The Harvard Business Review found that the market for outsourcing bookkeeping functions is well over US$300 billion. The Fortune 500 companies and the small businesses spending this money most certainly look for a return on it, and by and large, they are receiving benefits exponentially in relation to their expenditure.
Here are some of the top reasons to outsource your bookkeeping regardless of the size of your Charlotte, NC company.
Cost Effectiveness
Unlike many other outsourced business functions, bookkeeping begins its return almost immediately. Although the total savings are smaller than other cost efficiency measures, the 10 to 20% that your business will save on an in-house operator is well worth the partnership. In addition, this is only the direct savings – outsourced bookkeeping positively affects many other monetary streams in your business.
Increased Expertise
Outsourcing your bookkeeping to a reputable firm gives your business access to a team of specialists rather than to a single Jack-of-all-trades in-house. Get specialized tax advice during tax season. Get industry specific advice from a research team with the time to follow up on localized industry leads. The total number of years that an outsourced team gives to your business most likely outweighs any amount of experience a single in-house employee can give, and you pay less money for those years of experience overall.
Time-Effectiveness
If you and your employees have to spend time researching esoteric accounting functions, learning spreadsheets and looking up tax law, you have less time for your customers and your internal workflow processes. Aside from the increased experience of an outsourced bookkeeping team, you also gain the ability to focus. Imagine the morale boost in your office when your employees realize they will never have to claim overtime detailing accounting and following up on every receipt!
Technological Access
It makes sense that businesses focused on bookkeeping are better informed of the latest systems meant for that industry. If you keep your bookkeeping in-house, researching the latest software updates will only take up more of your time. Not only this, your business may not be able to afford the latest systems, as they quickly become pricey.
In outsourcing your bookkeeping, you essentially purchase these systems as well as the expertise to run them by proxy.
Please feel free to contact us for all of your bookkeeping needs. We pride ourselves on providing a comprehensive set of bookkeeping services that will improve your workflow and accounting, allowing your Charlotte, NC business to focus on customer service and the products that your business delivers.