Triggers to consider outsourcing your bookkeeping
Outsourcing the financial side of your business can seem like a daunting prospect, however it can be the lever you pull to propel your business forward.
So how do you know when it’s time to consider an outsourced option?
Here is a good litmus test.
If you can answer ‘yes’ to several of these, then outsourcing your bookkeeping is well worth considering:
- Are you having trouble recruiting for an internal bookkeeping/accounting position
- Are you having trouble keeping someone in that position
- Are your books rarely up to date?
- Are you behind in your sales invoicing?
- Are you constantly being chased to pay overdue bills?
- Are you doing your own books after hours?
- Are you often stressed and overwhelmed with running your business?
- Is your business growing quickly or not growing fast enough?
- Are you feeling like you are flying blind some or all of the time?
- Is your Accountant advising you that you need help with your books?
- Is your Accountant having to do a lot of re-work before they can advise you properly?
- Are you finding it hard to understand and keep up with ATO and other compliance areas?
- Are you exposed to a sudden departure of or unexpected leave by an employee in your financial team that would significant impact the financial side of your business?
- Are you wanting to spend more time to focus on growing your business?
- Are you wanting to be present for more of the special times with your family? Time you can’t get back.
- Are some of these things keeping you awake at night?
Business and particularly growth doesn’t have to feel stressful all of the time. It can be hard to let go and trust someone else with parts or all of the financial side of the business, but not doing so could definitely be part of what is holding your business back.
Working with a Bookkeeper will allow you to:
- Reduce your reliance and risk on one person in-house (key person reliance)
- Increase your ability to easily scale
- Give you peace of mind that your figures are up to date ad accurate when making business decisions
- Introduce efficiencies into your current processes
- Make it easier to consider and implement software and addons
- Reduce your stress levels
- Give you time back to spend with your family or doing other things you love
Outsourcing can look different for different businesses. For some it makes sense to outsource their whole financial function, for others it may make more sense to only outsource certain parts.
Beam Bookkeeping’s approach is not a one size fits all model.
We take the time upfront to discuss a business’s needs with the owner/s and relevant people in their team, if necessary, to arrive at a solution that is fit for purpose and bespoke for them.
Getting your books balanced and keeping them that way can be as easy as giving us a call today.
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