There are a million and one tasks that require the attention of a business owner. Arguably, the bookkeeping is one of the more important tasks. Yet, many small business owners are not experienced in managing their bookkeeping, especially with the careful tracking needed for business accounting.
Bookkeeping software seems like a natural solution, but it may not be the best answer to your accounting issues as a small business owner. Instead, choosing a bookkeeping service can free up your time, save you money in the short- and long-term, and many other benefits.
Outsourced Bookkeeping Is More Affordable
It may seem counter intuitive, but outsourcing your bookkeeping can be far more affordable than simply purchasing bookkeeping software to take care of it yourself.
For one thing, there are many different levels of bookkeeping software. The pricing of bookkeeping software can vary widely, but if you opt for more affordable bookkeeping software, you may not have all the features you need. This restriction can leave you without the proper financial tools to manage your business properly.
By outsourcing your bookkeeping to your local Cedar City accountant, you can relax, knowing that our accountant has the best bookkeeping tools available. That way, you don’t have to invest in software that may not be what you ultimately need.
Free Up Your Valuable Time
The time you spend taking care of your company’s bookkeeping may be better spent on some other aspect of your business. From marketing to providing services or products, there are other tasks that take up the time of a small business owner.
But if you are spending hours reconciling bank accounts, balancing the general ledger, chasing down accounts receivable, and other common bookkeeping tasks, you won’t have the time you need to effectively run your company. Even with bookkeeping software, you still have to take care of the bookkeeping yourself, even if some of the processes are streamlined.
Instead, you can leave your bookkeeping in the hands of our qualified accountant and focus your attention on tasks that need your attention more.
Enjoy Human Oversight
As long as there is nothing egregiously incorrect with your bookkeeping, your average bookkeeping software will not recognize the issue. However, there are a number of errors that can slip by software that has no other human oversight than your own. With no one else to review your bookkeeping, expensive mistakes can be made.
By opting to outsource your bookkeeping, you can be reassured knowing that an experienced accountant is reviewing your accounts, and an accounting firm will often have multiple check system to catch any errors.
Accurate Financial Reports
Part of the importance of keeping up with your bookkeeping is that these records help to create an accurate picture concerning the status of your business. But, if you haven’t updated your bookkeeping software with the latest information, you won’t be able to have an accurate overview until you do.
Also, not all bookkeeping software is able to generate the financial reports you are looking for when you review your business. Depending on your needs, our accountant should be able to create the financial reports you need to assess the viability of your company.
Better Employee Payroll And Benefits Tracking
One of the highest predictors of employee satisfaction is being paid on time. However, getting payroll completed on time can be difficult if you have other tasks that require your attention. Even with bookkeeping software, you will still need to input employee hours, ensure that pay rates are correct, review tax withholding’s, and double-check benefits accrual.
As payroll is often every other week, it is easy for this task to sneak up on a busy company owner. Instead of having upset employees due to late paychecks, using our payroll services, you can ensure that your employees are paid on time, and the associated benefits are accurately tracked.
Easier When Tax Season Arrives
Making sure that all your financial records and bookkeeping is successfully transferred to your accountant during tax season can be a massive hassle. It can become even worse if your bookkeeping software is not compatible with what your accountant uses.
Rather than go through all that stress, you can leave your tax preparation and filing in the hands of the accountant who is already taking care of your bookkeeping. That way, you won’t face the same kind of stress that other business owners who DIY their bookkeeping.
Greater Security With Outsourced Bookkeeping
How confident do you feel about storing all your financial information on your home computer or laptop? Considering the ease at which computers are infected with spyware and malware, it is a gamble to use bookkeeping software on unprotected devices.
At an accounting firm, the best security is used to protect client information. Also, as these computers are not used recreationally, there is a far lower chance that they could be potentially infected.
Have An Experienced Accountant On Your Side In Cedar City
If you would like to work with our accountant, and see how our bookkeeping services can improve your business, feel free to contact us. We look forward to helping you optimize your company’s finances.