We don’t mean to brag but … we know a thing or two about outsourcing. It’s kind of our thing.
So when we’re asked the inevitable question, ‘Why hire a virtual bookkeeper instead of [insert: doing it myself, hiring an in-house accountant or hiring a CPA]?’ – boy, do we have answers.
Like, endless reasons why business owners should use outsourced bookkeeping.
But if you’re still hemming-and-hawing about why you should outsource your bookkeeping, allow us to introduce the following arguments and evidence.
“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.”
“Fewer things will prove as costly as poor money management for your small business. But hiring a virtual bookkeeper will allow you to save more while getting the maximum value for your business. Further, virtual bookkeeping services are far more cost-effective than having a salaried bookkeeper.”
"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!
i. “Accounts Payable. Your virtual bookkeeper can handle all of your vendor bills, and schedule and manage payments accordingly.”
ii. “Accounts Receivable. Your bookkeeper can manage your accounts receivable, including creating invoices, sending invoices, providing statements, and assisting in collections, and then document those payments in QuickBooks or similar, and create deposits to match what you take to the bank.”
iii. “Taxes. Dreaded taxes. WOMP WOMP. But since bookkeepers have an intimate knowledge of your books, it often proves easier to have your bookkeeper work with your tax preparer when it’s time to file your taxes. They can also verify that your estimated tax payment is correct.”
iv. “Employee Payroll & Reimbursement. Your virtual bookkeeper can manage your payroll in QuickBooks or other similar accounting programs and assist in the processing of paychecks and/or expense reimbursements. They can also enter payroll data into your accounting system after your payroll service provider has submitted the reports.”
v. “Account Reconciliation. Your virtual bookkeeper can take your faxed, emailed, mailed or website-accessible account records and reconcile them to make sure everything is copacetic.”
vi. “Bank Feeds. A bookkeeper can manage all of your transactions through your accounting system’s bank feed, including matching deposits for accounts receivable or outgoing transactions as payments against vendor bills, matching downloading transactions to existing transactions and adding those that haven’t yet populated, such as those generated outside of the accounting system – credit card or debit card transactions, EFT/ACH, and handwritten checks.”
“Maybe it’s time to start a new church plant. Or maybe you want to expand the children’s ministries. And big dreams come with big price tags. But having a bookkeeper not only maintains accountability but may also help you secure a loan or grant. And those GAAP-prepared financial statements? Super impressive to any lender considering your loan.”
Arguably, this is the most profound reason for outsourcing bookkeeping for your business. Because even if none of the arguments above give you cause for pause, as you think, ’Nah. I can still juggle all the receivables and accounts payable, tax documents preparation and budget creation’ – maybe, just maybe, you can appreciate that handing over the reins to something as critically important as your finances yields one priceless result: peace of mind.
Gone are the days of wondering if you filed your taxes correctly or if you’ll qualify for that loan you desperately need to continue growing your business.
As a business owner, we understand there are countless reasons you may want to juggle all the balls and wear all the hats yourself. We even understand why you may consider going the more ‘traditional’ route of hiring an in-house accountant or even enlisting the services of a CPA.
But trust us when we say that outsourcing your financials to a virtual bookkeeper could be the absolute best decision you make for your business in 2019!
Curious on how a bookkeeper is different than a CPA? We’re glad you asked. See a snapshot here.