Many business owners try to save money by doing their own bookkeeping or delegating it to another member of staff. By doing so, they are using up valuable time and effort that could be better used on growing their business.
The Horsfield & Smith team thought it would be helpful to provide you with five good reasons to outsource your bookkeeping:-
1. Save Money
A huge amount of money can be saved on the operational costs of your business – by outsourcing your bookkeeping to a professional, you won’t have to pay the cost of hiring an internal bookkeeper, nor will you incur the cost of National Insurance contributions, holiday pay or pension contributions. Not only will you save money, you will improve business efficiencies which will help you to make quicker business decisions.
2. Eliminate Staff Training
You won’t have the expense of having to train and manage bookkeeping staff. By outsourcing your bookkeeping you can be confident that they are up-to-date and knowledgeable regarding the latest tax rules and reporting methods. This guarantees you are receiving quality service and accurate financial reporting records.
3. Peace of Mind
Professional bookkeepers will make sure your records are accurate using the latest technology, resulting in a complete set of accounts at the end of the financial period – if you were chosen by HMRC for a tax investigation, there will be little chance of any discrepancies being found in the accounts.
4. Focus on Growing Your Business
As a business owner you are forced to take on a variety of tasks including bookkeeping. This prevents you from focusing on driving business growth and can often lead to inaccurate financial recording.
By outsourcing your bookkeeping, you can focus on reaching your business goals and objectives such as generating more sales and promoting your products and services.
Enjoy the Power of Teams
Individual full-time or part-time bookkeepers can be great assets to a company – however, they can also be a liability.
It is never good practice to have such important information and processes handled by just one person.
By working with an outsourced accounting team, your business is protected against the risk that your bookkeeper may move, leave the company, go on holiday etc.
For further information about the benefits of outsourcing your bookkeeping, please contact the Horsfield & Smith Outsourcing team on 0161 761 5231 or email firstname.lastname@example.org.