Partnering With Bookkeepers: Common Fears Explained
As a business owner, the idea of handing off your financial records to an outside bookkeeping firm can trigger apprehension. After investing immense personal sacrifices into building your company, it’s natural to feel protective over the financial data that lies at the core of your operations. Here are some common myths and the actual truths to alleviate your concerns — which after reading this, will alleviate some of your worries if your business is in need of them.
Myth: Partnering Means Losing Control of Your Financial Data
Your financial books represent the comprehensive history and current state of your business. Entrusting that data to another party can feel like surrendering control over a pivotal aspect of your company.
Truth: Professional Firms Maintain Transparency
Through regular reporting and opportunities for your input, you’re firmly situated in the driver’s seat over your financial records. Remember that your success is theirs as well. Without the practice of transparency (and beyond), firms wouldn’t be in business at all.
Myth: Sharing Financial Data Externally Poses Security Risks
Financial records contain sensitive information about revenues, expenditures, payroll details, and more. These are some of the most prevalent fears that business owners have — especially if they aren’t tech savvy.
Truth: Reputable Bookkeeping Services Have Amazing Cybersecurity
Reputable bookkeeping providers prioritize robust cybersecurity with measures like encryption and team training to safeguard sensitive data. You may worry about maintaining confidentiality and avoiding data breaches if records are outside your custody. Reputable bookkeeping providers implement robust cybersecurity measures like encryption and team training to safeguard data.
Myth: Bookkeepers Won’t Understand the Nuances of Your Business
Will an external bookkeeper truly understand the nuances of your business and apply the same level of rigor as you would internally? There are fears around whether financial tasks will be completed accurately and thoroughly.
Truth: They are Specialists Who Can See Details You Aren’t Able to
By specializing and working with dedicated professionals, firms can ensure higher quality and attention to detail than an in-house generalist. While an investment, firms enable you to profit by redirecting internal resources to revenue-generating tasks through enhanced efficiency and expertise.
Myth: It’s Expensive to Hire Outside Bookkeepers
Outsourcing bookkeeping can seem like an unnecessary expense, especially for newer businesses operating on lean budgets. You may wonder if the investment required for professional services is justified.
Truth: Bookkeepers Will Save You Money in the Long Term
Acquiring outside bookkeeping services is certainly a big investment. However, firms enable you to profit by redirecting internal resources to revenue-generating tasks through enhanced efficiency and expertise. With their help, not only will your business have financial efficiency across the board, but you will also pick up on the best general financial practices that will help you outside of your business.
Myth: External Bookkeepers Lack the Required Expertise
Bookkeeping is a specialized skill requiring extensive knowledge compliance, payroll regulations and more.
Truth: There’s ALWAYS a Right Fit for You
Look for providers with verified credentials, training processes, and a track record serving your industry. No matter how niche your business may be, there are bookkeepers out there that are already working in your industry — or at least adjacent to it.