Bookkeeping options for a small business
Most people, when they start a small business, try to do everything on a shoestring in order to save costs. More often than not, that includes doing their bookkeeping in-house. Ultimately this normally means the one-man or one-woman band owner burning the midnight oil to try to get everything done. This is not only a tiring and frustrating way to run your business, more often than not, it isn’t actually the most efficient way.
If you’re taking full responsibility for your small business bookkeeping yourself, you need to ask yourself if there is a better way to do it without breaking your budget? Are you doing the task with the efficiency and attention to detail an expert would? Are you obtaining the fullest management information possible from your bookkeeping efforts? Is the time you’re spending on bookkeeping having a negative effect on other elements of your business?
Most small business owners, when answering these questions honestly and frankly, reach the conclusion that doing their bookkeeping themselves simply doesn’t make sense.
What are your bookkeeping options?
Once you’ve established that you’re not the best person for the job, it’s a case of deciding how you make sure the task is done in the most efficient and cost effective way. There are essentially two options. The first is to employ someone and the second is to outsource. Employing someone normally isn’t a feasible option for small business owners because of the high costs and lack of flexibility that comes with it. Outsourcing is the option selected by the majority of small businesses these days because of the flexibility it offers as well as its affordability.
How does outsourcing work?
Outsourced bookkeeping means that you hire someone or a company to do the job, but you don’t employ them. The major advantage of working this way is that you only pay for the time and effort your business needs. Outsourcing can mean passing your bookkeeping to a local firm, having someone (either on a freelance basis or from a bookkeeping company) coming into your premises to do your bookkeeping or passing all of your bookkeeping tasks to an online company.
The option you select will depend to a large extent on your budget and the detail of your bookkeeping requirements. For many small businesses, working 100% online is perfect, but there are others who prefer some sort of face-to-face opportunity within their arrangement.
At Virtual Business Source, we offer both face-to-face and online bookkeeping services, which means our clients have the flexibility to work within budget while having the type of service that works best for them. We work with Xero bookkeeping software and are staffed by a team of Xero Certified Bookkeepers, which means that you have the peace of mind of knowing that you have bookkeeping experts on your team who are working with state of the art technology. We work on a simple, flat monthly fee, which means you always know what your bookkeeping is going to cost.
Why choose Virtual Business Source?
The marriage between our bookkeeping team and our Xero bookkeeping software makes the Virtual Business Source solution hard to beat. Offered on a simple, fixed monthly fee basis, you know what your small business bookkeeping is going to cost you right from the start and there are no nasty surprises. Add to this the peace of mind of knowing you can pass your bookkeeping to our fully trained and experienced staff who will take on this task professionally and efficiently and you start to see why more and more people are choosing Virtual Business Source.
You too can make this choice, leaving you with the time you need to get on with running your business.
Call us on 04162 687339 or email us now to discuss the options for your business.
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