As a prospective client, you are probably nervous about handing your accounting over to a complete stranger. Your books and records are very private, and it can feel like an unwanted intrusion into your business. Below are some reasons to trust your books to an outside bookkeeping firm.
- Cost. If you are a relatively small business (less than $2 million gross annual sales), then you likely don’t need a full-time bookkeeper. Outsourcing to an independent bookkeeper who has other clients is a great way to cut costs. You get the professional service you need, at a cost your business can afford. You also don’t have to worry about not paying someone a “living wage” in this economy as your professional bookkeeper likely has other clients.
- Experience. Chances are that a professional bookkeeper has years of accounting experience behind them, and are knowledgeable in a wide range of practices and procedures. What you may see as a daunting task is going to be a simple, routine thing for a professional bookkeeper.
- Time-savings. This can easily be the biggest reason to have an outside firm handle your accounting. How much time do you spend billing clients, receiving payments, paying bills, etc? How about the time at home, sleepless nights worrying about your business finances? Wouldn’t you like to put that stress off on someone else, so you can focus on building relationships with your customers, and handling the things you really love about your business? A professional bookkeeper entered their business because they love all those accounting things that you don’t. Why not let them do what they love, so you can do what you love?
- Confidentiality. This is a big one, we know. How do you know that the person you hire will be trustworthy? CHECK REFERENCES!!! A professional bookkeeper will be insured against errors and omissions, and will have references of clients that they are currently working with that can attest to their honesty and reliability. They would not survive long if they abused the trust placed in them. Additionally, you have the added benefit that likely you are not close friends with the bookkeeper. You don’t run in the same circles, so there is no reason for them to talk about your business or practices with others. That would be unethical and unprofessional. If you are worried, ask your bookkeeper for a confidentiality agreement that is legally binding and enforceable.