The Truth About Using An External Bookkeeping Service
Bookkeeping is an essential part of every business, regardless of industry or sector. However, not all companies have the time or budget to do the task justice. Thus, businesses, especially ones that operate on more minor scales and work within a limited budget, tend to overlook bookkeeping procedures and end up with issues come tax time.
The advantage of external bookkeeping includes error-free record-keeping and much more. However, it is easy to fall prey to the many myths that are rampant simply because we are unaware of external bookkeeping-related information. There’s a lot of misinformation out there, and blindly following someone else’s lousy advice could get you into hot water. As experts in the field, we at Infinite Accounting Solutions have written down the truth about hiring external bookkeeping so you can make the best choice.
What is external bookkeeping?
External bookkeeping or outsourced bookkeeping is the process of delegating your business’s bookkeeping and accounting responsibilities to an outside entity. An external bookkeeper should not compete with internal staff but work with them to improve processes and accounting for the business.
Advantages of external bookkeeping
Employing the services of an external bookkeeping firm has multiple advantages. They include lower operational costs, increased net profit margins, access to detailed financial reports, minimized paperwork burden, time savings, and a guarantee of error-free results.
Additionally, outsourcing your bookkeeping and accounting gives your business the advantage of an outside perspective and frees up your time so you can focus on what you love to do. External bookkeeping services offer you expertise and experience that is valuable and instrumental in long-term business success.
Myths related to external bookkeeping
External bookkeeping is often labeled too expensive and unessential. People also think communication will be difficult if their bookkeeping and accounting are outsourced and handled by someone off-site. People also think external bookkeeping will not add much value to their business and thus overlook the opportunity.
Here at Infinite Accounting Solutions, hiring us to do your bookkeeping ensures accuracy, time and money savings, and a weight off your shoulders.
Even if you do decide to hire an in-house bookkeeper or do it yourself, we can provide training sessions to help you or your bookkeeper enter accurate information to help your business thrive.
We are always available for all questions and comments about your services over the phone and by email. We understand that you may not have all the knowledge about keeping your books and the terms we use in accounting, so we take the extra time to explain it in a way that you will understand.
And if you think our services won’t add value to your business, think again. Having experts keep your books can be the difference between your business succeeding or failing. We keep track of deadlines and save you hours of work so that you can do what you do best to keep your business running smoothly. We also provide you with very accurate, up-to-date information about the financial state of your business so that you can base your future decisions on this information to grow your business even more.
For more information about how we can help you with your accounting needs, reach out to Infinite Accounting Solutions today! We are a renowned bookkeeping firm located in Langley, British Columbia, and we aim to offer you reliable accounting solutions. Our services are designed to accommodate all of your financial activities and free up your time so that you can get back to business, relax when required, and see more of your friends and family. With our efficiency, you also receive significant savings and valuable financial insights to save revenue and invest it diligently.