Bookkeeping is an important part of any business, but unless you choose to be an accountant by profession, it is usually the part most people loathe. It is time consuming, and getting a comma or point in the wrong place can be disastrous. Also, magic spells seem to cause the same set of figures to add up to different totals each time you do the sums. It is time consuming, yet vital and allows no margin for error. These are all good reasons for outsourcing, but let’s look at these in more detail, along with some others.
1. Time – the time you spend doing the maths and making things add up is time away from other jobs and clients. If you do this simple sum, you can see how it is actually more profitable for you to use reliable accounting software that keeps track of everything for you.
2. Accuracy – there can be no mistakes, so you need to do the sums, then do them again. Providing you get the same answer, a third check is always a good idea. Accuracy is not only about ensuring you do not lose money, or overcharge a client, but think about the dreaded tax man and what he will say if there are any discrepancies.
3. Cost Effective – time you spend on your books is time you cannot spend on your work or clients. Think about how much you are paid per hour and how many hours you spend on the books every week. With a small outlay this could become minutes only, if you use reliable software to do the job for you.
4. Employee – accounting software works well for small businesses who find the cost of paying an accountant prohibitive, yet doing it themselves is either too difficult or there is no time. Paying an outside accountant can take up a lot of your time too as you usually need to visit their office, explain your business and how you run the books. Hiring an employee just to do a few sums is far too expensive for a new or small business as well.
5. Business Growth – having your accounting constantly up to date lets you invoice quicker. That means you are paid sooner and your business can grow. You have sales at a glance, payrolls prepared and anything else your business needs is always ready to use.
While bookkeeping is an essential part of your business, it is not necessary for you to do it. Save time, money, hassle and stress by letting great software work for you.