You may realise that your books are getting out of hand, but you also know you’re not ready to hire a full-time bookkeeper. So, what is a growing business to do? Outsourcing your bookkeeping can be the answer to your financial needs.
Learning how to outsource bookkeeping is easier than you might think. If you have experienced professionals on your side, you can get set-up with outsourced online bookkeeping in just days. A trusted bookkeeper gives you access to your financials whenever you need them, generates vital reports, and offers insights into where your organisation can streamline your processes. All at a lower cost than a full-time employee.
How to Outsource Bookkeeping
So you want to outsource your bookkeeping and accounting — where do you begin? Let’s start by going over your options. You can always vet and hire a local bookkeeper to work on contract. This saves money and may allow for a remote relationship. Using a virtual bookkeeping service gives you access to an entire team and allows you to add more people as needed.
Is one of these options right for your business?
Hire a local freelance bookkeeper
A local freelance bookkeeper has unique advantages. Your contractor may be able to come into the office periodically as needed, so you get some in-person assistance without having to provide a full office space. Your freelance bookkeeper may also know the specific needs of your industry in your area.
Some freelancers are open to more work. As your organisation scales upward, you can ask if they would like to be hired in a more permanent role. This will allow you to bring on a full-time staff member who is already up to speed on your procedures and familiar with your books.
Use a virtual bookkeeping service
Instead of hiring a single freelancer, you may also want to engage a remote bookkeeping firm to handle your books on a regular basis. What’s the difference? For one, you will probably have access to more than one person. And, you can add more people to your virtual team as your needs change. Likewise, you can scale back down if you want to.
A virtual bookkeeping company may also be able to connect you with a wider pool of potential bookkeepers than you’d find in your area. You’ll work with an industry expert who can teach you things even a savvy business owner may not know about potential tax deductions or ways to save money in your field.
How Does Outsourcing Bookkeeping Work?
If you’re wondering how to outsource bookkeeping, one of your top questions is probably “How is it different than regular bookkeeping?” And what an important question it is. The truth is, business owners can benefit from both traditional bookkeeping and virtual help. Let’s discuss how a virtual team is different from in-house staff.
In-house vs. Outsourcing
In-house bookkeeping requires a different budget and set of tools than outsourced bookkeeping services. Here are some of the ways an in-house team differs from an outsourced bookkeeper.
- Require a dedicated office space and equipment
- Represent an added payroll expense and mandatory benefits costs
- May not yet be necessary for a growing business
- Will inevitably turn over, resulting in rehiring and training costs
- Don’t require an equipment investment or dedicated office space
- Charge based on a pre-contracted price per week or month
- Are good for companies at any size
- Can seamlessly add or change members of your team without disruption
Is Outsourcing Right for Your Business?
Outsourcing may be the right choice for your business’ bookkeeping needs if:
- You simply don’t have time to do your own books anymore, yet you don’t need a full-time bookkeeper
- You want to free up time to focus more on research, development, marketing, and sales
- You have limited office space to accommodate a bookkeeping team
- You don’t want to train a new bookkeeper every few years
- You’re not sure what your bookkeeping needs will be over the next few years, requiring flexibility
Outsourcing your bookkeeping is as simple as calling Visory. We can connect you to experts in your industry who will help with tax time, monthly reports, and other financial needs. You gain the benefits of an in-house bookkeeping expert without carrying costs of a salaried employee. Even better, you don’t sacrifice transparency just because your team members are off-site. You can see your vital reports and financial health whenever you need to. It’s the best of both worlds.