Sunday, 24 June 2018

Information and commentary for the small business banking industry

The benefits of outsourcing book-keeping and payroll

24 Nov

As a business grows, its owner might decide it’s time to outsource time-consuming, administrative tasks like book-keeping and payroll. There are a number of advantages when contracting out. Saving money is one – a business owner might be spending more time than they want on processing and reporting their own accounting and payroll information, and not enough time doing what they should be – making money.

It’s less expensive to hire a bookkeeper or accountant than to employ a full-time staff member to complete these tasks. By hiring one, a busines only pays for the actual time the contract worker spends on their accounts.

A business will also benefit from better reporting and expert advice, which is another good reason to consider outsourcing. The right advice at the right time could end up saving money over the long term.
A professional accountant or bookkeeper specializes in the work they offer, and they can be trusted to handle business accounts correctly.

Outsourcing also frees up time. Whether a business owner is logging their own hours doing the books or hiring a staff member to spend time organizing them, they’ll be able to free up some time (or reduce wages expense) by contracting out.

Having more time to allocate to business and relationship building activities could be vital. And stress levels naturally decrease by getting a skilled bookkeeper on the job.

The below article looks at why SMEs aren’t hiring financial experts anymore.

Read the full article at:

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