While big corporations have always seen the value in enlisting the help of professional bookkeeping services to take care of their books of accounts and financial statements, the same cannot be said about small businesses. Things are looking quite dire if we look at the stats. According to stats compiled by Forbes, out of a whopping 33.2 million small businesses, only 6.1 million have more than one employee. This means that 81% of small businesses operate as a one-man show.
Even if we consider that some of these business owners are accountants, the numbers don’t get much better. Business DIT reports that 64% of small business owners do their bookkeeping, and out of those, 64.4% make use of accounting software. These numbers are deeply troubling and symptomatic of a mindset that must be reevaluated.
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Professional Bookkeeping and Small Businesses: A Difficult Dilemma
Of course, all of that is not to say that small business owners are not aware of what they are missing out on. In reality, precisely this awareness puts them between a rock and a hard place.
Small businesses, especially start-ups, need to make a lot of tough calls if they want to have a chance at success. One such tough call is choosing between professional bookkeeping services or cost savings. Getting a small business off the ground and keeping it there is very difficult, and sacrifices must be made. Unfortunately, the most logical choice for most small business owners is to save their money and do their bookkeeping. It’s not that they do not want to have a professional bookkeeper for whatever reason; it’s that they can’t.
The truth is plain when one simply looks up the cost of professional bookkeeping. Salary.com tells us we can expect an average cost of $43,363 annually, while Glassdoor pours salt on the wound with a $59,618 average salary demand for professional bookkeeping services.
Small businesses with no employees generate an annual revenue of $46,978.
When a small business with no employees makes less annual revenue than a bookkeeper’s salary, it is more than understandable that small business owners want nothing to do with professional accounting and bookkeeping services. They know how beneficial these services can be, but all that good is worth nothing if the business has to sell itself to pay one salary.
With all that said, we at Expertise Accelerated deeply empathize with small businesses. Unfortunately, crippling inflation has forced professional bookkeeping services to charge exorbitant fees, and it’s a very difficult time for business.
A New Mindset: Professional Bookkeeping Services for Everyone with Outsourcing
Imagine you have been struggling to manage the business’s books every day, with more and more work piling on your plate. You can’t even sleep right, having to put in hours and hours of overtime just to hold everything together. This sort of lifestyle is very unhealthy and ultimately unsustainable. And unnecessary.
With outsourced professional bookkeeping services, you can be just like the big shots but without a huge hole in your wallet. We know it sounds crazy, but hear us out.
Staff Augmentation and outsourcing are the panacea for all your bookkeeping problems. Outsourced professional bookkeeping services have skyrocketed in popularity recently. Still, many small business owners are either too skeptical to give them a shot or just don’t know they even exist. Let’s fix that.
Entering the World of Outsourced Professional Bookkeeping Services
As an outsourced professional bookkeeping services provider with its fair share of US industry trust, EA proves that remote professional bookkeeping services are not a dream but a reality. Outsourced bookkeeping is when you hire a third-party service provider to handle your bookkeeping responsibilities. They expend their resources to link you with a professional bookkeeper and broker a deal everyone can enjoy. How, you might ask?
It’s pretty simple. Small businesses can’t afford professional bookkeeping services because they look in the wrong place. Of course, a professional bookkeeper in the US costs a lot, with how costly it is to lead even a frugal life in the country. This problem is simply non-existent with a remote professional.
Say you hire a professional bookkeeper from any of the developing countries in the world. The hard truth is that the standard of living is much less expensive than in the US, and the bookkeeping professionals there are very much in the market to find employment.
That is the crux of why outsourced professional bookkeeping services are the answer to your bookkeeping woes. The remote professional and the hiring business can be happy with the arrangement and make the most of the much-needed help.
The Benefits of Outsourced Professional Bookkeeping Services
Time Saved Today is Business Growth Tomorrow
Time is money, and you only get 24 hours a day. Two or three hours just writing in the books of accounts could be spent strategizing and making moves to grow the business. You can do that with your professional outsourced bookkeeper on speed dial. While your bookkeeper logs all your financial data and generates financial statements, you can nurture the business you worked so hard to build.
One Mistake is All It Takes
We’ve all heard the horror stories of businesses that spiraled to their doom, all because somebody messed up the numbers in the books. You must realize that there is very little room for mistakes in your bookkeeping. Every dollar needs to be accounted for. Otherwise, you can get in deep trouble. All it takes is for an auditor to find a misreported figure, and you can get plunged into a battle to prove that it was a mistake and not intentional. A professional bookkeeper saves you all of that trouble. Why play with fire and risk getting burnt when you can spend a few dollars and make yourself fireproof?
Breezing Through Tax and Audit Season
Taxes and audits are two words that strike quite a nerve when their time of the year rolls around. So much to be done, and all of it must be flawless. It’s hard enough to file your own personal taxes. But filing for a whole business is an entirely different matter. There are different rules and regulations, and the waters are so choppy that making your way without a guide is dangerous. With outsourced professional bookkeeping services, you can get the guide you need to navigate these tough situations, all at a fraction of the US cost and with all the quality.
Small businesses need to start leveraging outsourced bookkeeping and accounting services. It is a big mistake not to avail the opportunity when it is easily available. Of course, there are dangers, and you may get scammed, but that is true of any deal you make. Stay informed and do your research, and everything will be fine.
If you are still unconvinced, a chat with EA CEO Haroon Jafree might change your mind. Haroon has been a towering presence in the industry for decades and can address any and all concerns. Sign up for a free consultation today and see what you have been missing out on.