If you’re like most entrepreneurs, you’ve got nothing but free time to enjoy specialty mini-umbrellaed drinks poolside, right?
“Wait – 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 someone may not seem 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 isn’t really 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 be able 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.
There has to be a better way.
(You know where we’re going with this.)
Doing it yourself isn’t a viable option. Neither is hiring an employee. Thankfully – mercifully – your choices aren’t binary, despite what you may have been led to believe. There is, after all, a third option: a virtual bookkeeper.
And as luck would have it, we’re locked-and-loaded with seven reasons you can’t afford to not outsource to a virtual bookkeeper:
1. Overall Costs Decrease
Bottom line: Having employees is expensive as there are payroll taxes, benefits, health insurance and compliance with ever-changing laws.
By outsourcing your bookkeeping, you save money by not paying full-time or part-time employees and only paying for what you need – nothing more, nothing less. You’ll pay for completed work and specific tasks with which you need help.
2. Get Time Back in Your Day
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 calculating your own cash flow isn’t why you started your business.
Outsourcing your bookkeeping frees up valuable time that can be put into growing your company. Remember only you can do the things in your business that you’re best at. And when you hire someone who is an expert in their field, you can trust them to do the tasks they’re best at.
3. Gain Experience and Stop Making Mistakes
Outsourcing your bookkeeping provides you with full-time accounting knowledge – without the full-time price tag. You’re also provided with an unbiased opinion and guidance on your finances.
Because when you put your books into the hands of an experienced professional, your job becomes more effective, efficient and a whole lot easier. Look, Ma – no mistakes!
4. 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.
5. Scale Your Business Quicker
Whether you’re looking to grow your business or cut down on spending, outsourcing your bookkeeping allows you to accommodate those goals by scaling to meet your needs, without having to hire or train additional staff.
And with a clearer vision of where your finances are at, you have a better idea of what to continue doing and what to change.
6. Be Ready for Taxes
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.
7. Be Discreet and Gain Peace of Mind
There are few things more closely guarded in 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 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.
Fantasizing about everything you could hand over to your bookkeeper? We got you – just check out this list of 10 things you could delegate today!