The Ultimate Guide to Outsourced Bookkeeping: Why Businesses Are Making the Switch

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The Ultimate Guide to Outsourced Bookkeeping: Why Businesses Are Making the Switch

We're in the midst of a cost-of-doing-business crisis and that is amplified for brick-and-mortar businesses. With the rising minimum wage, energy costs, end of business rates relief to name a few, this is a very difficult period for businesses to survive, let alone thrive. Businesses are actively striving to reduce their costs, and one of the most impactful ways of achieving that is through outsourcing.

Staffing costs are at an all-time high. The average salary of a bookkeeper is £26,000 per annum. However, the true cost to the business is much higher due to employers' national insurance contributions and employers' pension contributions, which takes it up to a whopping £29,112. And we haven't even considered holiday pay yet!

In the face of these daunting financial challenges, businesses are seeking innovative solutions and outsourcing bookkeeping has emerged as a strategic avenue for cost reduction and operational optimisation.

Why Outsource Bookkeeping?

Outsourcing bookkeeping services offers several compelling advantages:

  1. Cost Efficiency: As we explained above, staffing costs are soaring, and every penny counts. Outsourcing bookkeeping allows businesses to avoid the hefty expenses associated with hiring and maintaining in-house bookkeeping staff, including salaries, benefits, and training costs. By outsourcing, businesses can access professional expertise at a fraction of the cost, helping to alleviate the financial strain.

  2. Expertise and Compliance: Bookkeeping is not just about recording transactions; it requires specialised knowledge and meticulous attention to detail, especially when it comes to navigating complex tax regulations and financial reporting standards. We employ skilled professionals who are specialists in the furniture industry and have worked with common software used within this industry. By outsourcing, businesses can rest assured that their financial records are in capable hands, reducing the risk of costly errors and penalties.

  3. Focus on Core Business Functions: Running a successful business involves juggling numerous responsibilities, from customer service to product development. Managing bookkeeping tasks in-house can be time-consuming and detract from core business functions. Outsourcing bookkeeping allows businesses to delegate these administrative burdens to external experts, freeing up valuable time and resources to focus on strategic initiatives and revenue-generating activities.

  4. Scalability and Flexibility: In today's dynamic business environment, agility is key to survival. Outsourced bookkeeping services offer scalability and flexibility, allowing businesses to grow without having to worry about their accounts department keeping up with the growth

In essence, outsourcing bookkeeping is not just about cutting costs; it's about strategic investment in the long-term success and sustainability of your business. By leveraging the expertise and efficiency of external professionals, businesses can navigate the challenges of today's economic landscape with confidence, positioning themselves for growth and prosperity in the years to come.

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