A business, irrespective of its size, has multiple departments. Further, many businesses, startups and entrepreneurs find it challenging to manage their account departments and cope with their regular book-keeping needs.
It doesn’t take long for a new entrepreneur to understand that accurate and up-to-date financial records play an important role in the success of a business. However, the daily tasks required to maintain these records often fall to the bottom of an entrepreneur’s to-do list.
Hiring and managing an accountant is a tedious, time-consuming and an expensive process. Above all, it has become more and more difficult to find a qualified accountant and eligible person at an affordable rate. However, there is a simpler solution to this problem – Outsourcing Book-keeping. Here are 5 reasons why outsourcing book-keeping is beneficial for your business:
Reduces Cost upto 80%
Outsourcing book-keeping means not only reducing cost considerably but also improving quality. Consequently, book-keeping can be outsourced to skilled professionals at highly affordable rates which is very low compared to hiring an inhouse accountant. Firstly, recurring cost of an inhouse accountant is costly to maintain. Secondly, not every entrepreneur can afford the luxury of an accountant. Thirdly, and the most importantly, the cost of training and managing an inhouse accountant is huge. In conclusion, outsourcing book-keeping is a multi-faceted means of saving cost.
“If you would be wealthy, think of saving as well as getting.” — Benjamin Franklin
Saves Time
As you grow your business, you will feel the need to spend more time in expanding your business than managing your books. Hence, outsourcing administrative tasks like book-keeping helps you focus your time, energy and resources on sales, networking, marketing and other revenue driven departments.
"The bad news is time flies. The good news is you're the pilot." — Michael Altshuler
Professional Expertise
We have already understood that outsourcing administrative tasks such as book-keeping reduces your costs and saves time. However, along with such benefits, the quality of the services received is increased significantly. Outsourcing your book-keeping to professionals will ensure accuracy and completeness. Along, with the correctness of your accounts, you will not have to worry about the lapses in various technical and legal compliance required by various statutory bodies. In short, You get your financials tax and audit ready.
“I hire people brighter than me and then I get out of their way” — Lee Lacocca, Ford
Easy Scaling of Resources
As you grow your business, you might require to deploy additional resources to manage your administrative tasks. Extra workforce is readily available with professionals who undertake outsourcing. This gives you the flexibility of scaling your resources without going through the rigorous hassles of hiring, monitoring, maintaining and training.
“Growth is never by mere chance; it is the result of forces working together.” — James Cash Penney
Remaining updated with Technology
Professionals these days use cloud based softwares which are extremely secure and robust. Consequently, most of the professionals remain updated with the updates in technology in accounting and book-keeping. The use of these softwares have ensured readiness and availability at the click of a button. Hence, your books of accounts are readily available for you to view and monitor. This way, you are not oblivious of your financial status and are always ready with updated numbers, as and when required.
“It’s not that we use technology, we live technology.” — Godfrey Reggio
Whether a business needs current financial figures to present to a banker or to just keep tabs on cash flow, keeping up to date on accounting tasks is essential.
There are significant advantages for clients who decide to outsource their accounting tasks. To begin with, cost-efficiency and having flexibility of contracts or scaling of functions are just the tip of the iceberg.
Accounting and bookkeeping are a vital part of business, but also complex. Likewise, it requires time and expert knowledge. Without accounting experience, many errors are bound to occur, potentially, leading to a decrease in your business.
Rekhani and Saraogi, Chartered Accountants, is a leading accountancy, audit and consultancy firm in India with a large team of skilled accountants supervised by our team of experts. We cater many large and small organizations, ranging from established companies to a home based single person start-up, in various sectors. Backed up by experience, skill and vision, we are committed to provide best services to our client and we make sure our commitment leads to your satisfaction.
Interested in finding out more about how you can outsource your bookkeeping? Contact us for more information!
