Accurate, up-to-date financial records are vital for any growing business. That need only becomes more apparent as the business expands, as well. However, ensuring that the books are kept correctly can require a significant investment of time and money that could be better spent in other areas of the business. When you choose to outsource bookkeeping, you can reallocate that time and money where it is needed most. Below, we will explore some of the benefits of outsourcing bookkeeping to help you make an informed decision.
1. Scalability
We’ll begin with one of the most important benefits of virtual bookkeeping – scalability. As you know, your needs and requirements can change dramatically over time. When you outsource bookkeeping, you benefit from granular scalability so you can ensure that whatever needs you might have, they’re covered. And, you can do so without the need to hire a single in-house employee.
2. Smart Use of Your Resource
Trying to save money by keeping your bookkeeping in-house is not a smart use of your resources. As mentioned above, it is actually a significant investment of both time and money. With outsourced bookkeeping, you can focus on key areas that drive business growth while a trusted partner handles keeping the books on your behalf.
3. Complete Privacy
Your financial information is incredibly sensitive and must be kept completely private. That can be challenging even with an in-house accounting department. When you outsource bookkeeping to a trusted provider, you get a 100% confidentiality agreement that guarantees your information will be kept private. This also eliminates the possibility of an in-house staff member finding information about your company’s financial health. Make sure that you fully vet the references of any virtual bookkeeping provider before hiring their services.
4. Access to Training Expertise
As a business owner, you don’t have the knowledge and expertise necessary to train an in-house bookkeeping staff. Having a fully-trained bookkeeper with experience in the latest software tools and capabilities, as well as legal compliance requirements, ensures that you have access to in-depth expertise and knowledge when it comes to everything from state taxation rules to federal reporting mandates.
5. Ready for Tax Time and Audits
There’s no denying the fact that properly prepared books just make life so much easier. With virtual bookkeeping services, you’re guaranteed to have your financials in order and ready for tax time and if an audit comes up.
As a note, not all outsourced bookkeeping providers are ideal choices. You must be able to make an informed choice here. When comparing your options, make sure you read reviews about the company’s performance, with an eye toward data protection, service quality, and overall customer satisfaction. It’s also important that you ensure the company can provide you with a full team of professionals to make scaling simpler. Finally, ensure that the provider offers 24/7 support so that you have help available no matter what time an emergency might strike.
Whether you’re helping a brand new start-up or you’re operating a rapidly growing company, the choice to outsource bookkeeping to a trusted third party can offer a wide range of benefits. Ready to learn more? Contact Valenta to learn more about how we can help your organization prosper and grow.