One of the biggest barriers to growth that businesses owners face is becoming bogged down by non-revenue generating activities, such as bookkeeping.
Fortunately, there is a solution.
Falling behind on your bookkeeping means you are not benefiting from up-to-date financial information. With the migration of accounting and bookkeeping to the cloud, working with an external bookkeeper is now easier than ever before.
Entrusting your bookkeeping responsibilities to an external service provider will help to ease business related stress and strains and allows you to focus on what is most important: growing your business. Below are five examples of how an outsourced bookkeeping solution can help your business grow and succeed:
Gain the Knowledge of a Professional
Assigning your bookkeeping responsibilities to a team of experts will open up a window of learning opportunities for you. You will gain valuable insights into your financial data, enabling you to make more well-informed business decisions.
Don’t be afraid to ask questions! It’ll empower you to feel more in-tune with your finances and the complexities of having to interpret them.
Many bookkeepers today are leveraging technology to assist business owners in understanding the data coming out of their accounting records. There are analytics tools that can be integrated with your cloud-based accounting system to pull data and help you monitor Key Performance Indicators (KPIs) that are unique to your business or your industry.
Focus on Core Business Functions
The term “time is money” is something that business owners often forget about but should pay close attention to. Bookkeeping may take you hours or even days to complete. Unless you are in the bookkeeping business like me, you probably did not become a business owner to deal with bookkeeping! Redirect the resources spent on trying to tackle overwhelming, tedious bookkeeping processes yourself and delegate these tasks to a professional bookkeeper that will accomplish the task faster and more effectively.
The cost to outsource your bookkeeping functions will more than pay for itself in the amount of time you’ll save not needing to handle it yourself.
Reduce “App Fatigue”
With accounting applications such as QuickBooks Online and Xero becoming widely used, tracking and managing information is becoming more streamlined and automated. This has led to an increase in third party applications that have been created to fill gaps that exist in the bookkeeping process often for industry specific issues.
The QuickBooks Online app ecosystem consists of over 2,000 add-on applications. These applications offer additional features and functionality not available in the accounting system.
As you can imagine, implementing a cloud-based system can be exhausting due to the extensive research required to select the right tools, as well as demands that come with building processes in your business to accommodate these new tools. Outsourcing your bookkeeping function takes away the headache of having to carry out these tasks. Your designated bookkeeper will have the knowledge and resources to set up your bookkeeping platform for you.
At Enkel, all new clients are taken through an onboarding process. This is done to ensure that business owners understand exactly what is required from them on an ongoing basis. Where applications are used to be efficient, new clients receive training on these applications. We have a technology analyst on our team who gets involved with the onboarding process to assist with more unique situations and to make sure that clients are equipped with the best tools available.
Outsourcing your bookkeeping tasks means you have access to a team of bookkeeping and accounting professionals that hold a great deal of industry knowledge. With their understanding of accounting standards, applications, and best practices, your business gains a variety of benefits at a significantly reduced cost.
Accurate Accounting Information
Trust the experts. Relying on a team of bookkeeping and accounting professionals will alleviate the stress and uncertainty that comes with doing things without a full spectrum of knowledge. Not only do they have the expertise and experience, they will help you better understand your numbers and to understand where improvements can be made. Accurate bookkeeping throughout the year makes year-end tax filings a breeze.