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A restaurateur looks over his bookkeeping statements

Top 5 Tasks Your Small Business Should Outsource

A restaurateur looks over his bookkeeping statements

As your business grows, however, things start to change. It becomes harder and harder to keep up with everything that needs to be done, and something has to give. By outsourcing strategic tasks, like finding an online bookkeeping and accounting team you can trust, you can open up time in your daily schedule without spending a fortune on full-time employees. 

Small business outsourcing is a great strategy, but there are some parts of the business that are a better candidate for outside help than others. Let’s take a closer look. 

Top Five Tasks Small Business Should Outsource

#1 – Accounting and Bookkeeping

This is the obvious place to start our list. There are two reasons accounting and bookkeeping are prime targets for outsourcing. First, they are time-consuming. It will take time for a new business owner to learn how to handle the books for the company, and it will take even more time to keep up with those books month after month. Turning this task over to a third party is a huge time saver. 

In addition to time savings, the importance of maintaining accurate books is another compelling reason to outsource this task to a pro. Having accurate accounting records is essential for filing taxes, making business decisions, and much more. Rather than tossing and turning at night wondering if the books are right, outsource bookkeeping and rest easy. 

#2 – Web Design

It’s easy to fall into the trap of trying to design your own website. After all, there are plenty of affordable DIY tools available today that promise to make the job of website design an easy one. To be sure, anyone with basic computer skills could have a site up live on the web in just a matter of hours. Whether or not that site would be worthy of representing a business is another matter entirely, however. 

For the average small business, outsourcing web design work is well worth the investment. Asking a freelance designer to create a clean, functional WordPress site is not particularly expensive and will lead to an improved finished product. Also, if the site is built on WordPress or another user-friendly platform, you may be able to do basic maintenance on the site yourself, after the initial design phase is completed. 

#3 – Tax Preparation

Getting back to the financial side of things, tax preparation is another perfect task to outsource. Depending on how your business is taxed, you may need to do this just once per year – meaning you won’t have to spend much money on tax prep annually. And, as was the case with accounting and bookkeeping, the peace of mind alone that comes with using a professional to file taxes is easily worth the investment. 

#4 – Marketing

This might be a surprising entry on our list, but outsourcing marketing is a powerful way to supercharge the growth of your small business. As a small business owner, you likely have expertise related to the company you have created. For instance, if you are a service provider, it is the act of performing that service that actually delivers value to your customers. 

Marketing is a skill all to itself, and it probably doesn’t have anything to do with your core competency. Instead of learning on the go and trying to put together your own marketing campaign, find a 3rd party to do the work for you. Working with a marketing agency can be surprisingly affordable and may allow you to reach heights that simply wouldn’t have been possible otherwise. 

#5 – Sales

The last stop on our list is related to the idea of outsourcing your marketing. Just as marketing is an advanced skill that takes years to learn properly, so too is sales. Without plenty of sales experience, you may struggle to sell potential customers on your products or services – even if you are a recognized expert in your industry. 

When outsourcing sales, you will likely be able to work out a deal that is based largely on commissions. This structure puts you in a can’t-lose situation – you’ll be paying for sales that are made, meaning your revenue will be growing and you will be happy to spend the money. 

Conclusion

Two of the five points on our list can be resolved with a single step – contacting Xendoo to set up outsourcing for your bookkeeping and tax filing needs. Xendoo brings clarity to the financial side of your business so you can focus on delivering memorable products and services to your customers. Contact us today to learn more!

A man in an oxford shirt looks at his bookkeeping on his laptop

Why You Should Outsource Your Online Bookkeeping Services

It’s common for a business owner to want to save money on outsourcing bookkeeping services and do it themselves thinking, What can go wrong… it’s just data entry!?” But, it’s all too common to make novice mistakes that can cost you a lot of time and money. Plus, your financials become more complex as your business grows – more expenses, and ideally more income! And you may want to borrow money or open a line of credit, so you don’t want to be scrambling to provide up-to-date financials for your lender right then and there.

Keeping accurate books takes a lot of time and focus which is why you need a bookkeeper.

What is outsourced bookkeeping?

When you don’t have the complexity or volume of transactions to require hiring a full-team bookkeeper or accountant (yet!), but you need a reliable source to delegate this important work to—choosing outsourced bookkeeping is the way to go.

The size of your business and the number of monthly expenses you incur play a large role in estimating the pricing for outsourced bookkeeping services. A popular option for bookkeeping services for small businesses are packages that charge a fixed amount every month because it’s easy to budget for, and it can cost less than half what you would pay hourly for the same amount of service. That’s why Xendoo offers this pricing structure with a variety of package options to fit your specific company’s needs.

Why should I outsource my bookkeeping?

