How Your Small Business Benefits When You Outsource Bookkeeping

You can’t operate a successful small business for very long without investing time and resources into bookkeeping. For as necessary as the task is, however, it can also be expensive and time-consuming. This is especially true if you make an error remitting payroll or other taxes to the Internal Revenue Service (IRS) and must pay a penalty because of it. After trying and failing to keep up with bookkeeping themselves, business owners sometimes assume they must hire in-house staff to stay on top of it. This isn’t always true. In most cases, outsourcing bookkeeping is the more efficient and least costly option.

Outsourcing Bookkeeping Saves Time

It’s impossible to scale your small business if you’re spending most of your time on bookkeeping and other administrative tasks. When you outsource to Palmetto Payroll, it can put several hours back in your week for you to pursue business growth activities. It also frees up your employees to take on more growth-oriented tasks.

Removes the Risk of Conflict of Interest

If you form a partnership or other business arrangement with close friends or family members, it might seem like assigning one person the task of bookkeeping is the way to go. Unfortunately, this scenario is ripe for a conflict of interest to develop.

This can happen intentionally when the person charged with keeping the books skims some of the money, but it can also occur due to an honest mistake. The last thing you want to happen is to accuse a business partner of misconduct simply because he or she made a mistake or didn’t understand all federal and state regulations related to small business bookkeeping.

Benefit from Our Years of Expertise

You have access to experienced small business financial professionals anytime you need advice when you outsource your company’s bookkeeping to Palmetto Payroll. Best of all, you can receive this advice when it’s convenient for you without needing to pay for on-site staff. You can relax knowing that our staff keeps abreast of all federal and state bookkeeping regulations to ensure that the IRS or your state’s revenue department doesn’t hit your company with a costly and unnecessary fine. The peace of mind alone is enough to make outsourcing bookkeeping a wise business move.

Save the Expense of Salary and Benefits

Hiring an in-house bookkeeper is costly whether the person works full-time or part-time. Of course, your financial output is greater with full-time employees because this typically involves paying benefits in addition to salary. Whether full-time or part-time, hiring in-house staff means you must pay them by the hour or a base salary whether they stay busy or not. As our client, you only pay for the services you need when you need them. Bookkeeping is just one of the many small business services we offer at Palmetto Payroll. We invite you to contact us today to learn more or request your initial consultation.