Four signs you’re ready to outsource your bookkeeping
When it comes to business, timing can make a world of difference. This is particularly true of the decision to outsource your bookkeeping function. Whether you’re a start-up company that lacks the necessary internal resources, a fast-growing company that has outgrown your existing accounting function, or a foreign-owned company operating in Canada without local finance resources, you want to be fiscally responsible. But at the same time, it’s important that your bookkeeping is conducted accurately and in a timely manner.
So how do you know when you’re ready to outsource your bookkeeping to a Toronto accounting service?
You Actively Dread Bookkeeping
As a business owner, your time is a valuable and often far-too-limited asset. When it comes to bookkeeping, dread is a sure-fire sign that your books are taking more of your time than they should, and that there are other facets of your business that are competing for your attention.
In addition to being an indicator of time consumption, dread and displeasure can significantly increase the chances of making costly mistakes that could damage your business greatly in the long run.
You Have One Person Doing Everything
Bookkeeping is a function of business that should always have multiple checks and balances. If the same employee handles the books, signs the checks, and reconciles the bank statements, then you are at very high risk of becoming a victim of fraud.
An outsourced accounting and bookkeeping service provides the necessary checks and balances to protect your company and will be able to offer you additional advice on how to minimize the threat of fraud.
Your Bookkeeper Isn’t a Bookkeeper
Having an unqualified employee handle the bookkeeping function is an invitation for disaster. Not only might they lack the necessary judgment and experience to conduct accurate record keeping, but you will ultimately be responsible for any mistakes they make.
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If you’re wondering if it’s time to outsource, then odds are good that it’s time to outsource!
If you’d like to learn more about outsourcing your bookkeeping function, and how our accounting services can help you mitigate risk and increase profitability, contact our Business Enterprise Solutions team today for a complimentary consultation.