PARTNER WITH A BOOKKEEPING AND ACCOUNTING PROVIDER
Greg Elliott, CPA
March 1, 2019
Your time is valuable. And as a business owner, it’s likely your most in-demand asset. Stop and consider how you spend your time during an average week. Are you doing the things that can enhance your business? Are you working in the areas of the business that best match your skillset and expertise? Don’t worry if the answer is NO. Most business owners would say the same thing.
This infographic from the National Federation of Independent Business shows the survey results on how business owners spend their time. Not surprisingly, administrative tasks like bookkeeping are listed as the #2 time waster. When you consider how much you could earn for your company during the hours upon hours you spend mired in tasks like itemizing expenses, paying bills and sending invoices, you are working at an expensive rate. At tax time, it goes up exponentially. Turning these tasks over to an outsourced provider frees up your time, allowing you to focus on what you do best – running your business.
Depending on the size of your business, an outsourced accounting provider may deliver more value for your company's dollars than hiring an in-house staff person. Consider that the full cost to hire an employee will include recruiting fees, salary, and benefits of 1.25-1.4 times the salary. Partnering with an outsourced bookkeeping and accounting provider can provide several benefits beyond the cost savings of salary alone. These include:
- A fully dedicated team of experts in payroll, accounting, taxes, and tax strategy/planning
- Customizable and scalable services – pay for only the services your company needs, when you need them, and add more services as your business grows
- Knowledgeable experts current on all financial regulations – the constant changes to compliance rules, technology updates, and a competitive job market make it difficult to find, train, supervise and retain the right people
- Continuity of staff – this allows for cross training as well as succession planning, and provides an additional level of knowledge and experience so you can be confident in the accuracy and efficiency of your financial processes
- Reduced risk – when you hire an outsourced firm to handle your finances, the burden of risk shifts from you to them; they are responsible for keeping up with ever-changing tax code and regulations to ensure compliance
- Timeliness – an outsourced firm will send timely and accurate financial information, allowing business owners to better plan and prepare for taxes and audits and avoid unnecessary costs such as tax penalties and regulatory fines for non-compliance
Ultimately, outsourcing bookkeeping and accounting services allows business owners to spend their time ON the business rather IN the business. Reimer, McGuinness and Associates offers expert bookkeeping, accounting and tax services through our BOSS™ service – Back Office Support System. We offer BOSS at three levels to fit the diverse needs of our clients. Our goal is to take care of your business by providing financial and strategic information that will allow you to make more informed decisions. We welcome the opportunity to hear about your business and where we can make a positive impact. Greg Elliott runs our BOSS group, contact him directly at 713-590-3025 or firstname.lastname@example.org.
ABOUT THE AUTHOR:
Greg Elliott is the Accounting Manager responsible for the accounting, payroll, sales tax and bookkeeping for the clients of Reimer, McGuinness & Associates, P.C. Greg is a native Texan and received degrees from Texas Tech University and the University of Houston. Greg is a licensed CPA and a Chartered Global Management Accountant as well as a Realtor.