Outsourcing grants businesses the freedom to dump non–core, yet important sectors of its administration on companies specializing in that area.
1. Outsourcing frees up time and resources that allow you to focus on your business core activities.
2. Outsourcing saves you money in payroll costs.
The expenses for an employee-bookkeeper include wages, paid time off, payroll taxes, unemployment taxes, worker compensation insurance, and benefits. In addition, you must provide work space, office furniture, office supplies, software and computers. The average Here’s why you should consider outsourcing:business owner spends five or more hours per week managing bookkeeping personnel. By outsourcing your accounting functions, you receive services from a professional at a fraction of the cost.
3. Outsourcing your bookkeeping is a much more effective way to organize finances for the Tax Man
The Canadian Revenue Agency is much more likely to accept the opinion of a reputable bookkeeping service than an in-house company accounting assessment. A professional bookkeeping company will be able to organize records in a way that they will be able to understand. In short, bookkeeping professionals speak the language of the CRA. Most business owners do not, nor do they have the time to learn it.
Saving money on taxes and saving time on potential audits one of the biggest ways to save money as a small business owner. A great majority of small businesses that fail do so under the weight of a tax burden along with other expenses.
Outsourced bookkeeping is a true cost-reduction benefit for small businesses.