One very good reason for outsourcing your bookkeeping
It is a known fact that in excess of 65% of new businesses will cease within five years of starting.
Many reasons are put forward for this, but the primary cause nearly always boils down to poor management – poor management, not because they weren't doing their best, but because they were making poor decisions based on gut feelings, guesswork, and incorrect information.
Put simply, those businesses that fail do so because they failed to maintain proper accounting records, records that would have provide them with the correct information on which to make appropriate and sensible business decisions.
In a sense, your business records are your ‘map’, telling you whether you are travelling the right road, at the right speed, to your right destination.
And if there is one good reason for outsourcing your bookkeeping work, this is it - the ability to obtain accurate information, correctly interpreted, in a timely manner to enable astute management.
A common solution amongst many small and medium enterprises is to employ part time bookkeepers and staff, a cheap solution that can often end in disaster. Whilst there are some excellent bookkeepers (few and far between), the majority will simply, and robotically, process your data without understanding why, or listening to the story the figures are telling them.
A good outsourcing business, such as SME payroll and bookkeeping services, will have fully qualified staff and skilled accountants in their team to ensure, as best they can, that management is kept fully informed and up to date whenever necessary.
Additionally, we use cloud-based accounting software, giving you full access to your records and information whenever you want and wherever you are, 24/7.
Confidence in your outsourced solution is critical - it will free up your mind and your time to do what you know best - running your business the way you want. You will have time to nurture your customers, increase your sales, improve efficiency and profitability, knowing all the while that your accounting figures are measuring your progress and guiding you through the correct solutions.