Being a successful entrepreneur doesn’t equal being an expert at financials. One mistake can lead to tax issues and may require additional effort or redoing an entire month of books, so outsourcing bookkeeping services save you time, money, and stress. From entering transactions to monthly reconciliations to real-time tax coding, you gain accurate, up-to-date books and a dedicated financial team of experts who can answer questions regarding:

  • Tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains
  • Answer your questions about financial reports, cash flow, depreciation, and other accounting processes
  • Identify opportunities to improve profit margin and business growth
  • Help set up systems for business accounting and teach you best practices
  • Keep you tax-compliant and legal, prevent missed deadlines and noncompliance penalties

What are the benefits of bookkeeping?

Outsourced bookkeeping saves you time, money, and headaches! It can scale with your business as you grow, and it lets you focus on your business instead of just the books.

  • Time: Small business owners are notorious for spending a large amount of time on administrative work, like employee scheduling, preparing payroll, and especially hours (and hours!) of bookkeeping. It is estimated that small business owners spend 120 working days per year on administrative tasks like bookkeeping. And still, nearly 25% of businesses are behind on their books. 
  • Money: If you’re attempting to do all of your small business bookkeeping on your own, even utilizing programs like Quickbooks or Xero, you already know that you are spending a lot of time and money. If you’ve hired an hourly bookkeeper or accountant you know paying per hour can add up fast. Xendoo offers a flat-rate monthly fee, so you can easily budget for your bookkeeping each month and avoid huge unexpected bills from an hourly bookkeeper.
  • Stress: With so many business accounting software choices now available (Quickbooks, Xero, Freshbooks, Wave… the list goes on), you may assume that letting your computer do everything will be cheaper than the cost and the hassle of hiring a bookkeeper and accountant. But some things still need an expert. When you outsource your bookkeeping to Xendoo you won’t ever need to stress about having your books up-to-date, fixing your novice bookkeeping errors, or being tax compliant and ready.
  • Scale Up: As your business grows, your bookkeeping and accounting needs will grow, too. This means you’ll be entering in more and more transactions each month, making bookkeeping more difficult and time-consuming than before. If you want to take out a loan or open a line of credit to grow, your lender will want accurate financial statements. With Xendoo, you can quickly access your financial statements as soon as you need them.

Being able to quickly analyze the financial health of your business is key to continued growth and success. For a flat monthly fee that works with your budget, you’ll get Xendoo’s bookkeeping service featuring cloud-based software for always accessible, up-to-date financials, plus a dedicated bookkeeping and accounting team to answer any questions. Outsourcing your small business bookkeeping services to Xendoo to save time, money, and stress. 

Start making smart business decisions on the fly while gaining peace of mind with Xendoo.

10 Reasons Your Small Business Needs a Bookkeeper

Are you behind on your books? Losing track of your expenses? Do you need someone who can help you file your taxes and stay compliant? 

A small business bookkeeper or bookkeeping service can support you with everything from simple bookkeeping to offering more in-depth tax filing services and business consulting. A skilled bookkeeper will save you time and money, set you up with systems that will simplify running a small business, keep you tax compliant and ready, and ensure you are always in-the-know when it comes to your financials.

Save time

Whether you’re filing your taxes or just doing simple data entry, it is incredibly easy to make mistakes when you aren’t a professional bookkeeper and these mistakes can cost you a lot of time. When it comes time to speak with a lender, make a big decision, prepare your taxes, or just wrap up your monthly reconciliation you might end up having to undo an entire month’s worth of data entry – or likely even more due to one little mistake. One simple slip-up in your books can have a huge ripple effect and cost a busy business owner like you a massive amount of time that would be better spent elsewhere.

Save money

Small business bookkeepers and bookkeeping services can save small businesses money in many different ways. Since one simple slip-up in bookkeeping can have a huge ripple effect and cost you a massive amount of time as you try to fix your problems – you know you’ll be saving money by trusting a professional with your books from the start. A very popular option with small businesses is an accounting service that charges a fixed amount every month. It’s easy to budget for, and it can cost less than half what you would pay an hourly accountant for the same amount of service.

Xendoo bookkeeping service plans come with a dedicated team of bookkeepers who are committed to helping you grow your business. Xendoo offers a variety of packages because we know not all business owners are created equal, so you can choose the package that works best for you and your business. A great place to start is the Hustle plan – it’s made for self-employed small business owners like you and starts at $195/mo. You’ll get expert bookkeeping and on-time financials – and you won’t stay up at night worrying about catching up.

Gather Information

Bookkeepers can help you with the big picture aspects of running a small business, such as reviewing options for how to finance your business. Whether it’s how to apply for loans and which ones to apply for in the first place, to exploring options for lines of credit, bookkeepers can help you navigate how to grow your business. Big picture bookkeeping services can include financial analysis, tax reporting, year-end tax projections, and so much more. 

