To outsource or not to outsource, that is the question! In all seriousness, deciding whether to outsource bookkeeping is a common conundrum for many small business owners. If you’re a new startup and things are slowly starting to pick up, you might still have the capacity to manage the books and keep everything in house. But as things start to heat up you might need to delegate some or all bookkeeping tasks so you can focus on actually running and growing the business. 

Some of the top benefits of outsourcing your bookkeeping include:

• Save time: Outsourcing allows you to reap the benefits of a qualified bookkeeper without having to pay full-time wages and employee perks. You will only pay for the time they spend working on your accounts rather than the overheads that come with recruiting in-house. The time you gain also allows you to go out and make more money instead of working on the books. 

• Save money: Trawling through statements, logging invoices and processing payroll takes time - time that could be spent working with clients, developing strategies or other core business activities. 

• Get professional advice and insights: Bookkeepers have experience working with different businesses and can offer stellar advice and outsider insights into your business that you might now be aware of. They can make suggestions or offer new ways of approaching tasks that may improve your processes. They can also help you make more informed business decisions.

• Scalability: Bookkeepers can help make the process of scaling your business much smoother such as developing more suitable payroll systems. 

When to outsource bookkeeping depends on your needs, struggles and concerns, but some common examples include:

• You can’t afford to hire a bookkeeper in-house

• You need assistance with periodic tasks such as EOFY reporting 

• You don’t need a full-time bookkeeper but need someone more skilled/experienced than your admin/reception staff

• You’re concerned about compliance and want to ensure your books are spic n' span

• Doing the books is taking up too much of your time