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Bookkeeping Functions You Could Outsource

Written by Anni-Mari van Wyk

On Jun 23, 2020

Running a business means you have less time to focus on many of your other business needs and functions such as accounting.

Outsourced bookkeeping services have become a universal solution for small businesses today, mainly because of the convenience and cost-saving benefits that follow. By cost savings, I mean you get to focus on your core business functions, and solving capacity issues are primary drivers to outsource. Leading organisations use outsourcing to drive transformational change and improve business results. Now, what are some of those core bookkeeping you could outsource?

1. Data Entry

Accounting data entry is a must for businesses nowadays. Regardless of their size; small or big, companies need to know their current financial status. With regards to accounting data entry, all the information concerning your finances is recorded, labelled, assessed and produced as reports to help you get an understanding of your actual funds. Being a business owner, you already have a lot on your plate and need to focus more on other crucial business activities. Thus, outsourcing accounting data entry to a well-established company such as CVW Accounting and Bookkeeping can streamline your accounting processes and help minimise expenses so that you have ample amount of time to concentrate and grow your business.

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2. Recordkeeping

As a small business owner, you must be able to monitor the performance of your business. To achieve this, you need real-time visibility of your financials and a clear understanding of what the numbers mean. Without this, you cannot make informed strategic decisions or plan effectively. This is when businesses fail. How long do you spend on bookkeeping each week? Now imagine if you had that time to spend on improving your service and adding value to your clients. Not only would this help maintain happy clients who would stay with your company for longer, but you’d likely receive more customer referrals as a result.

3. Collections:

This point goes hand-in-hand with outsourcing your bookkeeping services. Having an outsourced bookkeeper stay on top of the invoice process and will help in making sure that customers are paying within their terms. As a business owner, you are not a trained bookkeeper. That means you spend double (sometimes even triple) the hours it would take a qualified bookkeeper to bring your accounts up-to-date. In addition to increased efficiency, a trained outsourced bookkeeper would be more accurate.

4. Payables & Receivables

An outsourced bookkeeper will use the latest systems, technology and processes available on the market which you will benefit from. Your bookkeeping processes will be efficient and conducted using the best software – no more spreadsheets and receipts inboxes. This will give you better visibility of your numbers so you can make better, informed decisions. Your bookkeeper will streamline the process to be more efficient, which equals getting cash in your bank account sooner.

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5. Managing Bill Pay and Journal Entries

If you handle your bookkeeping in-house, you have to be prepared to make up time when you are sick or on holiday. When you hire bookkeeping services, you no longer have to worry about when you’ll get the time or how you’ll fit it into your schedule. You can feel confident that your outsourced bookkeeper will meet deadlines regardless. Outsourcing your bookkeeping will free up your valuable time to focus on your business growth strategies. Plus, accurate and reliable finances are crucial to making the right vital decisions. Outsourced bookkeeping will put you in a better position to achieve your vision. For your business to be successful, you need to understand your business’s cost of sales and fixed costs. Without this understanding, you cannot measure the profitability of your business accurately. This starts with proper bookkeeping. Thanks to the widespread availability of cloud technology, it’s now easier than ever to outsource bookkeeping tasks, and the benefits are crystal clear. It’s far less risky, far more efficient, and incredibly cost-effective. Plus, with the extra time gained, you can focus on attracting and selling to new customers so you can reach your growth targets. Outsourced bookkeeping is essential to business success. Do you need an outsourced bookkeeping service? Please send me a direct email to info@cvwab.co.za today and let me ease at least one burden in your business. www.cvwab.co.za

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