As an entrepreneur at the helm of an SME, it’s easy to feel like outsourcing your bookkeeping is an investment that you can’t afford to make. Many fall into the trap of presuming that getting the help of professional bookkeepers is reserved only for larger businesses. The truth is quite different.
Outsourcing offers a number of benefits, but there are unique positives which apply specifically to SMEs. So, here’s why you should start outsourcing as soon as possible.
Building your infrastructure
Structuring your business finances can be a difficult task. The sooner you start getting professional help, the sooner you can streamline your bookkeeping processes. Ultimately this is going to save you both time and money, making the initial investment required seem very affordable. Start as you mean to go on, and avoid allowing costly mistakes to become a habit. It’s much more difficult and time consuming to retro-actively make changes to your bookkeeping process, so the sooner you can start doing it professionally the better.
Getting the breaks
Outsourcing to a bookkeeping professional means you will be able to enjoy financial benefits and breaks that you might not even have known you were able to receive. This might take the form of tax breaks or unconventional deductions, and maybe even entrepreneurs’ relief, grants or funding. As your business is in its first stages of growth, any help you can get is going to have a highly positive effect. Consulting with a bookkeeping specialist can also help relieve the pressure of managing any purchases you might have to make, such as equipment.
Managing employee pay
If you haven’t got any employees yet, as your business grows you’re going to have to think about it. Managing pay can be a minefield, especially if you have no previous experience. If you’re already outsourcing your bookkeeping, you’ll be able to get help setting up a reliable and intuitive payroll system. There are few ways to more quickly make employees unhappy than by not being able to pay them on time, every week/month. This will also ensure you seem more professional to prospective job hunters, allowing you to attract better candidates.