If you want your business to keep growing, you need to find ways to increase your bottom line. Wait — you already know that — it’s probably half the reason you’re wondering if outsourcing your bookkeeping is the right move. Can it help you save money in the long term? Absolutely. Will it? Find out below.

What’s the other half of the reason you’re considering outsourcing? I’ll take a guess: your bookkeeping is a hassle to take care of. Maybe you don’t have the money to hire a full-time bookkeeper, so the responsibility falls on your hands — but you didn’t go to school for this, and you were never good with numbers. Maybe your bookkeeping is just too damn confusing, even for a math nerd. In that case, book a free consultation today; we’ll hear you out and then get to work. I’m not saying we’re math nerds, but at ACMCPA, we’ve never seen bookkeeping we couldn’t handle, no matter how dysfunctional the business.

If you’re just weighing your options right now, we can help you with that too. Here’s what to know about when to outsource your bookkeeping.

The Opportunity Cost Of Doing Your Own Bookkeeping

If you’re doing your bookkeeping yourself, you’re spending time. By outsourcing your bookkeeping, you can get back up to three hours of productive time per day. Go ahead and focus on your area of expertise, or strategizing for your success, or developing relationships with customers and partners. Maybe even relaxing with your family.

Okay, but you also make a new hire, someone to do your bookkeeping for you. The issue is this: even if you only hire someone part-time, you’ll need to pay them for at least 20 hours per week. That’s a significant sum — and now you have to figure out enough worthwhile work they should be doing with 20 hours. Some businesses simply won’t be able to get real value out of that.

On the other hand, outsourcing your bookkeeping reduces the costs associated with hiring. How? With most outsourcing options, you pay for the work you want completed, and that’s it. When the bookkeepers are done with your particular project, they move on to someone else’s and bill them instead. And you definitely don’t have to cough up money for their health insurance, match their RRSP contributions, or worry about making severance payments. You would with a full-time staff member.

Bookkeepers Are Better Than You (At Bookkeeping)

If your goal is increased profitability, a bookkeeper will provide better insight into how to make budgeting decisions that significantly improve your business. Professional bookkeepers are trained to provide detailed analyses of financial data. They can also help you identify patterns and trends that can be used to make better budgeting decisions in the future.

In addition, they can provide feedback on how to reduce costs and maintain a healthy bottom line. For example, bookkeepers have been doing tons of businesses’ taxes for years. This hands-on experience leads to them knowing the most about how to get the most value out of tax deductions for small businesses, for example.

Additionally, outsourcing will increase the accuracy of your bookkeeping — this saves you time (and headaches!) since you’ll never have to go back and frustratedly correct errors in your financial records. Professional bookkeepers are fully trained in accounting; they know exactly what they’re doing when it comes to accurate financial data entry and record keeping.

Tax Forms? Invoicing? Paperwork? You’re Past It

Professional bookkeepers can usually also handle a bunch of paperwork necessary for your business; imagine never again doing an invoice or taxes. Any outsourcing option will be equipped with up-to-date software, and they’ll be knowledgeable of the latest trends in accounting, which means that they can help you make sound decisions to increase profitability.

Ultimately, outsourcing your bookkeeping services is a great way to take a ton off your mind and your to-do list. When people realize they can also outsource payroll (here’s how), they jump for joy.

Final Thoughts: Outsource Your Bookkeeping To Increase Profitability

With experienced professionals handling all of your financial record-keeping needs, you’ll be able to free up valuable time and resources while still maintaining accurate books. 

Outsourcing your bookkeeping services is an effective way to increase profitability without sacrificing quality. Professional bookkeepers are experienced and knowledgeable in accounting standards and practices, allowing them to provide reliable financial information that will help improve decision-making processes and strategic planning for businesses. With their expertise and experience, businesses can benefit from improved efficiency, cost savings, and greater accuracy when managing their finances. Outsourcing your bookkeeping should be seriously considered as it provides a number of benefits that can ultimately lead to increased profitability.

So, how do you start? Many entrepreneurs will simply point you to an agency, but they don’t know your situation. Get experienced advice from someone who does know what you’re going through and what you want for your future. Book a free consultation with us so you can explain.

Psst… If you’re actually convinced you should do your bookkeeping yourself… it’s a valid move. However, no one should commit to doing it without help. Let’s make sure you have the basics of bookkeeping locked in; these five beginner tips are the best foundation. When you run into a dumbfounding number that should be a different number (this happens to everyone) we’ll show you how to fix bookkeeping discrepancies even if you feel clueless.