In-house bookkeeping when not completed by a qualified bookkeeper can contain errors and costly mistakes, after all we are all human. When someone in the office is handling the business bookkeeping as a side job so that your company can save money, it can end up being an expensive lesson.
If you have found that your errors are becoming costly, it may be time to look at outsourcing your bookkeeping. The Internet offers a variety of virtual resources from all over the world with many outsourcing companies more competitive than employing a full time qualified member of staff.
Why should I keep my bookkeeping in-house?
Keeping your bookkeeping in-house allows you a level of control, you can input your own details and figures and basically the buck stops with you. You can ensure all of your tax returns and payments are made on time, in-house bookkeeping is a good option if you have lots of employees and can afford to have an entire department dedicated to looking after your financial interests. Your accounting needs may be complex or specialized, if this sounds like your business then outsourcing can be costly. Keeping your bookkeeping in-house also allows you to set daily or weekly tasks for your staff members, or arrange meetings to keep everyone in the loop with regards to company matters. An in-house bookkeeper or accountant will be loyal to your business as well, whereas someone brought in on a temporary basis probably has many other clients to deal with, some of which may demand more of their time.
On the negative side, as a bookkeeper, certain times of the year may be busier than others, and you may feel you are paying for somebody isn’t beneficial to your business during quiet periods. This can be turned around by allowing your bookkeeper to stay up to date with new legislations, new software and courses, they could even train others in bookkeeping or the accounting software.
Employing an in-house bookkeeper also means paying a regular salary, benefits, office space and for new accounting software and updates. Outsourcing alleviates this issue.
Why should I Outsource my Bookkeeping?
This is a decision which should never be taken lightly, after all you are handing the outsource company the financial details of your entire business. Not to mention your employee’s personal data.How can you trust them to keep everything confidential? Make all of the relevant checks on the company, research them, speak to their clients – dig deeper on their website and social media, make sure they are who they say they are and they have the right reputation to complete your tasks. Also compare which bookkeeping services they are offering you for the price they wish to charge, then shop around. If they seem slightly more expensive but have fantastic reviews and testimonials, then it may be worth paying extra. Ensure that your outsourcing company has the right qualifications and accreditations to take on your work and check in regularly to keep on top of things.
There are many good bookkeeping outsourcing companies out there, weigh up all your options and speak to companies like Bookkeepers Melbourne and they will be happy to give you some friendly advice on the best way forward for your business.