Outsourcing Your Bookkeeping: Why Should You Do It?

Do you spend a lot of time going over accounts? Do you think that it is time well spent? If your responses are negative then it’s probably time to think about outsourcing. If you’re apprehensive, keep reading to discover 5 great reasons to consider outsourcing your bookkeeping.

1. Time-saver 

If you’re not hired as an accountant, but you find yourself carrying out the duties of an accountant (even for just an hour a day), you’re losing hours of productive time. What’s worse is if you find yourself carrying out these duties at the end of the official work day. Then you are losing hours of social time. This can result in lowering your quality of life.

2. Accuracy

One of the great traits an accountant has is their extremely high attention to detail. This should ease your mind and ensure you that you really can rely on an accountant to not make any errors resulting in money loss.

3. Tax deductions

When you do your own accounting, you aren’t compensated in any way for the time you lose doing it. When you outsource to a third party, whatever you spend on obtaining and retaining their services is tax deductible.  The best part is you don’t even have to know about that, because your accountant does, and will claim it for you automatically.

4. Responsibility  lies with the accountant

If you do your own accounting, then you are in fact accountable. That means should you make a mistake, all the liability for that mistake will fall on you. In the absolute worst-case scenario, you could even be facing prison time for it. On the other hand, if you hire an accountant to do your accounts, they will be liable if they screw up.

5. Money-saver

Instead of you having to fork out for fancy accounting software and the interminable upgrades that seem to always be lurking just around the corner, your accountant has to foot the bill for that themselves.  That’s a huge saving right there, and there are quite a few others besides.

If you need more bookkeeping or outsourcing advice then contact Kilcoyne Accountants today. You can also find us on Facebook.

Click here to book your FREE consultation!

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