Why you should outsource your bookkeeping

Did you know that the average small business owner spends over 80 hours per year dealing with their business finances? However, many businesses spend anywhere from 3-10 hours per month, just doing bookkeeping. These are things like processing payroll and just managing the invoicing. What could you do with a spare 10 hours per month? Could you take on another client? Would you finally be able get that new project off the ground? Here is why you should consider outsourcing your bookkeeping.

Bookkeepers can help you make MORE money

Bookkeepers aren’t free labor but think about it in these situations. Let’s say you spent three hours a week doing your own bookkeeping. This could be anything from paying your employees to just making sure you are keeping good records of everything. Now, let’s say that your hourly rate is $50/hour, or roughly that amount. This means that every week you are losing $150, crazy, right? Because you have to spend time keeping your own books, you can’t be out there putting those hours toward something that will make you money!

Bookkeepers keep your finances organized

Even if you have an accountant, your bookkeeper will be the one to help you keep your finances organized. They record all of your transactions and all of your sales so that way when it’s time to pass that information along to your accountant, they have it ready to go. This means less chasing around emails and documents, a smaller tax preparation bill, and more time spent on your business!

Bookkeepers save you time

As we mentioned in the first instance, three hours a week gives you back twelve hours over the course of a month, and that’s if you are only spending three hours a week on your bookkeeping. Three hours a week could give you the time back to have a movie night with your kids finally. Three hours could allow you to expand your knowledge and take a course or learn something for your business. Three hours a week could even mean that you need to spend less time in the office! Bookkeepers take a task off your plate, leaving you more room to use that time for something else.

Bookkeepers help make sure you don’t miss ANYTHING

Two eyes are better than one, and this is the case with your bookkeeping. They make sure you never miss an invoice or that you don’t forget to process your payroll each week. While you’re on vacation or out of the office, your finances will always be up to date! You don’t have to worry about logging on to pay your employees while you’re supposed to be taking time off work, and you don’t have to worry about missing one of your receipts or invoice documents. Bookkeepers are like your financial assistant to make sure your processing goes smoothly.

As you can see, bookkeeping could give you so much time and money with your business. While doing your own bookkeeping in house may help you pinch some pennies, the time and stress you lose just won’t be worth it!

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