Business owners know that one of the top things they can do to help promote a high level of success is to keep their overhead costs under control. A simple means of reducing your business's overhead is to outsource your booking tasks to Deltek. Read on to learn just a few reasons outsourcing your bookkeeping work is a smart decision.
Outsourcing Eliminates the Need for Additional Staff
If you don't outsource your bookkeeping work, you will need to hire at least one employee to take care of your financial chores, such as recording invoices, making payments, and forecasting your short and long-term cash flow needs. However, there are numerous expenses associated with hiring an additional employee, even if the employee is only part-time.
Employee-related expenses include salary, benefits, and employment taxes. You will also need to provide the employee with an office space and the proper equipment to do the job. Even though your employee's salary may be $40,000, these additional expenses significantly increase the cost of the employee for your company.
Instead of hiring more staff that require more on-going expenses, outsource your bookkeeping. The cost to outsource your bookkeeping will vary based on the complexity of your tasks, but many companies find that it is cheaper than hiring more employees.
Opting to Outsource Ensures Your Records are Always Up-to-Date
Another reason to outsource bookkeeping tasks is that it helps you keep your records up-to-date. As a business owner, you need your records to be as current as possible when making decisions, such as deciding how much inventory to order or whether or not take out a loan to finance improvements for your company.
Though an employee will typically keep your records current, there may be times when your financial information is out-of-date. Unless you have someone cover the employee's work, employee vacations and extended illnesses will cause bookkeeping tasks to pile up. If you do decide to have someone cover the tasks, you have to incur costs to properly train the employee.
There is also the chance that the employee may quit. It takes time to find the right employee to fill a position. In the meantime, your bookkeeping work remains uncompleted or other employees are scrambling to complete the tasks.
Instead of worrying about training employees with no bookkeeping experience or having to hire new employees, consider using Deltek outsourced bookkeeping. Not only will your work always be completed in a timely manner, but you don't have to stress about training employees or searching for a new bookkeeper.Share