Bookkeeping and Accounting – Why Outsource Your Bookkeeping and Accounting?

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What would be the reason for a small business owner to decide to outsource the bookkeeping and accounting of their business? As you may be aware one third of new small businesses fail in the first two years and 56% fail within four years. The reason for these failures may be the lack of organization and focus. Poor financial management is the main reason most small businesses become failures. Often business owners want to maintain complete control of their business or that they are afraid outsourcing bookkeeping and accounting functions would be too expensive, or both.

What business owners don’t realize is that outsourcing the bookkeeping and accounting can save you both time and money. This will also allow you to put more focus on the business itself, which would give your small business a better chance at survival. And when you outsource to the right accountant it can turn survival into profit.

The Benefits of Outsourcing Bookkeeping and Accounting

Save Your Company Time

You’re in business because you are an expert at a particular product or service. Assuming you are not a professional accountant, your expertise doesn’t involve accounting and bookkeeping. So, if you or anyone in your business spends time doing bookkeeping or accounting, this is time you could be spending on your business. For a small business to survive, you constantly need to look for ways to expand your business with new products or better services, marketing your product or service, and keep an eye on what competitors in your business are doing. By outsourcing your bookkeeping and accounting to a trusted professional, this will free up time to do all the critical tasks you need to focus on to allow your company to grow and become profitable.

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Save Your Company Money

Time is money and the less time you spend on bookkeeping and accounting, the more time you will have to expand and grow your small business. Most small business owners will spend 10 to 15 hours a month getting the financials together and your hourly rate as owner is much more than what you would spend for the right bookkeeper or accountant. Also, a good accountant will probably spend less time and be able to discuss possible points of interest concerning your financials.

A Bookkeeper or Accountant could help you gain valuable financial information about your Business and utilize valuable computer software a small business owner may not be able to afford or use

A good bookkeeper or accountant will be able to analyze your financial information and be able to tell you how to better manage your expenses and help your small business become more profitable.

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