Feb 10, 2020

How Hesitating from Handing Over Your Bookkeeping Is Costing More Than You Think (5 Reasons)

1. I Know My Numbers…

Working with business owners as their employee or as part of their professional team I have heard this in many variations. You know what numbers are important to you and that is so valid but is typically not the full picture.

Most of the time this means “I know how much I have in the bank”.

Knowing your numbers is so much more than that.  With the help of a bookkeeper you will KNOW your numbers.  You will know where you need to focus your attention.  You will know if you need to make changes to your revenue generators.  You will know if you should close a location or discontinue a product or service. You will know if you have customers who are chronically late with payment and what you can do about that.  You will know where your money is going and how to make changes that will lower your expenses.  You will know if there are discounts you could take advantage of.  You will know your numbers in real time.

2. I Will Lose Control…

I would argue that you will have more control if you outsource. Your time will be spent on the business and your numbers will always be up to date.

Your financial data is part of business. Your financial reports are a picture at a moment in time. With the help of your accounting/bookkeeping team you will have a clear picture of your finances and the control that comes with that. Look for an accounting team that is embracing the current innovations and tech that allow for real time accounting. There is an APP for that!

3. I Can Do It Myself!

See point number 2. Sure, cloud platforms are very user friendly. Take a picture of a receipt and like magic it appears as an expense. Invoicing and collecting from customers is a dream. I love the cloud platforms and firmly believe that the business owner and/or trusted staff should partner in using them to keep the books up to date.

What about when you cannot do it yourself? When you just don’t have the time?  When you come across situations that you are not sure how to deal with. When you make mistakes, duplications or omissions – it happens. By outsourcing your bookkeeping, you have a support system that knows what it is doing.

You need to trust the information that you pull from the cloud.  Your accounting team should have processes in place to verify the output on a regular basis.  I like to equate it to WebMD, you input your symptoms and go down the list of potential causes, do you trust the output and make that bucket list or are you heading to a professional to verify?

4. It’s Not Secure…

This does not change. Security is top of mind and an integral part of the cloud accounting platforms and associated APPS. You will want to ensure you are working with a reputable firm like Envolta that can keep your numbers secure. User permissions, processes and contracts will give you peace of mind, you dictate who has access to your numbers and business information.

When you have an outside bookkeeper you add extra oversight, someone trained to spot mistakes and look out for compliance with CRA.

5. I Cannot Afford to Outsource…

I could go with the cliche here “you cannot afford to not outsource” but I won’t, even though I really, really want to. Outsourcing your accounting to the right team at the right level of service, at a cost you can afford is not only possible but beneficial.

Ask yourself a few questions to determine the value you place on having accurate and up to date financial records…

Do you enjoy doing it yourself?

Do you have the staff to do the work?

Do you or your staff know what you are doing?

Is ‘getting the books’ done a chore that you dread and put off until you just can’t put it off any longer?

Do you know how to talk to the CRA when they call?

Is getting this task done taking you away from working ON your business?

Is it taking away time with family and doing what you enjoy?

Then ask yourself, can you afford to not outsource your accounting?

Want to know more? Contact Envolta for a free consultation.  

By Victoria Peters, COO

Victoria landed at Envolta Inc. with a resume of experiences in Canada, the UK and the US.  A fan of hands on experience she got her start in accounting through a co-op program in high school.   Being a military spouse involved many moves, joining and leaving a variety of employment and volunteer opportunities and fueled a passion for processes and procedures.  Victoria always wanted to leave a legacy of a job well done.  Mentoring and training has become a way for her to share that passion and continue to learn and grow.  She was excited to extend this to presenting at QBConnect 2019 in Toronto.

Her experience was rounded out at B.C.I.T. in the Financial Management program and an Advanced Certificate in Accounting from I.C.A. of B.C.

In her spare time, you can find Victoria at the ball diamond, watching her son pursue his passion or relaxing around the campfire with her husband.

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