In the fast-paced world of business, maintaining effective bookkeeping practices is vital for achieving financial success. Yet, for entrepreneurs and small business owners, striking a balance between core activities and managing bookkeeping responsibilities can pose significant challenges. With the already time-consuming and overwhelming nature of juggling multiple responsibilities, adding the complexity of bookkeeping can exacerbate the situation. So, what can be done to address this issue?
With over 20 years of experience, Sandra Lazar shares her expertise in outsourcing bookkeeping. From uncovering the power of outsourced bookkeeping to making the right choice regarding providers, here is why it is so essential for small businesses.
Outsourced bookkeeping involves entrusting your financial record-keeping and related tasks to a specialized external service provider. Instead of handling bookkeeping in-house, you collaborate with accounting and financial management professionals. They handle tasks such as recording transactions, reconciling bank statements, and generating financial reports.
Not only does outsourced bookkeeping relieve the burden of bookkeeping, but it does so much more. Here are some of the significant advantages of outsourced bookkeeping.
Outsourcing bookkeeping can result in significant cost savings for your business. By avoiding hiring a dedicated in-house bookkeeper, you eliminate expenses associated with salaries, benefits, training, and infrastructure. Additionally, outsourcing allows you to pay for the specific services you need, making it a cost-effective option for businesses of all sizes.
The expertise and streamlined processes of outsourcing firms also contribute to increased efficiency in managing your financial records. This means you can save money and allocate resources more efficiently, knowing your finances are in good hands.
One of the primary benefits of outsourced bookkeeping is that it frees up your time and allows you to concentrate on your core business activities. By delegating bookkeeping responsibilities to professionals, you can focus on strategic planning, sales and marketing efforts, and overall business growth. This shift in focus can enhance productivity, improve decision-making, and provide more opportunities to drive your business forward.
Maintaining accurate financial records and complying with regulations is essential for every business. However, many entrepreneurs need more specialized knowledge and training for precise bookkeeping. By outsourcing to professionals, you can leverage their expertise and ensure a higher level of accuracy and compliance with financial regulations.
Since bookkeeping experts are trained in best practices, they can maintain accurate records – reducing the risk of errors or discrepancies – and they will stay updated on regulatory changes to ensure your financial reports are in line with required standards. Both of which are essential to improve your financial decision-making.
As your business grows (or slows), so does the need for bookkeeping. With in-house bookkeeping, this means hiring another bookkeeper to manage the increased workload or paying the same for your employed bookkeeper when the workload decreases. With outsourced bookkeeping, the services are entirely flexible and scalable according to your business needs.
If your business experiences fluctuations in transaction volumes, for example, if your business is seasonal, you can adjust your services with your bookkeeping provider accordingly. This scalability eliminates the need to hire additional staff during periods of growth or downsize during lean times, providing you with greater flexibility and cost control.
When a business is in its early stages and the transaction volume is low, self-managing your books may be relatively easy. However, hiring a professional bookkeeper will become essential as soon as you start to grow, and you need to focus on the high-value tasks that will drive your business forward.
For example, do you know how to set up your chart of accounts properly so you are seeing your profits accurately? Are you setting yourself up to file taxes most efficiently, which saves you the most on tax burden?
Here are a few scenarios that signal it’s time to hire outside help:
By partnering with Lazar Accounting as your trusted Brooklyn bookkeeper, you can free up your valuable time and concentrate on your core business activities.
While the advantages of outsourced bookkeeping are evident, it is essential to consider a few factors when selecting a service provider.
Lazar Accounting has built a solid reputation and follows strict data security measures to ensure the confidentiality of your financial information. Trust is a fundamental aspect of their service.
Lazar Accounting prioritizes clear lines of communication and understands the importance of establishing expectations regarding reporting frequency, formats, and any specific requirements you may have. Effective communication is crucial for a successful outsourcing partnership, ensuring that you receive the information you need promptly and conveniently.
Lazar Accounting understands that seamless integration with your existing tools and platforms is essential for a smooth transition and efficient collaboration. They verify that their systems and software can integrate seamlessly with your current setup, ensuring compatibility and minimum disruptions to your workflow.
Bookkeeping can quickly become a burden that distracts you from growing your business, so if, like many business owners, you´re looking for ways to streamline your finances and optimize your operations, consider outsourced bookkeeping.
By choosing Lazar Accounting as your trusted Brooklyn bookkeeper, you will benefit significantly, from cost savings and increased efficiency to enhanced accuracy and compliance. With accurate financial records, strategic insights, and the time to focus on what matters most, you can confidently drive your business forward and achieve long-term success.
Sandra Lazar is the founder and principal partner of Lazar Accounting Solutions. Sandra has developed a specialty in proactive accounting and bookkeeping solutions that increase profitability and bottom-line growth. With over 20 years of experience managing finance functions for small to large companies across various industries, she can provide the expertise and support you need to build a solid financial foundation for success.
As a former CFO turned business owner, Sandra Lazar is passionate about helping small business owners build financially healthy and sustainable businesses, making her an ideal partner in outsourced bookkeeping.
To learn more about Sandra Lazar’s services and how outsourced bookkeeping can benefit your business, visit her website https://www.lazaraccounting.com/. For inquiries, you can contact Sandra Lazar via email at Sandra@Lazaraccounting.com or by phone at 718-412-2004.
