialized skills
A bookkeeper can be a data entry clerk or qualified to do more accountants work while still performing the bookkeeper role. A professional bookkeeper will also be adequately insured which is important as they have a duty of care over the professional advice they provide to clients.
3. Reduce your labor costs
By outsourcing your bookkeeping services on a needs only basis rather than employing a full-time bookkeeper, you only have to pay them when you need them. The bookkeeping company takes an important competitive cost advantage here, as companies that do their own bookkeeping usually have higher labor, training and capital expenditure costs.
4. Improved efficiency of work
Improved efficiency of work is a huge benefit of hiring a professional bookkeeper! An in-house bookkeeper may have additional roles and responsibilities to tend to. Dividing that focus can be costly to your business, whereas a professional bookkeeper works in a specialized role where bookkeeping is all they do and it’s done to a very high standard. Plus, if your employee goes on leave, becomes sick suddenly, you’re going to have wished you had a professional team like an outside bookkeeper already at the helm!
5. Bigger picture is a money savings
The cost of an in-house bookkeeper compared to hiring a professional bookkeeping service is higher when you factor in costs like office space, annual leave, sick leave and other benefits. You also have to weigh up the long-term costs and have a bigger picture mentality in hiring a professional bookkeeping service in regards to reduced tax liabilities, less penalty fees, keeping updated and accurate reports reliably provided to administration (can be used to better forecasting of your business), and then keeping up with the ever changing legal environment.