As your business grows, the numbers you crunch keep getting bigger. Soon you’re burning the midnight oil just to balance the books. You could use some help. When a business goes from small to medium, it often makes sense to start outsourcing your bookkeeping and accounting.
An outsource bookkeeping service frees up lots of time and energy and allows you to put off hiring a full-time employee. Plus, there’s no need to sort out a new accounting software that won’t always catch all of your mistakes.
The average salary for a bookkeeper in Australia is almost $70,000 per year, while you may be able to get outsourced bookkeeping for as little as $2,500 per month. If you only need someone part-time, buying services per hour or per project is often the financially savvy choice. Read on to learn more.
Benefits of outsourcing your bookkeeping
An outsourced bookkeeper can become a part of your team, even though they’re not in-house. And in some cases you have access to a whole team of supportive experts instead of just one employee. The key benefits of outsourcing your bookkeeping as a medium-sized business include:
- Lowering your overhead — You get the benefit of balance books without paying for office equipment or salary for an employee.
- Gaining access to your books at any time — You don’t want to wake your employee at 11pm to access a report, but a virtual bookkeeping service gives you 24/7 visibility into your report.
- Having an expert on your side — Companies like Visory can pair you with an expert in your industry, so there is no need to hunt one down on your own.
What task can a virtual bookkeeper do for your business?
An experienced virtual bookkeeper will show up on Day 1 ready to get to work. In fact, one of the main benefits of hiring an outsourced bookkeeping service is that you don’t need to train a bookkeeper or find someone who understands confidentiality.
Your virtual bookkeeper will be vetted for their professionalism and expertise. An outsourced bookkeeper can complete the following services (and often more!) based on your needs:
- Get your books up to date if you’ve been without accounting services in the past and need a clean up.
- Maintain balance sheets, payroll, and other books going forward.
- Tracking bills and handling accounts payable and accounts receivable.
- Managing your payroll process and tracking expenses.
- Helping you prepare your taxes.
- Preparing reports for potential investors and analysing the health of your company’s finances.
- Keeping track of your cash flow.
How does outsource bookkeeping work?
You might like the idea of more affordable bookkeeping, but where do you start? With a company like Visory, it couldn’t be more seamless. The onboarding process is fast and we get right to work straightening out your books. In addition to bookkeeping services, you’ll have access to an entire financial team if you want your financial reports on the weekend or require additional services as your business grows. Plus, with a whole team at your disposal, you don’t have to fear losing your bookkeeper and scrambling to balance the books until you find a replacement.
Outsource bookkeeping from Visory pairs you with a specialist who is trained for your industry segment and allows you to scale up as your needs grow. You don’t have to fire and hire a new bookkeeper as you add on more payroll needs or decide to do monthly reporting instead of quarterly. A good virtual bookkeeper is focused on outcomes and strategy — not just doing the bare minimum. They can even offer insights about how to drive your business.
How much does outsource bookkeeping cost?
As we mentioned above, an outsourced accounting service can offer rates competitive to a full-time staffer — with more services than you’d get from one employee. If you have unique needs, you can even get pricing based on a specific proposal or project.
At the same time, Visory offers a fixed rate unless you add on additional services. So you can count on a consistent cost as opposed to experiencing fluctuating invoices each month from a contractor or potential overtime. No surprises here.
Is outsource bookkeeping right for my business?
If you’re worried about your books, don’t have time to balance them yourself, and want to avoid hiring a full-time employee—outsource booking might be the solution you seek. It can also work if you have an accounting team but know you need more help to scale.
Sign up with Visory today to learn more about our custom bookkeeping plans and pricing for businesses of all sizes.