When running your own business, you might think the smartest move is to keep all your financial processes in-house.
That’s wise some of the time, but when it comes to bookkeeping, it can prove to be cheaper and less time-consuming to outsource to a professional accounting team.
Here’s why you should consider outsourcing your bookkeeping.
Save yourself some money
Businesses with an in-house bookkeeper won’t need to worry about finding a firm to outsource to, but if you’re finding it hard to find room in your budget for a dedicated team member, outsourcing could be the perfect solution.
This especially applies if you have senior team members spending valuable time on bookkeeping when they could be focusing on more pressing matters and higher-value services. In this case, outsourcing will save costs and allow your team to carry out more profitable work for your business.
Similarly, if you’re using junior staff who may not have the right knowledge for completing bookkeeping tasks, you could spend money and resources on revising their work if they make a mistake.
When you think about the costs of hiring an in-house bookkeeper, you have to consider everything from a starting salary to employers National Insurance contributions (NICs), as well as any sick pay and holiday pay, and all of the responsibility that comes with employing someone. Outsourcing will allow you to settle on one sum, which you’ll spend only when and if you need to.
Outsourcing your bookkeeping won’t just save you money, but time as well.
A lot of business owners complete the bookkeeping themselves due to the sensitive nature of the work and could also have someone with a lack of finance experience assisting or completing the work. This will almost certainly restrict the value that can be added to an organisation by restricting time that could be spent on more important work.
Although bookkeeping is an important part of your business, the work itself is repetitive and time-consuming, so outsourcing these duties can be a weight off you or your team’s shoulders.
By hiring a bookkeeper, this will eat into your own schedule. Finding the right person can take time, there is a real lack of qualified candidates at present making it even harder to recruit as you’ll want to make sure your candidate is suitable for the role.
Once you do find someone, you will also need to take into consideration any workplace training you need to carry out.
While you could argue that finding an outsourced bookkeeper takes time in itself, the team at Spark is on hand to take over your bookkeeping duties whenever you need it.
Having an expert eye
Having an outsourced accountant will provide an independent perspective as well as a high level of accuracy.
Not only that, but your outsourced firm will have years of experience in the role and take control from the beginning, allowing you to focus on the more important parts of your day-to-day.
You’ll also be able to benefit from your outsourced accounting firm’s implementation of the latest cloud accounting software, which will make light work of your bookkeeping needs.
If there are any issues your accountant spots, you’ll be able to benefit from impartial and practical advice, which can prove invaluable.
Talk to our team
At Spark, we’ve helped countless businesses with their bookkeeping processes. Let us help you, too.
Don’t hesitate to get in touch and find out how we can help.