If you’re like most entrepreneurs, you’ve got nothing but free time to enjoy specialty mini-umbrellaed drinks poolside, right?
“What’s ‘free time,’” you ask?
Oh, that’s right. There are barely enough hours in the day of a busy entrepreneur to remember to drink anything, let alone lounge. The ever-elusive ‘free time’ is about as attainable as stumbling across a leprechaun riding a unicorn: It just doesn’t exist.
And when it comes to bookkeeping, hiring an employee to handle this may not be realistic – at least not yet. But bookkeeping is much like going to the dentist – no one actually wants to do it, but not doing it simply isn’t an option, either.
Even still, the dedication required to maintain accurate financial records often falls to the bottom of your to-do list – after all, you likely didn’t go into business to become a bookkeeper – but your time is too valuable for you to afford your own hourly rate if you choose to do your own bookkeeping.
Those hours you spend managing receivables and accounts payable, preparing tax documents and creating budgets? They add up. So as we’ve said before: If you don’t have a bookkeeper, you are the bookkeeper.
So here are seven reasons you can’t afford not outsourcing to a virtual bookkeeper:
Save time. You need to focus on where you excel and if accounting isn’t it, you’ll likely neglect it or spend precious hours trying to figure out how to do it. And we’ll venture that fumbling through your own bookkeeping isn’t why you started your business. Outsourcing your bookkeeping frees up valuable time that can be put into growing your company.
Save money. Bottom line: Having employees is expensive as there are payroll taxes, benefits, health insurance and compliance with ever-changing laws. By using outsourced bookkeeping, you save money by not paying full-time or part-time employees and only paying for what you need – nothing more, nothing less.
Gain Experience. Outsourcing your bookkeeping provides you full-time accounting knowledge – without the full-time price tag. Because when you put your books into the hands of an experienced professional, your job becomes a whole lot easier, effective and efficient. Look, Ma – no mistakes!
Say So Long, QuickBooks! Bookkeeping programs are expensive and keeping up with changing laws and regulations is time-consuming. But by outsourcing, you’ve essentially purchased those tools and experience by proxy and BONUS! You don’t actually have to do any of the work. And DOUBLE BONUS! Many of these programs create nightly backups and keep organized records for years, ensuring that if the IRS ever does come a-knocking, you’ll be prepared.
Be Scalable. Whether you’re looking to grow your business or cut down on spending, using outsourced bookkeeping allows you to accommodate those goals by scaling to meet your needs, without having to hire or train additional staff.
Be Tax Ready. A virtual bookkeeper can make sure your financials are accurate so that you can keep your CPA, the IRS and banking institutions happy. No more will you have to fret and fuss over whether your books are accurate or question their integrity, making returns and – GASP! – audits a breeze.
Be Discreet. There are few things more closely guarded in a business than internal financial records. But finding someone you can trust to do the job well while maintaining confidentiality is no small feat. Outsourcing to an experienced, trusted virtual bookkeeper can give you something priceless: peace of mind.
When business owners do their own bookkeeping in an effort to save money, they run the risk of exhausting valuable time and energy that could be better used growing the business which, no matter how you slice it, costs them in the long run regardless.
So whether you need current financial figures for a bank or just want to keep tabs on your cash flow, keeping up-to-date on your bookkeeping is critical – and a BELAY virtual bookkeeper is your one-stop-shop silver-bullet solution.