Outsourcing your bookkeeping and accounting

When launching and running your own business there are often aspects that get overlooked. As a creative entrepreneur you’re excited to be fulfilling your dream of owning your own business, your mind is buzzing with creatives ideas that inspire and excite you, but bookkeeping is not one of them!

While managing your finances and looking after your accounts may be on your to do list, it always seems to get replaced by more important or interesting tasks. Our previous two blogs have highlighted the problems that can occur because of messy bookkeeping. There can be serious financial implications for your business, but most importantly it causes unnecessary stress and anxiety for many business owners.

Outsourcing your bookkeeping and accounting is a solution that many smaller business owners are using to bring back clarity and eliminate the stress from this side of their business. And here’s why:

1.  It frees up your valuable time

I’m sure you will agree, that as an entrepreneur your time is better spent focusing on your passion rather than trying to muddle through your bookkeeping and keeping on top of your accounts. A lack of experience can make the job very time consuming and lead to common mistakes and errors that you may not spot, or worse, take more time to correct. We think business owners should play to their strengths. As the business owner, you can add more value by focusing on your offerings to your clients, rather than getting caught up in day to day bookkeeping. By outsourcing your bookkeeping, you can claim back that time to work on your business, rather than in your business.

2. Big cost savings

Employing an inhouse bookkeeper or accountant can be expensive and a lot of responsibility for some business owners. By outsourcing this role, a company can reduce their overall costs significantly. There is no need to worry about sick leave, holidays, training, payroll taxes etc. It also gives a business access to expertise they might not otherwise be able to afford on a full time basis.

3. Improved quality and work accuracy

By outsourcing your bookkeeping, the quality and accuracy of your accounts will improve as you will have a trained professional managing them. Professional accountants are required to keep up to date with the latest accounting regulations and tax information.

4. Reduced stress and anxiety

Managing your finances can be a big contributor to stress and anxiety for a small business owner. Outsourcing your bookkeeping allows you to have peace of mind that everything is being taken care off and is under control. You can relax and take comfort in the knowledge that it is one aspect of business is being managed by a professional who you can trust.  

5. Enables you to make better business decisions faster

Having access to up to date financial information enables a business owner to make decisions more quickly and with a greater level of certainty.