When running a small business, there are A LOT of things to worry about and focus on. However, with advances in technology, more affordable options, and better overall quality service; managing your bookkeeping and accounting do not need to be one of them.
One of the biggest complaints we hear from small business owners is how they are worried about the limited knowledge they have of their bookkeeping and accounting processes, and if their bookkeeper were to walk out the door….so does that knowledge.
Often, small business owners think they are saving money by handling their books in-house and feel more comfortable with maintaining some level of control over a process they know little about. Doesn’t this seem a little crazy? That’s because it is! Not only are you increasing your administrative costs by hiring a full-time employee who may (or may not) have the knowledge and skills necessary to keep your financial operations working effectively and efficiently, but you are also exposing yourself to a risk that your in-house bookkeeper (or yourself) will cause an issue that will cost you a small fortune to fix.
How Can I Avoid these Issues?
So, what should small to mid-size businesses do to solve these problems and mitigate risks? The answer is simple: hire a virtual bookkeeping firm that can function as an accounting department for your business. Hiring outsourced bookkeeping and accounting firms shift the risks in the financial operations of your business by sharing the liability with a third party who are experts in their field. This team of experts can help you to streamline your financial operations, improve cash flow, and avoid costly mistakes. They also can act as your strategic partner in leveraging the latest technological innovations and reducing the time you spend worrying about your finances.
Here are just a few of the benefits of hiring a virtual bookkeeping firm:
- Reduced risk associated with your finances;
- Less overhead costs associated with hiring someone in-house;
- More efficient use of bookkeeping and accounting technology;
- Faster collections times, and improved cash flow;
- Better, more accurate and up to date financial statements;
- Never having to worry about your bookkeeper calling out sick or taking a vacation.
How Can Tentho Help?
Virtual bookkeeping firms such as Tentho can help you realize all of these benefits and more. Our team of financial experts will ensure you have clear, accurate information to help you make well-informed decisions for your business.
If your business is struggling with your financial operations or needs assistance in better managing your bookkeeping technology, we can help. Click to schedule a FREE consultation! We will take the time to review your current situation and offer suggestions on areas for you to improve. Improve your financial outlook in 2021 and beyond!