Keep you up-to-date

When you don’t have up-to-date books during the year, you can’t use monthly or quarterly financial statements to guide your business decisions.

One of the most essential services a bookkeeper can provide for a business owner is to keep the company’s books accurate and up-to-date. Being able to quickly and easily review the status of your finances is crucial to short and long-term success for any business owner. When you know the health of your finances, you can make decisions quicker concerning everything from who to hire next, to what marketing strategy recently worked best. It truly informs all aspects of a healthy business. 

There’s no need to play catch up when you have a professional bookkeeper keeping you up-to-date every step of the way!

Keep you organized

A small business bookkeeper helps everyone stay organized. They help you categorize expenses correctly, reconcile your accounts, and even help you keep your business and personal accounts separate. In small businesses especially, you’ll often see bookkeepers paying bills, cutting checks to employees, invoicing clients, and making deposits. Just like a small business owner, a small business bookkeeper wears many hats!

Xendoo will keep you organized – we provide on-time monthly reports and data for your business. You’ll receive monthly balance sheets and profit and loss statements that you can easily access from your desktop or mobile, as well as weekly reconciliations so you have clear visibility of your business’s financial health.

Payroll

A small business bookkeeper can save you time and money by managing your business’s payroll – and many choose to use online payroll services such as Gusto. With Gusto, you can schedule payroll to run automatically each pay period, and even reimburse employees for out-of-pocket expenses at the same time. They take care of all the employee management involved in payroll, too, like setting up direct deposit, online onboarding, digital paystubs, and tracking vacation and sick time management.

Financial reports

Small business owners who have access to up-to-date financial statements are more confident and quick in their decision-making. Every kind of decision, from what kind of inventory and equipment to invest in, to who to hire next, is made easier when you have a recent profit and loss statement and balance sheet in hand.

As you grow you may want to borrow money or open a line of credit. Your lender will want accurate financial statements, and ideally, you aren’t scrambling to create them right then and there. With a professional bookkeeper on your side, you can quickly access all financial statements necessary as soon as you need them.

A small business bookkeeper can help you report sales taxes on time with a system that accurately tracks sales amounts, so you don’t accidentally overstate your sales and remit too much sales tax – a surprisingly common error that bookkeepers can prevent.

File your returns

A small business bookkeeper will set up a tax recording system for you and submit government reports – like employee tax and sales tax – making it simple for an accountant to regularly file your returns.

Work with accountants

Bookkeepers focus on the everyday tasks that maintain your business’s finances while accountants consider the big picture strategy needed to keep your business strong and growing. 

Accountants can answer your questions about financial reports, cash flow, depreciation, and more. They can give tax savings advice, such as when to make capital purchases, what you can deduct, and how to reduce taxes on capital gains. They can identify opportunities to improve profit margin and business growth and keep you legal – preventing missed deadlines and noncompliance penalties.

Working with an accountant can be complicated, confusing, and expensive – but bookkeepers make it easy and save you money by being an efficient and knowledgeable partner for the accountant to work with.

Xendoo offers a dedicated bookkeeper that keeps monthly books up to date, plus you also have access to a CPA and an accountant. This allows us to offer tax consulting and yearly planning to all Xendoo customers.

Overall contributing to the success of your small business

Every aspect of a company is affected by its finances, so having a clear and accurate picture of these records is key to a company’s health and success. Properly managing and organizing your small-business finances and operations will help ensure that you are hitting your profit goals, staying legally compliant, and will overall contribute to the success of your business. 

Final

Hiring a small business bookkeeper or bookkeeping service like Xendoo will keep your books organized and accurate so you always have easy access to the most up-to-date information on your company’s finances. It is invaluable to your business to have the administrative details taken care of, so you can focus on running your business and doing the parts that you do best – or even taking a day off! 

The Best Bookkeeping Service For Your Small Business

There are different types of bookkeeping services for small businesses. You can handle it all yourself, utilizing software like Quickbooks and Xero; hire a part-time small business bookkeeper; or opt for a full-service bookkeeping service like Xendoo that can handle it all for you. 

What are the different types of bookkeeping services for small businesses?

You may choose to handle all of your small business bookkeeping on your own, but keep in mind that it’s more than just simple data entry. You’ll need to familiarize yourself with your software of choice, such as Quickbooks or Xero and set up your Chart of Accounts among other things – and of course make sure your records are always as up-to-date as possible. 

