One of the pressures of starting your own business is hiring a good employee. And by good we mean capable, trustworthy, a performer and a contributor to the growth of the business.
At first you might not even consider hiring for the thought that you might be paying the wrong people instead of putting those funds to pay your loan. But there are certain key players you should hire from the start of your business operation.
And this includes an accountant who can handle your company’s bookkeeping, payrolls, taxes, finances and responsibilities to your creditors.
However, hiring a full-time accountant might be tough with a tight budget at hand. Some business owners end up hiring novices in the field to cut cost on payroll.
They spend more money since they need to invest on training and hire more people to get a task done on time.
But there’s a real solution to this dilemma.
To accomplish big goals with minimal resources, many startup businesses use online services from a seasoned accountant. There are now agencies who offer virtual assistance which, when you think about it, is actually more convenient and less costly.
To know more about how this will work for you, let us look at 5 compelling reasons why you it’s better to hire outside firms in Australia with online services than hiring a full-time bookkeeping team.
1. Cost-Effective Solution
As a new business, your top priority is to save as much money as possible until you are able to see an ROI.
Just until your business becomes a bit more stable and bigger and capable of maintaining full-time employees, it makes sense to use online bookkeeping services from outside firms.
Imagine hiring an accounting manager whom you need to pay $107,000 yearly. This amount for just one person is already quite heavy for a small business to handle. Then imagine hiring more people under his team just to take care of your bookkeeping.
Outsourcing an accountant or hiring virtual assistants can cost a company half of this amount!
And since they are contract workers, you can negotiate to avail their services at a lower rate. Much more when you’ll only require them to remotely. You won’t have to shoulder their travel expenses and other relative expenses. The cost you save here can then be placed to other more important aspects of your business that need funding like loan payment or a project that will generate a bigger and faster ROI.
2. You’ll Most Probably Hire Experts Rather Than Newbies
As mentioned earlier, most startup businesses resort to the services of newbie accountants since they are paid much lower. However, you will need to invest on their training and other education for them to be efficient on their roles. You might even end up spending more.
But when you outsource and use online services, you are most likely to sign a professional with experience since bookkeeping firms are the ones who invest on their staff’s education. Also, they see to it that they let them gain proper experience before being deployed to their clients. This will make the workflow in your organization much smoother and productive.
3. A Seasoned Bookkeeper Takes A Lot Off Your Plate
Bookkeeping takes more than just tracking your expenses and managing your finances. It also handles your company’s financial infrastructure which will require a lot of time to learn. Again, bookkeepers from third party firms are most likely experienced professionals. By using them, you can be freed up from so much accounting tasks. Additionally, you can spend your time on growing your business instead.
4. Increase your credibility
By signing professional bookkeepers, you will surely stay on top of your bills and your suppliers will grow to trust you to pay on time. Consequently, you are building good relationship with them which in time will be beneficial to you as you can get more discounts when you are a good payer. Only an experienced bookkeeper knows how important credibility is in growing a business.
5. Access to the Latest Technology
Bookkeeping firms knows the latest technology in accounting and bookkeeping. The trend today is going paperless and this firms have reliable software to handle the old good logbooks, ledger and documentation.
Since your company focuses on the technology and trend changes in your own niche, you’ll merely have time to check on what’s new in bookkeeping. This might slow down your finance-tracking and will eventually hurt your business.
So by using a specialized bookkeeping firm, you can be sure that you’re using the best tools for the job. This will save you a lot of time and money in addition to what you’re saving by outsourcing these services.
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