Growing small businesses will take on more work as their customer base expands. From a small team of four, an owner might see their employee numbers increase in line with an increase in the number of customers. In such cases, there might be employees doing redundant work and others juggling too many tasks, some of which might be out of their area of expertise.
One of the tasks that requires meticulous attention is bookkeeping. You need accurate and up-to-date accounting records so that you can review business performance and make informed decisions about your growing business.
Multitasking can be a problem
Employees that multitask are more likely to make mistakes, especially if they are carrying out work where they lack experience and skill. The increasing number of transactions you make as your small business grows means that bookkeeping will take up more and more time.
If you ask an employee who does not have the necessary knowledge or skills to do your bookkeeping (or you do it on yourself), your accounting records could end up littered with mistakes and omissions. You should also consider other factors such as fatigue, burnout, lack of focus, and inefficiency - which are all compounded by multitasking. Error-ridden financial records can lead to poor decision making. You might miss an opportunity to grow your company, misallocate resources or miss signs that your business is at risk until it is too late.
Why should you update your accounts regularly?
Updated accounting records act as your source of financial information about the trajectory of your small business. You use them to determine which aspects of your business need more resources and if you are properly maximising resources. Mistakes in your accounts can lead to financial decisions that result in poor business performance or worse, lead to its failure. You might also incur penalties for providing inaccurate accounting records.
You need to update your accounting books regularly. This allows you to access real-time information about your company's financial position and performance. You can make decisions about marketing, sales, product development and others when you have the financial data to support your strategic choices. However, you should not leave this task to an inexperienced employee. You might want to consider outsourcing your bookkeeping to an experienced service provider.
Outsourcing your bookkeeping function
Outsourcing is a viable and very affordable solution for those who want an experienced accountant doing their bookkeeping. For small businesses who want their books regularly maintained without worrying about the cost outsourcing is a cost-effective and reliable option.
Outsourcing is a proven strategy used by many business, big and small. Outsourcing your bookkeeping will give you the same or better results compared to in-house employees by connecting you with experienced bookkeepers who can oversee your accounts and provide a quality service. This enables your team to concentrate on what they do best rather than giving them extra work that makes them inefficient and less productive.
Business continuity and seamless customer support
Outsourced bookkeeping can offer seamless business continuity by ensuring all your bookkeeping needs and updates are met by setting-up automated bookkeeping processes that simplify recording of recurring transactions. Doing so means your books are updated quickly and efficiently so you get a really affordable bookkeeping service without sacrificing quality.
Cloud-based accounting software provides access anytime and anywhere. You and your employees can access your accounting records at your own convenience. You can work remotely while you review your accounting books and make financial decisions about the direction of your small business.
Outsourcing your bookkeeping tasks to a trusted provider such as Robookkeeper will allow you to direct all your efforts into growing your small business. You won't have to worry about errors in your accounting books as you can rest assured that your accounts are in the hands of the experts.
Sponsored post. Copyright 2022. Article made possible by Robookkeeper. Their very affordable bookkeeping service caters to the needs of small business owners.