Many of the businesses today face a common enemy – maximising efficiency. There is so much noise surrounding businesses today that sometimes, focusing on what is important for the company is difficult to pinpoint.
So many businesses strive for efficiency and one of the ways to do this is to hire professional and reliable bookkeepers.
Bookkeeping: Inhouse or Outsourced
Having a bookkeeper takes so much time and stress off a business owner’s shoulders. Yet one of the areas of discussion is whether or not a company should hire an in-house accountant or bookkeeper or outsource the work.
The answer depends on what the business needs are and where it could benefit most from.
For businesses that have complex accounting and bookkeeping processes that also require a lot of interaction within the company, going in-house makes sense. However, if the accounting is straightforward, outsourced bookkeeping makes sense.
Generally speaking, more and more companies in Brisbane have started to benefit from maximising their business efficiency by choosing to outsource the financial aspect of their business to reliable bookkeepers.
Essential Need for Bookkeepers
Efficient businesses ensure that all aspects of their businesses achieve increased profitability, customer satisfaction, market competitiveness, and growth.
In the financial management aspect, reliable bookkeepers help keep the books updated. Therefore, financial reports are updated as well, making them a reliable source of financial information for business owners to make decisions.
Timeliness in financial reports minimises the incurrence of lost opportunities. By having a snapshot of the overall health of the business, sales are tracked, and expenses are controlled. All of these will result in better cash flow management and increased profitability.
In the midst of all this, it is the bookkeeper’s job to make sure that transactions are entered correctly into their respective accounts, invoices are billed and payments are collected, vendor payments are done and not paid twice, etc.
Ways A Bookkeeper Maximises Business Efficiency
Decreased Expenses
The average salary in Brisbane for an average accountant is between $70,000 to $90,000 annually. That is just salary. When hiring an accountant in-house, other benefits need to be factored in as well such as insurance, sick or vacation days, equipment, etc.
Paying a reliable bookkeeper is less and you do not have to pay for benefits, equipment, and other overhead costs. That’s a 40% – 50% of cost savings.
What’s more, is that you can hire someone whose sole focus is maintaining the accuracy of your books.
Minimised Errors
With the hiring of reliable bookkeeping firms, you can be assured that all their attention is focused on the task. With a team of experienced and reliable bookkeepers, costly mistakes (small mistakes that add up to costing the business more) will be avoided.
Experienced bookkeepers avoid the mistakes made by new accountants who are still in training and lack the same level of knowledge experienced bookkeepers already have. Erroneous postings and double transactions will be avoided, and the cost of penalties and fees for late filing of taxes will be avoided as well.
Flexibility in Services
If your business does not require to hire a full-time accountant, you don’t have to subject yourself to the cost of getting one. The efficient solution is to hire a reliable bookkeeper instead.
The advantage of hiring an outsourced bookkeeper is they only need to work as they are needed. That can either be a weekly or a monthly commitment.
Not only that, they are experienced in their field. So if you just need someone to do the payroll, you can get that service alone. The same goes for just needing someone to invoice or get the financial reports up to date.
Overall Increase in Efficiency
The core concept of efficiency is the avoidance of wasting resources – money, people, and time. If the responsibility of bookkeeping and other areas of accounting are removed from the hands of the employees, they are better able to focus on more productive tasks and work alongside the management in achieving the goals of the business.
Ultimately, employees and business owners can do more because they know where to focus and where not to worry because they have reliable bookkeepers who work with them and will provide whatever financial information is needed at any point in time.
If everything else in the business works in symphony with the goals set, it further leads to business efficiency.
Final Thoughts
Running an efficient company is not impossible with the help of reliable bookkeepers. When each of the members of the company is given their goals and if business owners are helping them achieve them instead of constantly worrying about the financial health of the business brought about by the lack of bookkeeping help and no clarity of the current financial situation, business growth will surely be achieved.
