Running a small business is incredibly challenging and overseeing your own finances can be a full-time job in itself. This is why many companies are transitioning to a third-party solution. In this blog, we’ll look at how outsourced bookkeeping can save your growing business time, money, and headaches.

Time

Time is the most valuable commodity for small businesses and overseeing bookkeeping can be very time-consuming, which means less time doing what's needed to grow your business. Establishing an efficient back office requires skilled full-time employees that come with high operational and maintenance costs, which can slow down business growth. Rather than spending time trying to handle non-revenue generating chores, such as bookkeeping, executives can spend more time on core business activities and growth initiatives. By leveraging outsourced bookkeeping services, organizations like yours can find themselves free from the potentially burdensome task of maintaining an in-house bookkeeping team. The hiring process can be very long and tedious and demands a detailed screening process and a hiring manager. This wasted time is avoided when relying on a third party that already has hand-selected experts ready to go, and also means you don’t need to worry about potential churn on your bookkeeping team.

Money

Bookkeeping is expensive. In-house bookkeeping teams come with high operational and maintenance costs, which can slow down business growth. Outsourced bookkeepers are contractors that work on a flat rate, meaning that you don’t have to worry about the additional expenses that come along with having in-house bookkeepers as an employee. Some of these unwanted overhead costs include salaries, health insurance, dental insurance, vacation time, paid time off, and additional benefits.  Outsourcing bookkeeping also allows companies to lower office space costs as they typically work remotely and use their own home offices, in addition to the best software and technology in the industry.  As your business grows, there are bigger issues to deal with such as collections and cash flow issues, timely, accurate month-end close, and economic fluctuations. You shouldn’t have to be worrying about the nuances of your books.  Smaller companies in particular can benefit from highly trained bookkeeping professionals that provide access to expertise that is typically out of their budgets.

Headaches

Outsourcing will save you time and money, but more importantly, having access to an entire team of bookkeeping and accounting experts will give you peace of mind. Dealing with the burdens of an in-house bookkeeping team can be a daunting task, especially for small organizations without much bandwidth. In-house departments require constant monitoring, new hiring, and software and technology upgrades, but it can be easy for executives to lose sight of this, and see the accuracy and reliability of their books suffer as a result. Many executives can find themselves doing their own books, despite not having much experience or knowledge in the space. Outsourcing bookkeeping provides relief from those tasks so your team can focus on growing your business with the reassurance that they have a team of professionals dedicated to their books. 

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With the help of an experienced outsourced bookkeeper, you can finally take off one of your many hats and trust the experts with your finances while you focus on running your business. Best-in-class outsourced partners provide you with in-depth analytics and visibility so that you can be more informed than ever whilst saving your valuable time, money, and headaches. finairo offers a wide range of outsourced bookkeeping services, working with small and medium businesses to help them grow through sound financial practices. Request a consultation to learn more about how finairo can help empower your business through accurate, timely, and insightful financial practices.