As a small business owner, if you are handling all of your company’s money flow, you may start feeling overwhelmed. Even with robust systems in place, your business bookkeeping needs can outgrow your time and skills. Hiring outsourced bookkeeping services is the perfect solution for many companies.
At Fisher Bookkeeping, our expert team serves companies in all phases of growth and development. We help you keep your accounts straight so that you can focus on making your business thrive. Reach out today to schedule a free consultation and see how we can help you. With offices in Portland, OR, and near Lexington, KY, we have you covered.
There are plenty of reasons to consider hiring an outsourced bookkeeper for your company. From peace of mind to accuracy, hiring an expert can be a game-changer for your business. Here are some of the top benefits of handing these tasks to an outside provider.
When you delegate your company’s money flow management to an outsourced bookkeeper, you free up valuable time for yourself. By taking this significant administrative work off your plate, you can focus your time and energy on revenue-producing activities.
Most small businesses do not have the revenue to justify hiring a dedicated bookkeeper as an employee. So they often rely on their office manager to handle the bookkeeping. But this solution requires you to train them and monitor their work. It also prevents that employee from having as much time to do other tasks for the company.
Instead, hiring outsourced services means you can enjoy more of a “set and forget” process. By choosing to use a bookkeeping expert, you can rest assured that they have the skills needed. Rather than hoping your employee doesn’t miss anything, you can have a professional on your side.
Outsourcing your bookkeeping needs also ensures continuity of service for your business. If your trained employee quits or goes on medical leave, you would have to start over. By hiring a local bookkeeping firm, though, you remove that worry.
An experienced bookkeeper service provides an in-depth and robust knowledge of accounting processes and can immediately bring that experience to your operation. They follow industry-best practices that keep your accounts prepared for tax season.
Their training and expertise allow these professionals to communicate effectively with your CPA or tax preparation firm. Outsourced bookkeeping services do timely work on your books so that you never have to scramble for data. They make updates daily, weekly, and monthly as appropriate for your operations.
When choosing an outsourced bookkeeping firm, be sure they follow generally accepted accounting principles, or GAAP. Finding an expert who is meticulous about following GAAP standards will keep your business financials running smoothly.
There is no one perfect time to outsource that applies to every business. Some companies bring on a bookkeeping service before ever seeing a dime of revenue. Others muddle through for years before hiring outside professionals.
In general, here are some clues that it’s time to hire outsourced bookkeeping:
It goes without saying that you need to find an expert who will follow standard best practices for your company’s bookkeeping. They need to follow applicable privacy and confidentiality regulations as they tend to your financials.
To find the right fit, seek referrals from trusted networking groups, friends, or professional partners such as your CPA. Take the time to interview each potential firm to get a feel for their style and how they serve clients.
As you talk with potential bookkeepers, here are some questions to ask:
After verifying their credentials and experience, one of the most significant factors in choosing a bookkeeper is your intuition. You need to trust the person and feel good working with them. Make sure they answer all your questions and are communicative and then make your choice!
When you hire an outsourced bookkeeper, many time-consuming tasks fall off your plate. But that doesn’t mean you can forget about them.
It’s important to check in with your expert periodically to make sure things are on track. Ask them to alert you of any red flags they spot in your accounts so that you can address them quickly.
And set a time to go over their reports regularly. Depending on the size and scope of your business, you may want to meet monthly or quarterly.
Fisher Bookkeeping is a local firm that serves businesses all over the United States from our offices in Portland, OR and near Lexington, KY. From initial set-up to ongoing maintenance, our team has you covered. And with Profit First coaching available, we also can help make sure you are paying yourself sustainably.
Let’s connect and see if we are the right fit for your needs.
Barb is the CEO of Fisher Bookkeeping, an outsourced bookkeeping consultancy that provides small businesses with a full-service financial department. Her favorite aspect of work is to break down the accounting to meaningful bits, so entrepreneurs can make a powerful difference in their own business. She's also a power lifter (squat: 215, DL: 270).