With over 20 years of experience in accounting and bookkeeping for firms of all shapes and sizes, working for major companies and helping start-ups grow and running our own, at CORE we’ve made sure we’ve been in everyone’s shoes to offer the best service possible.

Over time we’ve learnt what makes sense and what doesn’t, as we are accounts, when we say sense, we also mean cents, pounds and euros.

The first and biggest question a lot of our clients and friends ask is “Why should we outsource our work when we can do the work in-house?”

We’ve put together a few reasons that we think are important to keep in mind when growing your business!

bookkeeping-core-executives-malta

In certain cases it is beneficial to outsource your bookkeeping since running your own business is no easy feat and with a never-ending to-do-list, we often find ourselves too pressed for time to deal with the accounting side of the business. Over time most entrepreneurs realise that their biggest mistake was the assumption that bookkeeping is only there to please legal necessities, however, efficient accounting will also ensure whether all your hard work is paying off or not. When such a situation arises, it’s beneficial to outsource your bookkeeping. In this article, we will identify the benefits of working with an expert bookkeeper to handle all your business’ accounting and bookkeeping requirements.

Definitions

Bookkeeping – The processing and recording of day to day financial transactions of a business into respective ledgers up to the trial balance stage.

Accounting – Translating the data gathered from the bookkeeping process into financial statements reporting on the performance and financial position of the business.

Outsourcing – Subcontracting certain business processes to specialised third parties to ensure that you can scale these services as needed.

Scalability and Growth

Most businesses begin small with a handful of employees. But what happens once the business begins to grow? As your business begins to grow, your accounting resources will need to grow and if you don’t have the correct structures in place this may limit your accounting scalability and in turn your business growth. When you outsource bookkeeping, a growing business is never a problem – you can add or reduce your accounting resources as dictated by your business with the cost directly related to the amount of resource employed.

7 reasons to use Outsourced over In-house

  • Specialised staff allocated to your account with minimal training required.
  • Eliminate bookkeeping staff costs in relation to recruitment, retention and ongoing training
  • Cost benefits (pay as you grow)
  • Use of processes with built-in scalability (ready to grow)
  • Direct access to accounting professionals (growth support)
  • Access to other Professional Services
  • Exposure to common best practices (sustainable growth)

Cost Effectiveness

One of the biggest advantages, when you outsource bookkeeping, is cost-effectiveness – you can increase or decrease your accounting resources on a need-by-need basis. In this way, during quieter business periods with fewer transactions, and when you might require less reporting, you can be cost-effective with your outsourcing requirements. On the other hand, if your business rapidly grows, you can increase your bookkeeping resources quickly. Outsourcing will also eliminate recruitment and training costs as well as other HR costs. There are also more savings to be made with regards to consultancy since your outsourced bookkeeper has generated experience and exposure over different industries and processes. This means that certain consultation will be automatically built into your package and applied to your business model where necessary.

Focused Work Staff

When you outsource bookkeeping, you can allow your staff to stay focused on their main responsibilities. It also gives you the time to care for your core business without having to worry about your accounting since it is being handled by the professionals.
In today’s world, where businesses are working in such a fast-paced environment with the continuous development of technology, it is vital to have the time to care for your core business. When you outsource bookkeeping, you have peace-of-mind that your business can grow at any pace and that resources will be readily available.

All you need to do is get in touch with us at Core and we will work with you to ensure that your accounts and bookkeeping are up to the highest standards. Our aim is to provide you, as a business owner, with the financial tools needed to grow a business as well as peace of mind that your books are in order.

Do you want to outsource bookkeeping? Get in touch with us and discover how we can help you outsource bookkeeping by sending us an email on hello@ces.com.mt

Leave a Reply