Outsourcing: How to Hand off Your Financial Tasks
You’re not an accountant.
So you shouldn’t feel like you have to handle all the finances in your small business.
Outsourcing your accounting and bookkeeping can unload some of that burden.
In this guide, we’ll show you the areas you can outsource and help you pick the best experts for the job, so you can get back to doing what you love.
Outsourcing benefits
When you outsource things you don’t like, aren’t good at, and that steal your time, there are a lot of benefits:
Time-consuming tasks are taken off your plate without paying full-time salaries and benefits.
Outsourced tasks usually get done better and faster than before.
You’re able to scale your business because you have more time to spend on revenue-generating activities.
By working shorter hours you save your energy and sanity—don’t discount how important this is.
Now let’s talk about the various outsourced accounting services and why you should consider them.
Outsourced bookkeeping services
Nobody starts a business because they want to do their own bookkeeping. Outsourced bookkeeping takes back that valuable time to focus on running your operations, identifying new opportunities for growth, or simply getting some rest and relaxation from the stresses of entrepreneurship.
With outsourced bookkeeping, you also get up-to-date reports and financial statements that are essential to every-day business decisions: balance sheets, income statements, and cash flow statements.
Beyond day-to-day operations, having your bookkeeping taken care of by a professional expedites the tax filing process. You’ll have all the numbers you need to file your tax return. Or let us take care of the tax filing for you!
Outsourced Tax filing
Beyond bookkeeping, Small-Books can also take care of your tax filing - including personal and corporate income tax, as well as sales tax. Or, if you’re working with a CPA - we’ll do the books and work directly with your accountant to get your taxes filed accurately and anxiety-free. No need to play the middle man, we will take care of the back and forth.
Avoid any errors or delays in filing a return or adhering to compliance which could attract hefty fines and penalties from the CRA. Choosing a professional accountancy team will ensure that no errors happen while preparing or filing your taxes.
Outsourced payroll
If you’re spending a lot of time doing HR and payroll manually, we can help with that too.
If you decide to take the full-service payroll route, you can expect to outsource tasks like payroll setup, payday calculations and direct deposits, payroll tax calculation and form filling, T4 and T4 summary filings.
Leave the administrative load with us and get more time to focus on revenue-generating activities.
Accounts receivable and accounts payable
Outsourcing your accounts receivable and accounts payable means never having to pay or chase down bills again—the stuff every small business owner dreams of.
An AR/AP service will also take care of some (if not all) of these:
Invoice imaging and storing
Invoice approval
Expense allocation
Online payment approval
Check processing
Handling of vendor inquiries
Order management
Customer billing
Collections management
Cash forecasting & reporting
Full-scope bookkeeping and accounting services
Playing the role of accountant probably wasn’t part of your business plan. As the owner, you want to grow your business and focus on the vision of the company itself.
As you grow, having a professional, outsourced bookkeeping firm on your side gives you the advantage of proactivity rather than reactivity. Our small-business experts can spot red flags ahead of time and notify you about things like cash flow discrepancies. Plus we can take care of everything listed above, done virtually, with fixed monthly rates, and all within your small-business budget.
Having a skilled eye on your finances at all times will give you peace of mind, as well as the ability to make well-informed financial decisions.
How virtual bookkeeping works
Virtual bookkeeping connects you with real bookkeepers via a secure, online account. A top-notch service will download your expenses automatically through online banking and through your merchant processor, so you don’t have to worry about bank statements.
For example, when you work with Small-Books, you’re paired with a team of professional bookkeepers who gather your data and turn it into tax-ready financial statements each month.
Come tax time, we will even take care of your filings, income tax and sales tax!
So everything is taken care of from books to tax.
Finances on autopilot
Spend less time worrying about bookkeeping, and more time running your business. Small-Books is your all-in-one financial toolkit.
Learn more
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Small-Books assumes no liability for actions taken in reliance upon the information contained herein.
