Is Outsourced Bookkeeping A Good Fit For My Business?
Why on earth would a budget conscious business owner invest in an outsourced bookkeeping and accounting solution when there are cheaper options or even DIY options? Well for starters, an outsourced accounting firm like Accountfully is more than just a simple bookkeeping solution. As a strategic partner to our clients, we provide financial expertise and guidance based off the bookkeeping execution that we perform. This goes beyond the traditional role a bookkeeper plays.
What Does A Freelance Bookkeeper Do?
If you use a freelance bookkeeper, chances are they charge you by the hour and work reactively to maintain your books. They will check in a couple times a month to
reconcile accounts, code transactions, and process payroll. They will complete the tasks you’ve outlined for them to do. They will run the reports you’ve asked them to run. They will hop on a call to answer your questions (when they are able). And if your bookkeeper is any good, they will provide you with accurate financials on a somewhat regular basis.
What Doesn’t A Freelance Bookkeeper Do?
Bookkeepers are not accountants and they shouldn’t be expected to interpret the financials they prepare. They can maintain data, they can keep your books ‘clean’, but that’s the extent of their expertise—expecting more is unrealistic. And when a business is growing, accurate data isn’t enough. Business owners must use their books as a tool. They must run reports that look at trends, margins and productivity to create budgets and forecasts that will help plan for the future. This isn’t something a traditional bookkeeper is qualified to do.
How Are Accountfully Bookkeepers Different?
Accountfully bookkeepers are the foundation of each engagement. As the client’s day-to-day contact, they are knowledgeable about payroll schedules, customer invoices, expenses, and short term cash flow. They are the gatekeepers. They work with the senior accountant on the engagement and know when to bring them in for additional guidance and support. When a bookkeeper is supported by a team of accountants and senior accountants, the work they do is invaluable.
Accountfully engagements have dedicated teams that support our clients. In addition to the ongoing bookkeeping work, Accountfully clients also receive CFO support and guidance. Using the information prepared by bookkeepers and accountants, our senior team members lead high-level conversations about the client’s profit and loss sheet and key performance indicators (KPIs). This attention to detail and additional financial expertise arms businesses with an agile accounting team that works together efficiently. Yes, bookkeeping and accounting solutions at Accountfully will be more expensive than a freelance bookkeeper. But the return on investment will be greater as well.
Wondering if you’ve outgrown your bookkeeper and need to grow your bookkeeping and accounting team? Let us know. We are always happy to hop on a call and chat about your needs, budget and timeline.
At Accountfully, we have the pleasure of working with business owners and helping them make smart decisions that will positively impact and support their business.