Small-business owners bring expertise and commitment to their companies, but many find they are often too busy running their operations and taking care of their customers to deal with paperwork. We all know how quickly those stacks can pile up, and unfortunately, it’s all too easy to lose track of bills that must be paid. And what about reconciling the corporate checkbook on a timely basis?
So, what to do about all that necessary bookkeeping?
As the owner of a small business, you generally have three choices:
1 – Complete these tasks yourself, which adds time to an already-full (and long) day—not to mention, takes precious time away from actually running your business.
2 – Hire an in-house bookkeeper. However, this requires providing office space (if you have that space available), paying wages and benefits, and finding the time to oversee the bookkeeper’s work.
3 – Turn to outside professionals to administer your accounts payable, keep your checking accounts in order, and handle other bookkeeping chores. Many business owners adopt this practice to free them up to focus on daily operations.
You might even find that outsourcing your bookkeeping to an accounting firm saves you money; you are not paying for training, sick days or vacation days (or payroll taxes). There’s always someone to manage the books regardless of your staffing issues, your cash flow improves because accuracy of your bills is ensured, and much more. Plus, you have access to high-level accounting professionals who can spot potential problems before they disrupt your business.
The benefits of outsourcing your company’s back office tasks
In addition to basic bookkeeping, outsourcing services commonly include managing your accounts receivable, accounts payable, payroll, strategic plans and budgets, internal auditing, and more.
Consider these benefits of using an accounting firm’s back office services:
- You will maintain the best terms possible with vendors and save money where possible.
- Your company’s bills are checked for accuracy and paid by or before their due dates, which your vendors will appreciate, and which will keep you in good standing with them.
- All payment terms are tracked so that you pay within the discount period to get the lowest price available.
- Sales tax charges are monitored.
- Vendor calls are handled; you’re alerted to any possible problems.
- You’ll always know what you have in the bank.
- Your corporate checkbook is always up to date, and your checking account is reconciled with your bank every month.
- Reduce or eliminate potential errors, omissions, and fraud.
Does your business need help with bookkeeping and back office tasks?
Would you like to learn more about how outsourcing these time-consuming tasks can help reduce your workload and improve your cash flow? Contact us at (201) 655-7411 or [email protected] for a complimentary initial consultation.