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It's Not How Much Bookkeeping Costs, It's How Much Value It Adds

June 11, 2020 / by Indre Bauza

Value-vs-Price-Scale-on-ChalkboardNo one ever says "You get what you pay for" when describing a good deal. People say that only when they realize (too late) that the inexpensive solution they chose is inadequate.

In reality, it's possible to get much more than you pay for — and outsourced bookkeeping services are a prime example.

A Long-Term Solution to a Pressing Need
During the launch phase, few business leaders have a solid long-range plan for keeping their company's books. Often, cash flow is modest enough that the owner, office manager or other staff member can do the books.

When your business grows to the point where it's no longer feasible (or wise) for the owner or a staff member to continue doing the books, however, finding a dedicated bookkeeper becomes a pressing need. That can pressure the business owner into settling for a short-term fix.

At that growth stage, the business leader has three basic options: a part-time in-house bookkeeping employee, an independent bookkeeper or a bookkeeping services company.

For some businesses, the decision comes down to price: How can I solve this problem for the least cost? That's a great way to evaluate options for many types of services. But it's important to understand that with bookkeeping, your needs will continue to grow right along with your business. So it's critical to find a bookkeeping services partner who can not only help you solve your immediate problem, but also help you reach your three- and five-year goals.

When you look at it that way, the choice becomes clear.

The Expertise to Grow With Confidence
A professional bookkeeping services company has far-ranging expertise — from keeping up with the latest software and important changes to tax regulations, to setting up built-in financial controls and working with you to capture the data you want for your business. Here are just a couple of examples:

  • A seasoned bookkeeping professional can prioritize the financial intelligence that matters most to your business, including budgeting and forecasting that's in line with your projected growth. It starts with establishing a chart of accounts that offers next-level detail when categorizing all income and expenses.
  • A pro can also set up software dashboards that provide you simple, at-a-glance updates of your key performance indicators in real time. That enables you to spot both potential problems and opportunities as they occur and respond accordingly. It also allows you to focus most of your time and energy where it needs to be: on growing your business.

A GPS for Reaching Your Business Goals
When evaluating different bookkeeping options for your business, look beyond the immediate problem you're trying to solve. Instead, think of it like programming a GPS: Picture the ultimate destination you want your business to reach, and select the appropriate level of bookkeeping support to get you there.

Armed with the proper financial coordinates, an outsourced bookkeeping services provider can use their expertise and experience to ensure each move you make takes you closer to your ultimate destination in the most systematic and efficient way possible.

Topics: Small Business Advice, Northern Virginia, Bookkeeping Services, Business Advice

Indre Bauza

Written by Indre Bauza

Indre Bauza is Managing Director of Supporting Strategies | Northern Virginia.

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