A survey conducted by Outright.com shows that small business owners spend around 5 hours every month on bookkeeping…that’s after they’ve gotten the hang of bookkeeping of course. Did you know that a professional bookkeeper can do the same job 63% faster and with less errors? It just makes sense to hire a bookkeeper to take care of this vital task necessary to running your practice. Now, if your practice has 50+ employees, then it might make sense to hire a bookkeeper to be on your payroll. In most cases, the most cost-effective solution to your bookkeeping is to outsource. In the same way you would contract the services of a lawyer, accountant or auditor, outsourcing your bookkeeping to someone who is an expert in the field will give you peace of mind knowing that your practice is on the path to financial health.
Here is something you don’t hear a lot from veterinarians running a practice…“I have so much free time and I wish I had more work to do!” Yeah, not going to happen. It takes a lot to run a veterinary practice, but you do it because it’s what you have a passion for. One of the many daily tasks on the growing to-do lists for practice owners is taking care of the bookkeeping. Instead of spending valuable time on this task, consider outsourcing your bookkeeping. You will free up treasured time that you can devote to running and growing your practice. Imagine what you could do for your practice with the 5+ hours you have been spending on your bookkeeping.
Here are your options for hiring a bookkeeper: hire a part-time or full-time employee to do your bookkeeping or outsource your bookkeeping. Want to know which one will cost you less? Outsourcing! The cost of outsourcing your bookkeeping is going to be less than the cost of paying an employee’s wages and benefits. Let’s not forget the lost productivity costs that occur when you hire an employee on payroll. By outsourcing your bookkeeping to an expert, you pay only for what you need and nothing else. You are also saving money having a bookkeeper that has the expertise to make sure you are maximizing your tax deductions and monitoring your cash flow.
There is enough to worry about when running a practice so why don’t we balance that out with a little peace of mind too. Bookkeeping is a necessary part of your practice, but it does not require your expertise. So outsource it to someone that has the expertise and is up-to-date on regulatory requirements required for bookkeeping. Outsourcing your bookkeeping is a great way to have access to full-time knowledge without paying a full-time paycheck.
- Do you want to free up valuable time that you are spending on bookkeeping and instead spend it on running and growing your practice?
- Are you looking for a bookkeeper whose knowledge is available to you full-time but does not cost you the same as a full-time employee on your payroll?
- Are you ready for a little peace of mind knowing an expert is keeping your books in the proper order, maximizing your tax deductions and monitoring your cash flow?
Did you answer yes to all? Then it makes complete sense for you to outsource your bookkeeping! Now remember, the process of hiring a bookkeeper is not one you should rush into. There are many factors to consider. For example, do you want to use a larger company that has many clients and have a team of bookkeepers working on your books, or do you want to use a small business with one or two bookkeepers who work closely with only a dedicated number of clients? Tune in next week for a checklist on what’s important to look for when hiring someone to outsource your bookkeeping to. In the meantime, if you have any questions about your own bookkeeping or are interested in outsourcing your bookkeeping to an advisory bookkeeper that works exclusively with veterinarians, then shoot me an email at firstname.lastname@example.org. I look forward to helping you have more time, more money and more peace of mind!