A popular option for small business owners is to hire a part-time bookkeeper. This is a great solution for small business owners who have enough time to take on some of the bookkeeping work themselves or who have someone on staff who can manage it. One important aspect of hiring a part-time bookkeeper to keep in mind is that you will still need to oversee and be involved with the part-time bookkeeper’s work. You’ll need to review their data entry, monthly reconciliations, and any communication they have with your accountant. Additionally, you will need to organize receipts, invoices, and any other financial paperwork for them and make sure to stay organized on your end.

As a small business owner, you wear many, many hats. From sales and marketing to employee management and not to mention, your specialty – the good or service you set out to provide in the first place – whether it’s operating a small bakery, selling home goods, or running a childcare center – you do it all. When you are ready to catch up on your bookkeeping and make sure it always stays up to date, you can opt for hiring a full-service bookkeeping service like Xendoo. Xendoo is proud to support thousands of small business owners with their financial needs to help set them up for success and provide financial peace of mind. It’s one important thing you can take off of your to-do list, and you can rest easy knowing your financials are being properly handled throughout the year by professionals – no more worrying about when you’ll do your bookkeeping, and no more playing catch up when tax time rolls around.

When should a small business hire a bookkeeper?

It is estimated that small business owners spend as many as 120 working days per year on administrative tasks and bookkeeping. That’s almost four months! This is time that could be spent doing the work you love that led you to start a small business in the first place. Perhaps you set out to own and operate a dog grooming business – you never thought you would end up spending all your days at your computer with piles of paperwork! Small grocers, massage therapists, photographers, dentists, even nail salon owners – every small business owner is different, yet they all need someone to handle their bookkeeping. 

An excellent time for a small business owner to consider hiring a bookkeeper is when you see that your small business is growing. Perhaps your bookkeeping tasks are taking more time than you can afford, and your books are never up to date. Maybe you recently added on a new location, hired more team members, or have seen a sharp increase in sales – whatever the case is, it looks like your small business is growing. As your business continues to grow, your bookkeeping workload will also increase, so if you’re posting more and more transactions each month, entering data on a regular basis can make bookkeeping more difficult and time-consuming. Even when you use online bookkeeping software solutions such as QuickBooks or Xero, a bookkeeping service for small business service can help you manage and maintain your books accurately and save you a large amount of time and money.

A bookkeeper will keep your company’s financial records accurate and up-to-date by performing basic bookkeeping services, that in the end can take hours and hours that a busy small business owner just doesn’t have. This includes regularly reviewing source documents such as your monthly bank and credit card statements, invoices, expense reports, payroll, and receipts, and recording basic accounting information for you – such as your data entry and monthly reconciliations – in your company’s books.

Small business owners notoriously spend a large amount of time on administrative work, like employee scheduling and management, preparing payroll, reviewing invoices, and especially hours and hours of bookkeeping. When you find you can’t afford to spend your precious time on administrative work like bookkeeping any longer, you know it is time to delegate and outsource the work to a bookkeeping service for small business.

Are there bookkeeping packages for small businesses?

Xendoo offers bookkeeping services for small businesses packages of all shapes and sizes. No matter the plan, each one comes with a dedicated financial team – you will have a dedicated bookkeeper assigned to your account who is supported by a full team of bookkeepers that have your back, and are available to talk, text, or email with you as you navigate your busy workday.

Xendoo offers five different bookkeeping service for small business plans for small business owners to choose from – and even offers custom plans. To determine which bookkeeping package is right for your small business, check out the pricing page on the Xendoo website. You’ll see that the five different packages are determined by the amount of your small business’s monthly expenses. We know every small business is unique, so when necessary, we work with our customers to create custom bookkeeping packages to suit their specific needs and goals. 

And it’s easy to change your Xendoo plan if you ever need to! Perhaps your monthly expenses have increased and you need to bump up to a more robust plan, or maybe you are in a slow season and need less help with your bookkeeping. Whatever the case may be, you can easily log in to your account and modify your plan.

No matter which bookkeeping service for small business package you choose from Xendoo, you will be up to date, compliant, and ready to grow. Not to mention, you will have peace of mind and one less thing on your to-do list. You will rest easy knowing you are not part of the 25% of small business owners who report that they are behind on their bookkeeping. 

Do bookkeepers save small businesses money?

Bookkeepers and bookkeeping services for small businesses save both time and money. Small business owners notoriously spend a large amount of time on administrative work, like employee scheduling, preparing payroll, and especially hours and hours of bookkeeping. It is estimated that SMBs spend 120 working days per year on these administrative tasks and bookkeeping. A bookkeeper can save you money by helping to maximize your business’s income, help you determine where you can cut costs, and give back your valuable time to focus on the reasons you started your business in the first place. For a set monthly fee, Xendoo’s bookkeeping solutions come with a fully dedicated financial team to save you time, money, and most importantly – stress.