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.