4 Signs That You Should Outsource Your Organization’s Book-Keeping Services

For most of the business owners, bookkeeping is the least exciting topic. When it comes to their products and services, they can talk tirelessly for hours together, but when it comes to accounting debits and credits, they start sweating. Even though they hate it, maintaining books timely and accurately is a necessary vital to keep their business afloat.

Today, you have options of outsourcing your non-core business processes. If you see the following signs, understand it’s time to outsource your company’s book-keeping services.

Hiring Accounting Team In-House Is Not Feasible

You need the services of an entire team, which includes a controller, CFO and staff but don’t have enough budget to hire them. It is also possible that you have a small business right now and don’t have enough work to keep a full-time accountant occupied. In both these scenarios, it is better to outsource your bookkeeping process.

Missing on Tax Savings

When the accounts are prepared by a non-professional person, it often happens that the expenses are not classified under proper heads. This leads to missing out on the potential tax savings as some of the deductions go unreported because of the improper classification.

Plan to Raise Capital

If you have the plan to raise some capital from the market for the expansion of your business, then you need to hire the services of a professional bookkeeper. The accounts managed by professional firms look completely different and you need that professional look as well as books that are free from obvious inconsistencies, errors etc. for raising capital.

Smell Fraudulent Activities

Usually, small businesses that employ less than 100 employees are more prone to fraudulent activities. This is because they can’t afford a controller or a CFO to catch hold of any abnormal activity happening in transactional or billing data. The process, when outsourced, results in timely audits and implementation of fraud protection control methods to keep a check on such fraudulent activities.

When you experience any of the above-discussed signs, understand that it is time to outsource the process.