There’s a canyon of difference between owning a successful business and actually running the thing. All of those customers and revenue won’t matter much if you don’t have the proper bookkeeping system to keep it all straight. This can be done personally or at least “in house” but this is heavily discouraged, as there are too many ways it can go wrong. Your best bet is to hire a third party bookkeeping service to regularly keep your records organized. If you are considering bookkeeping services in Yonkers NY, here are the biggest reasons why hiring an external bookkeeper is your best bet.
#1. Unbiased financial advice
When you hire a bookkeeper, you aren’t just hiring someone to “keep” the books, as it were, you’re hiring the equivalent of a personal financial advisor. So, you want a bookkeeper with little to no personal attachment to the company beyond a purely professional relationship. Hiring in-house isn’t a terrible option, but you run the risk of your bookkeeper becoming too emotionally attached to the day-to-day inner politics of running the business. External bookkeepers will not have this problem, and their productivity will only benefit as a result.
#2. Avoiding conflicts of interest
Handing over bookkeeping to one of the other owners of the business is a risky move for the partnership, since even small errors can potentially be seen as intentional misconduct. These errors can thus spiral out of control, and get a lot of people needlessly fired as a result. Using an external bookkeeping service not only avoids this pitfall, but can also build trust between the owner and the employees, who will see this as a sign of transparency from their boss.
#3. Lowering costs
Hiring an in-house bookkeeper, in many ways, can be more expensive in the long term than hiring a third party bookkeeping service. You can save money by not having a bookkeeper on staff, and just personally collecting all relevant financial documents, and then handing them over to your hired external bookkeeping service. When it comes to long-term cost, outsourcing your bookkeeping to an independent service is much more financially beneficial to both you and the company.
While hiring an in-house bookkeeper isn’t an awful idea, it introduces too many risky variables, which hiring an external bookkeeper solves anyway by virtue of its external nature alone. So when it comes time to hire a bookkeeper for your company, consider looking for an independent service instead of hiring in-house. It might just be the best business decision you can make.
