Why Should You Never Do Your Own Bookkeeping?
As a business owner, are you doing your bookkeeping or have you hired someone else to do it for you? Owners of small businesses in Canada and large metropolitan cities like Toronto and beyond tend to do their own books because they feel that they don’t have a budget to outsource bookkeeping. What they don’t know is that it is actually cheaper to hire someone to do it for them when you consider the amount of time they spend doing accounting. There are several other advantages to outsourcing bookkeeping:
First, what is bookkeeping? Check out this short video for more before we get started:
• The amount of time that you spend is significant and can be used to do other things that help the business grow. You can look for new clients, you can expand their product range or you can even work on inventory and new suppliers.
• If you opt for hiring part time or even full time bookkeepers, you should know that it is more expensive than outsourcing – in-house accountants tend to ask for more money and they also increase your overheads because you have to provide them with a space to work from. If you outsource you will be hiring someone who already has their own offices. In addition to that, because much of your paperwork goes away you make more room in the office which can be put to more productive use.
• When you outsource you are working with experts without having to pay them 24 hours a day. You can be sure that your books will be done with the highest standards in mind.
• Many companies that provide bookkeeping services also provide other related services which means that you get a one-stop solution. They can do things like payroll and taxes which relieves you of the burden and expense of hiring an accountant.
• Some business owners prefer to hire lone accountants to do their books. This is not advisable – it is better to go with a team of bookkeeping experts. For one thing, there are several eyes looking at your books which reduces the chances of something being overlooked. For another, a team effort is faster and more efficient.
• Most bookkeepers have invested in the best of tools to enable them to provide a professional service. They are able to afford the most expensive ones because they have many clients.
• Lastly, what happens when your company grows? A professional bookkeeping company is able to scale in way that you cannot do unless you spend a great deal of money.
You shouldn’t waste time and money doing your own bookkeeping; hire a professional to do it for you. For top-notch Toronto Bookkeeping services and solutions, contact Above The Cloud Business Services at http://www.abovethecloudbookkeeping.ca