When it comes to running your business, there may come a time in that you need to move from DIY bookkeeping to a more professional service. Perhaps this is due to more complex needs in your finances. It might be that that you need to free up time to focus on other elements. Hiring an accountant to take care of your bookkeeping is a big step and one that may be too costly for your business. However, there are options to outsource bookkeeping needs, which may be the next step for your business.
1. Use the Services of a Local Freelancer
A freelancer can be a fantastic option by providing an outsourced bookkeeper who can still provide a personalized approach. They can directly address your needs. This option may suit a smaller or niche business. As well as this, freelancers rely on returning clients and keeping a good reputation. That means they have an incentive to strive for exceptional service.
It is important to note that you will be placing a lot of the needs of your business on one individual. Freelancers can vary in their level of skill and experience. With that in mind, be sure to invest a lot of time identifying the needs of your business and choosing the right person to address them.
2. Outsource Bookkeeping to a Local Company
Professional companies can make guarantees that individual freelancers cannot. For instance, they will have minimum requirements for employment so you can be assured a certain level of qualification. As a team means they can offer more reliability. In the absence of your regular bookkeeper, another employee can fill their place so there will be no gaps in your service. Employees of different types and levels of experience mean that there will be people on hand if any issues arise.
These companies will have more overheads, so they will likely be more expensive than using a freelancer. However, if reliability and consistency are important, a local company could be the way to go. You have a higher level of overall security with this choice.
3. Use a Virtual Bookkeeper
Virtual bookkeeping can be a very economical option to outsource bookkeeping, in part because of its flexibility. These companies can cater services directly to your needs allowing you to save money. Some virtual companies can offer other benefits, such as 24/7 working hours, meaning they can provide support at any time. You can have constant access to your financial information and round-the-clock assistance.
Because these companies can hire remotely, they have more choice in who they hire compared to a location-based company. That can offer a skilled staff with a vast amount of specialized experience. The trade-off is that these services cannot offer in-person meetings, so you need to consider whether this is necessary for your business. If so, a local company will be the better choice.
Having good financial services is a keystone for a successful business. Mistakes in bookkeeping can be costly, and proper financial records are essential to plan and make effective decisions for the benefit of your company. Therefore, you will want to spend some time considering these options and choosing the best one for your business.