As a small business owner, we’re sure you’ve heard the old adage “time is money.” So if you’re spending your time working on bookkeeping and other accounting services, unfortunately, you are losing money.
It might seem easier to get an insider onto your non-core functions. You may ask your spouse, an employee, or an assistant to do bookkeeping for you. This may prove to be a costly mistake. Financials need to be handled by professionals who have a clear understanding of compliances, requirements and laws.
Small businesses often try to cut costs, thinking accounting is a non-core function that doesn’t need too much investment. Eventually, this thought style becomes a financial burden. Without the support from an experienced accounting team, you miss out on the immense knowledge, suggestions and wisdom that can provide the value your business needs to scale up.
If you’re not convinced on why you should make the shift to outsourcing your bookkeeping, here are a few warning signs that may tell you it’s time:
1. You’re working too much
Is your company’s bookkeeping keeping you up late at night? If you’re sending invoices at midnight and if your work has been flowing into your family and personal time, you surely need support. Yes, long business hours are part of the growth phase of any business, but those should be spent on core functions like strategic planning, training, business development and acquisition, quality control, product development, and marketing decisions. What you should not be spending your late night hours on are non-core tasks such as bookkeeping even if they are necessary functions. If you find yourself slogging through bookkeeping and data entry during late hours, you’re putting your business on the backburner as well as heading towards a burn out yourself.
Get bookkeeping off your plate and into the hands of dedicated professionals across accounting firms in India. These accounting professionals are trained with the accounting processes, tax laws and regulations. They will save you a lot of time and a lot more headaches.
2. You’re bookkeeping during prime business hours
If bookkeeping at 1 am is bad for you and your business, then finding yourself punching in transactions onto a computer screen during prime business hours is even worse. As a business owner, you need to be available for your stakeholders – customers, clients, prospects, employees, vendors, investors – during your business timings. You should be serving your existing clients, digging up new opportunities, developing your product, supervising your team, closing business deals and making things happen.
Bookkeeping should be delegated. You will find extremely efficient bookkeeping services in India that will free up your time and mind space for the role you’re meant for.
3. You experience delays in accounting & payroll
Perhaps you find yourself turning in the accounting reports and payroll a bit late. Or maybe you have a salaried accountant who leaves your company at a payroll standstill when he or she goes off on a vacation for a week. This will not only create a huge accounting backlog, but also create issues for you as an employer and for your employees who are looking forward to getting their paychecks.
When you outsource to offshore accounting services in India, you can relax knowing that your accounting is routinely maintained and your employees are paid on time.
It’s worth pointing out that small businesses like yours have a lot of options when it comes to offshore accounting services especially in countries like India where you not only find highly proficient and academically trained professionals, but also get a high return on investment. Finding the right accounting firm for your business is like having the right guide by your side.
Especially as your business grows, it’s easier to hit the milestones such as a big launch, an audit, leadership change, etc. with outsourced bookkeeping and accounting. Accounting firms also empower you with informed knowledge when it comes to investing your capital. They also evaluate your financial shortcomings and inefficiencies, and help in navigating the liabilities.
Regardless of what circumstances you find yourself in, outsourcing your bookkeeping will save you a lot of time and money – two things you need in abundance as a business owner. With benefits of costing, expertise, efficiency and technology, outsourcing accounting services to India will give you just that.
At BMC SAAS, we provide a 360 degree accounting service to clients around the world. BMC SAAS will be your reliable offshore team managing your accounting operations so you can focus on what you love.
To learn more about how BMC SAAS can help your business, contact us about your business’ requirements.
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