8 CLEAR Signs It's Time to Outsource Your Bookkeeping

As a small business owner, you're no stranger to taking on multiple roles, from CEO to janitor. But as your business grows, it becomes increasingly difficult to balance all of those responsibilities. One of the most time-consuming tasks is bookkeeping, and that’s why outsourcing may be a good solution for you. Outsourcing your bookkeeping can give you more time to devote to the areas of your business that really need it. Here are 8 signs it's time to outsource your bookkeeping.

YOU NEED MORE TIME TO FOCUS ON YOUR BUSINESS

As a small business owner, you often wear many hats and get bogged down in administrative tasks. One of the best reasons to outsource your bookkeeping is that it frees up your time, so you can concentrate on growing your business rather than coping with paperwork.

YOU’RE UNSURE OF THE FINANCIAL POSITION OF BUSINESS

If you don't have a clear understanding of your business's financial position, you need to start outsourcing your bookkeeping. You're able to make optimal decisions when you have accurate financial information, and that information isn't always easy to get from your business books.

YOU’RE STRUGGLING TO KEEP ON TOP OF PAPERWORK

If you find that you are drowning in paperwork, bills are being paid late or you keep missing deadlines, it may be time to outsource your bookkeeping. Late payment of bills can lead to significant financial issues and it's only a matter of time before it starts to have consequences.

YOU KEEP SEEING ERRORS IN YOUR BOOKS

Bookkeeping mistakes can be costly, both financially and legally. If you’re consistently seeing errors in your books, it’s time to outsource your bookkeeping services. Professional and experienced bookkeepers take the time to ensure accuracy and minimize mistakes. Trust us, the risk is totally not worth it!

YOU GENUINELY DO NOT UNDERSTAND THE BASICS OF BOOKKEEPING

We understand bookkeeping is not for everyone, which is totally fine! As a small business owner, you cannot afford to let your bookkeeping practices be figured out as you go. Which means you need to come to a conclusion on whether you are simply helping or hurting your company by DIYing your books. 

TO FREE UP YOUR TIME, YOU HAVE EMPLOYEES (THAT DO NOT UNDERSTAND BOOKKEEPING) DOING YOUR BOOKS 

Your employees may be great at managing your business’s daily operations, but that doesn’t necessarily mean that they have the skills or expertise required for bookkeeping. You risk overwhelming them with accounting responsibilities, which could impact their working conditions and productivity.

YOU WANT TO REDUCE COSTS 

Many small business owners do their own bookkeeping to save money. However, without the expertise of a professional, it is easy to make mistakes that can lead to financial consequences. Outsourcing your bookkeeping allows you access to the expertise of professionals at a fraction of the cost of hiring an in-house bookkeeper.

YOU’RE STRUGGLING TO KEEP UP WITH YOUR BOOKS

Running a small business demands a lot of time, effort, and attention. By outsourcing your bookkeeping services, you can be confident that your books are in good hands – and up-to-date at all times.

In summary, outsourcing your bookkeeping is a viable and often necessary option, especially as your business grows. Not only can it save you money, but it also frees up your time to focus on what you do best—run your business. If any of the above signs resonate with you, it may be time to consider outsourcing your bookkeeping. The last thing you want to do is wait until it’s too late! You know where to reach us when you’re ready to take the next step in growing your business!