Outsourcing of bookkeeping and other expert services is gaining a considerable foothold among business owners. Maybe you’ve been thinking of outsourcing for some time or considering it for the first time. Either way, you might find you’re hesitant to take the leap because of the related myths.
Frequently regarded with confusion, indifference, or outright fear by numerous entrepreneurs, the misconceptions and myths regarding outsourced services abound.
Bookkeeping is an essential, yet time-consuming part of a business. While outsourcing this service offers various benefits, various myths pose a barrier that could potentially hold your bookkeeping back. Fortunately, this guide will help debunk these myths.
1. Loss of Control
No entrepreneur likes the idea of losing control over his or her business. However, you must understand that outsourcing implies a tighter rein on your business. Once book maintenance is out of the way, you’ll have time to concentrate on other tasks and control your business.
Furthermore, you’ll be in a better position to make informed decisions. Numerous business proprietors think that outsourcing means ultimately relinquishing internal control. However, keeping your books in order means you’ll gain control through an improved understanding of your business’s financial position.
2. Security Concerns
Due to the confidential nature of a business’s accounts, it’s only natural for you to worry about the security of your financial information when you share your books with an external accounting company. It’s important to keep in mind that no data is 100% safe-whether it’s offline, online, or jotted down in a book.
The security measures implemented by the established services are dependent on the latest technology available. You’re just as likely to face a security breach within your office or home environment as you are when conducting business with a competent outsourced bookkeeper.
3. Bookkeeping and Accounting Software are Adequate
Technology has altered the face of bookkeeping and different software has made bookkeeping and accounting easier. However, the software may at times be insufficient because you might lack the expertise to capitalize on the equipment.
Furthermore, your finances will need more work as your business grows. Therefore, you’d rather invest in outsourced bookkeeping services. There’s no denying that tools such as QuickBooks are great, but this doesn’t mean you know how to capitalize on them.
Numerous small business proprietors don’t capitalize on the full potential of their accounting software. Those who do usually spend more of their time bookkeeping than they ought to. Remember, the more your business grows, the more complicated your finances will inevitably become. Instead of trying to guess, consider the services of experts who have the time and necessary skills to maintain your finances.
4. Trust Concerns
Although there’s a tendency to think that nobody could possibly care as much about your company as you do, bear in mind that the same applies to the experts who offer outsourced assistance. Several of these people are business proprietors like you, and they’re equally concerned with sustaining the highest degree of customer service possible like you.
Simultaneously, the objective approach adopted by these expert contractors implies that they’re more likely to identify any strange business activity within your company. That means you’ll be identified of these occurrences quicker and you’ll discover they’re better equipped to propose more efficient ways of managing your financial affairs.
5. Outsourcing is Only for Huge Companies
This is untrue. Outsourcing has more recently become a choice for bigger companies interested in lowering costs, but that’s not the usual case we see. In fact, outsourcing initially became an option customized for smaller businesses that had no other alternative. These small businesses were often too large to keep up with all of their financial activities and too small to afford trained employees to do it for them. In other instances, employees handling financial activities were often overwhelmed and outsourcing allowed them more time to focus on more important matters.
6. Outsourcing isn’t Worth the Money
If you think about the amount of time you spend on bookkeeping daily, you’ll realize that you would rather invest that time elsewhere. You would rather allocate that time towards something that could result in greater profitability for your business. In this case, you’ll quickly realize that outsourcing is worth the investment.
Bookkeeping is a vital part of running any business. However, the task can be tedious and time-consuming, prompting numerous businesses to outsource. Nevertheless, many are reluctant to outsource because of the related myths. If you’re among those who are hesitant to outsource, this guide will convince you otherwise. If you’re among those who are not hesitant to outsource and are looking for the optimal solution, get in contact with one of our Client Relationship Managers and we’ll be happy to help find the best-fit solution for you.