Most business owners agree that these days, in order to keep your customers, you have to focus on offering them a few things that your competitors don’t. Typically, this list of features can include things like fast work and response to their inquiries, or exceptional customer service. One thing you will notice is that all these things which serve to differentiate you from your competitors are services you directly render to your customers. Outsourced bookkeeping is a prime example of this; it is a task your business engages in which doesn’t directly add value to your transactions with customers.
Outsourcing has been growing in importance even as it has become easier and easier to engage in. While large corporations have been reaping the benefits of outsourcing for years now, the market has matured enough that even smaller companies can take advantage of it now. Here are just a few quick benefits you may earn through hiring outsourced bookkeeping:
• Save up to 50% of the costs normally associated with performing the work in house
• Fast turnaround since you’re dealing with specialized experts
• More time to focus on improving relationships with your customers
• No more dealing with the arduous work itself
If you are a small or medium sized business, one thing you want to keep in mind is that you should probably retain control of all treasury related functions. Another more specialized circumstance can arise if you ever find yourself in need of auditing services. In many cases, laws govern auditing situations which state that the firm which provides the audit cannot also be the same firm that performs your day to day business. So in this case, you may find yourself dealing with outsourced audit providers in addition to whichever firm you normally use.
Also, it never hurts to get creative when thinking about bookkeeping functions. Once you have a specialized provider in place, ask them if they see any other aspects of your business that they think they could assist you with. Often times smaller businesses can get assistance with things like inventory management in this way, or even make improvements in shipping and receiving, by using experienced outsourced bookkeeping providers.