Accounting and Bookkeeping: What’s Best for Your Small Business?

It’s only a matter of time before all businesses – big and small – start outsourcing bookkeeping, accounting and other non-core functions toBookkeepers Australia. How many businesses do you know that maintain in-house staff for gardening? Why would you expect a law firm, a construction company or an engineering firm, to be any more adept at bookkeeping than gardening?

Why would a small business focus their valuable time and money on bookkeeping – a task which is not related to their core business? Especially, when a bookkeeper these days can be done cheaper and better through outsourcing.

Which Is Right for my Small Business?

A small business can easily comprehend the effects of accurate virtual bookkeeping just as easily as they can see the effects of good gardening. A good virtual bookkeeper would periodically reconcile books against bank accounts so that a small business can start relying on their books. The bookkeeper would also enter customer invoices and report on unpaid invoices. As a business owner, you will always know which customers are behind on their payments. The virtual bookkeeper would enter vendor bills and report on list of bills that need to be paid on a regular basis.

The bookkeeper would process payroll, and file/pay all necessary FICA, FUTA, SUTA and Sales taxes. The bookkeeper would generate accurate financial statements that can be used to make solid business decisions. By outsourcing all these tasks to an outside bookkeeper, the business owner can really focus on the core business competency.

The bookkeeper bring security:

Now, who would have more access to your information and could be far more dangerous. Think about it… an in-house bookkeeper has access to your physical and electronic records. They have access to check books and bank notices.

  • What is the first thing a bank does when they suspect fraud?
  • They mail a notice to you and who reads that notice? An in-house bookkeeper meets and goes out to lunch with your managers every day whereas a remote bookkeeper has very little personal interaction with your managers.
  • Who has a better chance of colluding with your managers and defrauding you? An in-house bookkeeper who has access to your check book and can run to the bank in a moment’s notice.

A remote bookkeeper has access only to your online bill pay system which usually takes 7-10 business days to send checks to another physical US address. Who do you think can cash checks faster and make a run?

Accounting and bookkeeping outsourcing allows a small business to pick from best of breed Bookkeepers Melbourne. You get the best QuickBooks bookkeeping companies at the lowest possible cost. Costs come at a significant discount to in-house staff because you usually pay only for services used. You do not have to foot the bill for vacations, holidays, sick days, lunch time, travel time, turnover, health insurance, office space, computer, power, etc. Best of all, cost savings is only one of the benefits. The real benefit is getting a professional bookkeeper who knows what he is doing!

So, the question really should not be why outsource Bookkeepers Melbourne but when and to whom.