Why Do Business Owners Outsource Bookkeeping and Accounting?
As a part of the Accountfully business development team, I’m going to let you in on a little secret: a lot of business owners come to us when their business is experiencing a problem. It’s fair. I get it. if it’s not broken why fix it, right? Wrong. When it comes to bookkeeping and accounting, it’s worth being proactive. We put together a list of common bookkeeping problems we hear about on a regular basis so you can avoid them. We hope they encourage you to consider working with a team that will help you adopt proactive bookkeeping practices.
The IRS wants all my money: Once January 1st hits, our inboxes are usually flooded with panicked ‘tax season’ emails from people we haven’t talked to in months. It’s okay when people come out of the woodwork looking for help, we just wish they’d have let us help them sooner. If tax season is feeling stressful and unpredictable, it’s time to think about partnering with an outsourced accounting team like Accountfully. At Accountfully, it’s tax season all year long. We have ongoing conversations about taxes and liabilities so when it comes down to filing, there’s no guesswork. And since we already understand the inner-workings of your business, we can be strategic and help with things like timing purchases to maximize write offs and deductions.
My bookkeeper quit: When your bookkeeper gives you their two-week notice after three years on the job, it can be a tough pill to swallow. While a single bookkeeper may save you some money upfront, finding a replacement can be costly. In addition to the interview and hiring process, you’ll need to train them on systems and company protocols before they can fill the shoes of your previous employee. On the contrary, when you work with an outsourced accounting team like Accountfully, your business is supported at all times. Whether a member of our team is out with the flu or on vacation, each engagement has a dedicated team that works together to support the client
I’m successful: Growth and success can be stressful for the unprepared business owner. If things are taking off, new clients are signing, and you’re making money but not sure what to do with it, it’s time to find an outsourced accounting team that can support you and your growth. When working with a team like Accountfully, your bookkeeping will be handled proactively. With a budget in place and regular forecasting, we help you use your up-to-date financials to make strategic decisions about growth. We can help with margins, sales channels, budgeting, and identifying smart business opportunities.
I feel like I’m getting robbed: Not every bookkeeping and accounting solution will be a good fit. If you don’t understand the value your bookkeeping and accounting team is providing, it probably isn’t worth the investment. A true team will work alongside you and create learning opportunities that will help you be a better business owner. At Accountfully, we take care of the bookkeeping execution, but we also carve out time to chat about growth opportunities, to be a sounding board, and to offer objective feedback. We forecast and budget and work alongside our clients to understand their business and their goals. Then, we work together to achieve them.
Too many cooks in the kitchen: If you’re paying a bookkeeper to code transactions, a CPA firm to review your books, and a tax specialist to prepare your returns, you’re paying too many people. When business owners outsource different accounting functions to different parties, it becomes overwhelming and expensive. Accountfully offers a one-stop-shop approach to bookkeeping and accounting. Because we’re the ones coding transactions, processing payroll, paying bills and helping with collections, we don’t have to charge for time spent reviewing someone else’s work. We can have CFO conversations without needing to get caught up between visits. And, we can file taxes quickly because we’ve been the ones preparing for them all year long.
Accounting and bookkeeping are important parts of every business regardless of industry. If you’ve ever experienced one of these five situations, we suggest you consider partnering with an outsourced bookkeeping accounting firm like Accountfully. And if you haven’t experienced any of these yet—you’re lucky. Work with an outsourced accounting team before you find yourself with an issue on your hands. Looking to learn more about Accountfully and the ways we help business owners simplify their bookkeeping and accounting processes? Let us know. We’d be happy to perform a complementary analysis of your books.