Your Bookkeeper Is Costing You a Bundle

By Kristen D. Berdar

Retailers, car wash businesses, and other companies are paying too much to their bookkeepers. A smarter way forward is outsourcing full accounting functions to a trusted provider.

Your Bookkeeper Is Costing You a Bundle 

Many retailers and other small businesses start out doing their own bookkeeping. That may be fine — at first. But when your business starts growing, continuing down the DIY path can be a costly decision. Here are a few reasons why.

Bookkeepers aren’t accountants

A bookkeeper isn’t an accountant, and that’s a problem. If you only have a bookkeeper, you either lose out on the benefits of having an accountant — like access to detailed reports and forecasts — or you have to hire an accountant in addition to employing a bookkeeper. That’s a lot more work than simply outsourcing to one experienced team that can manage your books and handle all your accounting and financial needs.

Employees are expensive

In the old days, a growing small business like a carwash might have no choice but to build an in-house accounting team, starting with a bookkeeper, then adding an accountant, accounting manager, controller, and CFO. Add up all those salaries, plus the costs of benefits, overhead, and overtime, and suddenly you’re spending a large chunk of your revenue managing your money.

A better way? Many businesses are transitioning to outsourced accounting services, where you pay for what you use, with no need to pay benefits, purchase new equipment or software, or manage an entire accounting department.

Stress is hard on your health — and your business

In-house bookkeeping can sometimes lead to errors and miscalculations. A regulation changes and you don’t hear about it in time. A deadline passes without you knowing it. Your bookkeeper overlooks a detail in payroll or forgets to submit a tax form. These things happen all the time, and they send business owners’ blood pressures through the roof.

It doesn’t have to be that way. When you hire an outside firm to handle all your bookkeeping and accounting needs, you can reduce your stress. They have decades of experience and the latest tools and technologies to help you avoid IRS fines, relieve tax-time headaches, problem-solve your financial troubles, and forecast your cash flow — all of which can help you breathe a little easier.

Get the help you need

Since 1947, the financial professionals at BST have promoted the financial stability and growth of business clients worldwide. Whether you need accounting, tax, consulting, or other services, our team of experienced professionals is ready to help you achieve your goals.