Benefits Of Hiring Off-site Bookkeeping Services
There are many reasons and benefits to going with off-site bookkeeping services. Many small companies use the services of financial experts while creating their initial business plan. Some businesses drop off the use of accounting or bookkeeping services until it becomes absolutely necessary; due to increasing complexities of business. That’s not always the best idea unless lack of funds makes using bookkeepers impossible. A company can gain from having its finances and financial planning in order at every stage of growth. Ultimately, a successful small company will grow to a point where hiring a full or part-time bookkeeper, or outsourcing bookkeeping services, will be a must. When hiring or contracting a bookkeeper, treat the process as seriously as you would the hiring of a full-time employee.
Many part-time or contract bookkeepers work on an hourly or flat rate basis. Be willing to pay toward the higher end of the scale for an experienced bookkeeper. His or her expertise will determine how accurate and complete your financial records are. This will be important for many activities; securing loans, providing records to potential business partners, undergoing tax audits, and projecting cash flow.
What Services Does Off-site Bookkeeping Provide?
Paying salaries; coordinating and handling accounts receivable and payable; balancing ledgers and checkbooks; and organizing financial information required for business plans, loan proposals, cash-flow statements, etc.
Fees For Off-site Bookkeeping Services
After your bookkeeper has worked with your company a few months and has become accustomed to your operations, you may be able to settle on a flat monthly or bi-monthly fee for services. Once a fee is established, don’t abuse it. As your company grows and you require more time from your bookkeeper, the monthly fee will have to be adjusted upward.
There are a number of ways that you can cut down the costs associated with off-site bookkeeping services. These include:
- Provide complete and accurate information. Finding missing information and correcting mistakes costs time (and results in additional hours billed).
- Maintain financial records on a computer. Bookkeepers have to spend time (and your money) inputting handwritten records to their computer software.
- Keep written records neat and orderly. Having to decipher figures, takes time and leads to mistakes.
- Don’t over buy. You won’t need a CPA (Certified Public Accountant) if you have a small company and need only to have someone pay salaries and bills and reconcile your monthly bank statements.
When you have complex needs–financial consulting, financial planning, investing, tax audits, creating loan packages, business statements, business evaluations, etc.–you’ll want to contact an experienced accountant or CPA. An individual qualified to handle these types of financial matters will necessarily have more training and will work at a higher rate of pay. Usually, you’ll pay for services such as these on an hourly basis.