A guide for outsourcing your bookkeeping
If you are getting overwhelmed by the amount of work you are doing as a business owner and are struggling to focus your attention on important matters because you spend so much time handling finances, then it could be a great idea to outsource your bookkeeping. 3rd Arm Admin answers all your questions about the benefits of outsourcing, how to choose the ideal bookkeeper for your business and what tasks a bookkeeper can do for you! Let us help you figure out the best solution for your needs!
The benefits of outsourcing your bookkeeping
You can choose from two options after you have decided to move bookkeeping off your plate: You can either hire an in-house bookkeeper or outsource the job to another company. An additional staff member can be a great choice for larger businesses that have the financial capacity and space in their office to accommodate a new team member. However, many small to medium businesses might not be able to afford this luxury, and for them, an outsourced bookkeeper can be an excellent solution. Alternatively, in todays employment market there are more and more large corporates that are choosing to outsource sections of their bookkeeping also. This gives them expertise and certainty without having to worry about the staffing issues. Here are some benefits that these professionals can offer for your business:
• You can spend more time on growing your business, as the financials will be taken care of by someone else.
• You can be sure that your books will always be accurate and done on time, as professional bookkeepers have all the necessary tools and knowledge to do the job efficiently.
• Outsourced bookkeeping is flexible: You don’t have to hire a full-time or part-time employee! You can scale their work as it comes in. You might need more support towards the end of the financial year when you can easily increase the number of hours that they work on your business.
• Outsourcing can be more cost-effective than hiring an additional employee. They can do the job remotely and as it comes in. So you don’t need to pay the salaries of a new team member.
• Outsourcing to experts means you are getting someone who lives and breaths bookkeeping. They will be on top of the everchanging technology market and legislation requirements.
What tasks can an outsourced bookkeeper do for you?
Think about what jobs you would like to outsource before selecting a company. Many bookkeepers can also do accounting, taxes and payroll on your behalf, so it is a great idea to put together a list with all your needs and then start searching for a suitable service provider. At 3rd Arm Admin, we can do the following tasks for your business:
• Dealing with sales invoicing and debtors: We ensure that there are no late payments from people that owe you money to help keep your cash flow in order. Our team sends the monthly debtor statements, chases up outstanding payments and ensures that all jobs are invoiced in a timely manner.
• Dealing with creditors: 3rd Arm Admin ensures that you don’t have any outstanding invoices by completing monthly creditor reconciliations, loading the payments from your accounting software, and ensuring that we use technology to make sure all your invoices are filed in your accounting software.
• Bank reconciliations: If there is one thing that must be done regularly its entering the banking details. Using bank feeds which is available in most online software is great and necessary for up to date and accurate information but it only works if this is kept up to date. We regularly see people not completing bank recs and therefore transactions are missing and data is inaccurate. Its pretty embarrassing when you’re chasing outstanding payments only to find the money has actually been in the bank for weeks.
• GST & FBT: We take care of your GST and FBT returns and fix any errors to ensure that you are filing accurate returns on time.
We are also able to complete all payroll tasks, set up your accounting software and be your virtual assistant. Let us know your needs, and we will be happy to help in any way we can!
Outsource your bookkeeping to a company that cares about the success of your business!
Before selecting the company that you outsource to, make sure that they care about the success of your business and have the necessary skills and tools to perform the work to the greatest standard! At 3rd Arm Admin, our team has supported numerous small to medium businesses across New Zealand in their financial growth. Let us become your partner and ensure that your books are always in order!
Get in touch to see how we can help at 3rd Arm Admin
