If you are constantly worried about your books of accounts failing to add up correctly, or want to spend time growing your own business without worrying about the mechanics of balancing the accounting books, you are in luck – online accountants are all the rage these days. It is costly to make accounting mistakes after all, no matter how minor they may seem – because it adds up and results in bankruptcy or audits being done.
Many companies have a variety of reasons why they choose to outsource bookkeepers. Even though this comes at a cost, it is for the benefit of the company, and that can apply to your business as well. Here are some reasons why many business owners are choosing to get freelance bookkeepers.
They help in achievement of professional-quality jobs
It is not easy to handle accounting jobs, and they can quickly grow tedious – especially for a company that is seeking to grow in all its areas. If one mistake is done, then the company must bear all the consequences – and yet, this is a very high price to pay. This makes outsourcing the service very attractive for a company, because it minimizes the mistakes.
Hiring a finance expert who loves their job is an attractive thing, because the bookkeeper is less likely to make mistakes, even seemingly minor ones like double entries and missing entries.
It allows the company to focus on other tasks
As we mentioned before, the process of bookkeeping is tedious and time consuming, and a company can only afford to focus on so much before getting derailed on other important issues. Therefore, freelance bookkeeping job is becoming increasingly important, because it lets the company focus on other matters away from finance and accounts.
The company gets an independent review and suggestions from the bookkeepers
If you employ someone permanently in your company and they are the ones keeping all the accounting records, chances are high that they will have a biased opinion of your company. Additionally, there are also chances of mistrust or a conflict happening when they do not agree with another employee or you when it comes to the issues of what is best for your business.
Therefore, it is always better to get a bookkeeper that is impartial and independent, as they have no expectations or bias filtering into their work.
It is cheaper in the long term
There are many business owners who make the mistake of making decisions without a solid grasp on the facts and figures of their company, as they fail to look at their budgets or the progress of their budget, until they suddenly realize the funds are too low.
Because of this, it is essential to always have an independent person to check your financial status and accounts, and give you honest opinions about where and how to invest. This will ultimately reduce the total operation cost of the company, and bring more revenue to the business.
It is also cheaper to outsource freelance bookkeepers in the long term rather than having permanent bookkeeping staff in the company, as you can negotiate the fees with them and have them work on a short-term project before moving on to something else.
It reduces chances of taxation problems
Through entrusting a bookkeeper with all accounting tasks of your business, the company does not need to worry about making and submitting tax and revenue reports of their operations to the government. In the long term, this is a major benefit of getting the service, because the business will not need to start filing reports close to or on the deadline.
The company can hire a bookkeeper that fits their needs
Depending on the complexity and size of the company, the bookkeeper can be hired on a temporary, part-time, full-time, or contractual basis, and each option has its own advantages.
If the company is still small, for instance, it is always best to hire on contractual basis, because it allows the bookkeepers to maintain a high level of objectivity in their work. The problem is that they may be unaware of the company’s details because they are not employees.
In conclusion, these are some reasons why companies are increasingly interested in hiring freelance bookkeepers, because it provides them with more advantages that they might not achieve on their own.