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To Outsource Or Not?

Most entrepreneurs don’t go into business with the intent of becoming a bookkeeper. Yet many business owners will not consider outsourcing because they think it’s an additional, unnecessary expense when actually, a good outsourced bookkeeper could bring substantial savings to a business. For instance, eliminating the cost of your in-house accounting operations, increasing revenue and freeing-up time to be spent elsewhere. For some, a conscientious, qualified bookkeeper can reduce late fees, penalties, overdraft fees and other preventable expenses. Plus, did you know the cost of outsourcing is tax deductible? A good outsourced bookkeeper would and they’d make sure every written-off penny was well documented with backup.

Ask yourself:

  • If you outsourced, would you have extra time?
    • Could you use the extra time to increase revenue, perhaps by building customer relationships or networking?
  • Is there a good reason why your accounting should be done in-house?
    • Could it be outsourced without negatively affecting the business, your staff and your customers? For many businesses, accounting is done in-house solely because it has always been that way.
  • Does the person doing your in-house accounting actually have the skills and knowledge necessary to do the job well?
    • Could someone else, someone more qualified, do the same job in less time and in a more cost-effective and strategic way?
  • Are your business decisions based on meaningful, timely financial data? How much do you really know about the financial well being of your company?
    • Do you frequently review real-time financial reports?
  • Are you frustrated because you’re behind and doing accounting tasks at the last minute?
    • How much do you pay in late fees and penalties each month?

Once you’ve decided to outsource accounting, choosing the right provider is critical; the wrong bookkeeper can make costly mistakes.  Do not select one solely on price and instead consider your business-specific needs. If a bookkeeper is not qualified to do a particular service and provides incorrect advice or inaccurate service, then your business could end up in trouble, face financial penalties and additional work to set things straight. Plus, the cheapest bookkeeper around may also be the slowest. So choose one who’s got the appropriate skills and qualifications and uses reputable, versatile accounting software like Quickbooks. It wouldn’t hurt to find out what current customers say about them and whether a vendor is financially sound, as well.

One Source Services has assembled a team of professionals who are passionate about tasks, even the ones that overwhelm or frustrate many business owners. Anna Mazisyuk said, “Accounting is a window into the health of your business. It shouldn’t be a place of confusion and frustration. The time that you spend on accounting should be limited to analyzing complete and understandable data.” Envision finding someone who will go further to understand your business, help you remain current on tools important to your line of work and empower your business to stay ahead of the competition. Imagine what it’d be like if someone else were managing the details so that you could reinvest your time doing what’s important to you.

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