Original content provided by BDO Canada
Deciding to use outsourced bookkeeping services is a significant step for any organization. Using a third party can help in ways big and small, obvious and hidden. For an organization’s leaders, the key is to assess whether a full-service bookkeeping solution fits the specific needs of the organization.
To help you assess the benefits of outsourcing your bookkeeping, we have put together this infographic outlining the top 10 reasons organizations outsource their bookkeeping - and what your organization could gain by doing the same.
1. Focus on your core
Business leaders and owners do best when doing what they do best. By outsourcing the bookkeeping function, you can devote your attention to taking care of everyday operations and growing the business.
2. World-class talent
Finding top-flight bookkeeping talent can be a challenge. In fact, the profession is not regulated, which only intensifies the challenge. By outsourcing bookkeeping needs to the right provider, businesses gain access to world-class talent with industry experience, at a fraction of the costs.
3. Staffing coverage
It’s not just the quality offered by a bookkeeping provider - it’s the quantity. Many business leaders dread not having access to a bookkeeper when their business needs attention. Among the specific challenges: staff turnover, vacations, illnesses and seasonal peaks. An outsourced bookkeeping provider offers a dedicated team and the staffing coverage a business needs without the hassle or overhead.
4. Avoid getting blindsided
Tax changes wait for no one. The risks of falling out of compliance with the CRA become real all too quickly the moment penalties and interest are charged. Outsourced services help ensure someone has eyes on the tax landscape at all times.
5. Turn data into deliverables
We live in a data-driven world. The problem for businesses? Accessing data in a way that informs meaningful decisions. A cutting-edge bookkeeping provider will offer crucial visibility on your KPIs - which can then be used to improve operations and profitability.
6. Secure financial info
An organization’s financial data is vulnerable to breach. Securing that data - and protecting the business - adds a layer of complexity to business operations. That’s why many businesses hand off the hassle to a third-party provider that makes security its concern.
7. Increase profitability
Outsourcing the bookkeeping function shouldn’t come down just to cost the business is too important for that. However, outsourcing can save businesses money - both on overhead and on hidden costs such as fraud, fines and errors.
8. Services that scale
Many business owners outsource their bookkeeping with an eye on the future. As companies grow, their bookkeeping needs grow at the same rate. These are good challenges to have - but they are still challenges. Outsourced bookkeeping is a solution that can scale with the business.
9. Free up internal resources
Organizations have a finite number of employees. By moving the bookkeeping burden to a third party, companies can allocate employees to value-add tasks in the business.
10. The transition may be easier than you think
For all the many reasons to outsource the bookkeeping function, business leaders often raise a valid concern: how will a bookkeeping provider migrate my data and how long will the process last? Before deciding to outsource, businesses should ask their provider for a transition plan. The good news: The technology used by today’s top bookkeeping solutions makes the transition surprisingly quick and the business disruption minimal.