Starting a business can be a time consuming and stressful endeavor. Finances are likely to be tight and you will want to keep costs to a minimum in order to give your small business the best chance for long-term success.
It is important that you don’t take on too much of the workload, but on the other hand hiring new employees is a big commitment and can leave you with a large payroll.
Hiring employees to carry out the specialist tasks in your business, such as payroll and bookkeeping, is increasingly being seen as an unnecessary solution. This is partly due to the growing responsibilities and costs surrounding employing people for such tasks. More and more small business owners are now turning to outsourcing as their preferred solution.
Outsourcing for Small Businesses
Outsourcing is a way of getting an expert from outside of your business to deal with a specialist task. Many aspects of your business can be outsourced, including: marketing, payroll, bookkeeping and copywriting.
But no matter what the task is, outsourcing is an affordable way to cut down your workload and give you one less thing to think about so you can get on with running your business.
Outsourced Bookkeeping Benefits
Let’s look at bookkeeping as an example. As a small business owner you could try to handle all of your company’s accounting work yourself. It may be the cheapest option, but it may be more cost-effective to alleviate yourself from the responsibility of this and outsource it.
Here are five benefits to outsourcing your bookkeeping needs:
1. You can focus on building your business.
By outsourcing you will have the time to pursue other business opportunities rather than spending late nights doing bookkeeping tasks.
2. You can save money.
Outsourcing is the most cost-effective solution to your bookkeeping tasks. By letting an expert outside of your business take on these tasks you will only be paying for what you need, as opposed to getting someone in-house to complete these tasks.
3. You can free up some of your time.
By outsourcing your bookkeeping to a reputable company you can rest assured that the jobs will be done on-time and correctly. This will free you from the stresses of doing these tasks in-house.
4. You can consult an expert that is now available to you.
Outsourcing your bookkeeping needs will give you access to an expert who will be up to date on regulatory requirements and will be fully able to make sure the job is done correctly. In addition to this you will be able to get advice from these experts on a pay-as you-go basis; never paying for more than you require.
5. You can benefit from the best of both worlds.
Most business owners are glad to free up time spent on bookkeeping and leave it in the hands of an expert, who lives and breathes their job. By outsourcing your bookkeeping you will have more time to run your business but also have the security of knowing it is in safe hands.
Paul Marsden is a director of Virtual Business Source Ltd which operates the Payplus payroll bureau and its Payroll Services Centre website. Paul built up 25 years accountancy experience before becoming Managing Director of Virtual Business Source Ltd in 2008. Paul oversees all operations of the company.