10 Reasons to Consider Outsourcing 10 Reasons to Consider Outsourcing Your BookkeepingYour Bookkeeping

o Expect to see a small cost savings by outsourcing, but don’t make this the primary goal.

o Primary motivation for outsourcing should be getting better financial reporting and advice. One key piece of advice now could save you tens of thousands of dollars later.

Manage less staffManage less staff

o Consider hiring as many people as you can manage to carry out revenue-generating tasks and outsourcing other functions, including bookkeeping.

o A professional bookkeeping company will shoulder the responsibility of replacing bookkeepers who leave and conduct necessary training.

Own lessOwn less

o Apart from the upfront cost of purchase, troubleshooting these systems will add expense and require the business to learn new non-essential competencies. Outsource bookkeeping and you outsource ownership.

o You save more than salary by outsourcing. Factor in employer taxes, health insurance, travel insurance, worker’s compensation, vacation pay and retirement benefits.

Increase effectivenessIncrease effectiveness

o Counting money won’t make

more money. If you have spare

time to build in-house accounting

teams, inject it into the areas of

the business which make money

like your sales team. Outsourcing

is not a perfect system, but

compared to the alternatives its

far more effective.

Maintain your passionMaintain your passion

o There is nothing worse than an unmotivated leader to bring down

the morale of the whole crew.

o If you are still doing the books each month, stop today. Maintain

your passion and do what you love most. You will excel at what

you love most and are more likely to remain motivated.

Value creationValue creation

o To engaging an outsourced bookkeeper, physically restrict the

number of hours you are exposed to bookkeeping per month. For

most services businesses, one or two days per month is adequate.

Tasks take as long as the time allotted to them. A full-time

bookkeeper will occupy part of your day, every day. Outsource

and instead focus adding value to your client’s business.

Profit-per-square-footProfit-per-square-foot

o Rent constitutes one of the largest fixed costs for businesses. You

want to maximize every dollar of this expense item and ensure the

space is occupied by sales teams or producers who directly

contribute revenue.

Keep PrivacyKeep Privacy

o You may want to keep the books

confidential. One of the most

outsourced financial functions is

payroll. This is because payroll is

complicated and many firms do not

want to share salary details with

internal stakeholders. By outsourcing

bookkeeping, the accounts are one

step removed from your staff.

Unbiased adviceUnbiased advice

o In times of financial crisis, tough decisions need to be made. An

outsourced bookkeeper will be more impartial than an in-house

person, and will probably give you unbiased advice. Suppliers are

also easier to let go of than full-time staff.

Improved controlImproved control

o Despite how it may appear, an outsourced bookkeeping company

should provide you more control.

o When choosing a bookkeeping company, look for value in their

advice and practices.

Contact usContact us

IBN Technologies Limited CYBERNEX, 4th Floor, 399, Shankerseth Road, Beside Vega Center Swargate, Pune, Maharashtra – 411037

Phone :+1-844-644-8440 E-mail : info@ibntech.com