Picture the scene. You have an in-house bookkeeper and everything is ticking along nicely. You have your internal workflows and processes down pat, and you know your financial record keeping is being taken care of by someone you trust.
And then everything changes.
That day you’ve known for a while was coming comes and your bookkeeper approaches you, clutching a picture of a boat, wearing sandals, grinning from ear-to-ear. They’ve decided to hang up their abacus and retire for a life on the open seas.
What now? Do you hire a replacement? Or do you outsource your bookkeeping?
Well, we’d like to make a strong case for the latter. Here’s why:
The Benefits of Outsourced Bookkeeping
1. Cost Effective
According to totaljobs.com, the average salary of a bookkeeper in the UK is £25,000. And this doesn’t take into account the additional costs of taking on a new employee, such as training, benefits, taxes, paid holidays, and sick pay.
What’s more, you’ll need to spend money on the recruitment process, which in turn means time spent away from your day-to-day responsibilities.
By choosing to outsource your financial record keeping, you’ll have one fixed monthly fee and no need to pay anything more, as taxes and benefits will be handled by the outsourced service provider. This represents a major saving for your business, without compromising on the quality of the service.
2. Higher Standard of Training and Expertise
Experienced and talented professionals cost money, and it can take time to identify them and convince them to choose your business over a competitor.
Outsourcing offers you the opportunity to bypass the back and forth of recruitment and negotiation, giving you access to high quality, highly trained individuals who are always learning and improving.
And the best part is, you don’t need to shell out extra for their training!
3. Less Risk
With just one in-house bookkeeper looking after your books, the risk of fraud is much higher. This is due to a lack of dual controls, meaning they could – in theory – steal from your business and cover their tracks. And chances are you won’t find out until many months later.
When you outsource, you typically aren’t dealing with just one employee, but a team of individuals with various roles and responsibilities. These companies have their own controls, processes, and workflows, all of which ensure that the risk of fraud or human error is greatly reduced.
Adjusting to a New Way of Working
The transition from having someone in-house to working with someone remotely might be difficult to begin with, but there are a few things you can do to make it easier:
- Set regular check-ins – Don’t operate in isolation; communicate regularly with your bookkeeper to ensure you’re aware of any upcoming important deadlines.
- Request reports – Make sure you’re seeing up-to-date and actionable information. This will reduce any anxiety you may feel for having someone operating outside of your immediate office environment.
- Ask questions and discuss plans – You’ll have a wealth of experience at your fingertips, don’t let it go to waste. As part of those regular check-ins, ask questions, and discuss the short and long-term plans for your business.
Ready to Outsource? Choose Styles
As part of our Super 6 offering, we want to help you save time and reduce hassle by handling your bookkeeping and accounting tasks on your behalf. If you’re ready to get started, simply fill out our contact form or call us on 01925 761600.