Small Office
Bookkeeping Services 

Why Demand Is Surging

Small office bookkeeping services are experiencing a surge in demand as described by Forbes contributor Russ Alan Prince. The changes are being driven primarily by advances in technology. So, what does this trend mean for your business?

Small Office Bookkeeping ServicesSmall Office Bookkeeping Services

Prince states that many families are trying to avoid using large accounting and bookkeeping firms, because the services tend to be very costly. He points out that many family offices have also tried managing their own accounting to save on accounting fees. However, there are a variety of reasons that most family business owners feel that small accounting firms are a preferable middle ground.

Factors Behind Greater Need for Small Office Bookkeeping Services

Benefits Over Handling Own Accounting

Many entrepreneurs try handling accounting on their own, but there are a couple of reasons that it may not be the best idea.

Time is Money

The average entrepreneur works 52 hours a week, but still has difficulty finding enough time to get everything done. The truth is that the vast majority of entrepreneurs don’t want to waste their time on mundane accounting activities.

A recent study from the Family Office Exchange found that the average family business owner spends a third of their time on accounting and reporting. For family businesses that make bill at $100 an hour, the opportunity cost is roughly $2,000 worth of lost earnings every week. This shows that utilizing the bookkeeping services of a seasoned professional is the best approach to take.

Compliance Assurance

The tax code is extremely complicated in general, which makes handling taxes a challenge for most small business owners that don't have a tax organizer. Businesses must also abide by other regulations in other instances as well, such as reporting income while applying for government grants.

There are a number of excellent accounting calculators on the market, such QuickBooks, but there are still a variety of risks with using them. These tools need to be used properly to ensure that regulations are followed properly. They should only be used by entrepreneurs that have the necessary training.

Fortunately, professional bookkeeping service providers are familiar with the myriad of regulations that affect your business. Business owners are encouraged to reach out to a trained small office bookkeeping services bookkeeper if they are unsure about tax policies or face very stringent regulations.

Benefits Over Using a Traditional Accounting Practice

There are clearly a number of reasons to rely on professional bookkeeping services over handling your own accounting. However, before you resort to hiring one of the Big Four firms or one of their equivalents, you should be aware of these benefits of using a small bookkeeping company:

Lower infrastructural costs. Small bookkeeping companies don’t need to rent multi-unit offices, hire multiple secretaries or incur many of the other costs that larger offices have. Since these costs are lower, they are usually able to offer lower rates to their customers.

More competitive rates. Large companies are typically able to charge higher rates since they have so much clout. Smaller companies must typically charge lower fees to remain competitive, which is another reason that they offer lower rates.  The average cost of a typical tax preparation is $261, according to a recent survey from the National Society of Accountants, but small bookkeeping offices usually charge less.

 Supporting local businesses. Companies that support other local businesses generate more goodwill in their community. Keep this in mind before hiring a large agency to manage your bookkeeping. All of these factors clearly show that hiring a small bookkeeping company is the best approach.

Choosing Small Office Bookkeeping Services

Small Office Bookkeeping ServicesSmall Office Bookkeeping Services

Choosing small office bookkeeping services is a wise decision that can bring numerous benefits to your business. It shows that you prioritize accuracy, organization, and financial stability in addition to the following:

  • Expertise and Attention to Detail: Small office bookkeeping services specialize in catering to the unique needs of small businesses like yours. Their expertise and attention to detail ensure that your financial records are accurately maintained, enabling you to make informed decisions and stay on top of your financial health.
  • Focus on Your Core Competencies: By outsourcing your bookkeeping to professionals, you can free up valuable time and energy to focus on what you do best growing and managing your business. Small office bookkeeping services allow you to offload the complex and time-consuming task of managing financial records, giving you peace of mind and allowing you to concentrate on your core competencies.
  • Cost-Effectiveness: Engaging small office bookkeeping services can be a cost-effective solution for your business. Instead of hiring a full-time in-house bookkeeper, you can access professional bookkeeping services on an as-needed basis. This saves you from incurring expenses associated with salaries, benefits, training, and ongoing support.
  • Compliance and Accuracy: Small office bookkeeping services are well-versed in the latest financial regulations and compliance requirements. By entrusting your bookkeeping to professionals, you can ensure that your records are maintained accurately, reducing the risk of errors, penalties, or compliance issues. Their knowledge and expertise help keep your financial records in order, giving you confidence in your business operations.
  • Scalability and Flexibility: As your business grows, small office bookkeeping services can adapt and scale their services to meet your evolving needs. Whether you need assistance with basic bookkeeping tasks or more complex financial analysis, they can tailor their services to match your requirements. This scalability and flexibility provide you with peace of mind, knowing that your bookkeeping needs will be met regardless of your business's size or stage.
  • Data Security and Confidentiality: Small office bookkeeping services understand the importance of data security and confidentiality. They implement robust security measures to protect your financial information and ensure that it remains confidential. By entrusting your bookkeeping to professionals, you can have confidence in the safeguarding of your sensitive financial data.
  • Focus on Long-Term Growth: By delegating bookkeeping responsibilities to professionals, you can focus on long-term growth strategies for your business. You can invest your time and energy into strategic planning, marketing, customer acquisition, and other aspects that drive business expansion. Small office bookkeeping services support your growth aspirations by providing accurate financial information and insights that inform your business decisions.

Choosing small office bookkeeping services is a proactive step towards maintaining financial stability, accuracy, and growth for your business. By partnering with professionals who specialize in small business accounting, you can offload the administrative burden and gain the support you need to succeed. Embrace this decision with confidence, knowing that you are prioritizing the financial well-being and future success of your business.

Contact Us Today

Accounting is a very important aspect of running a business. However, many businesses lack the financial competencies needed to handle their own accounting and don’t want to pay for the services of a large accounting firm. If you are in need of professional small office bookkeeping services, then please feel free to contact me. We look forward to hearing from you!

Author

Stephanie Horne is an experienced bookkeeper and Enrolled Agent. She is the owner and founder of Tax Avail, Inc. in Rohnert Park, California along with this website and has over 20 years of in person, virtual and outsourced bookkeeping/accounting and tax preparation experience with businesses of all sizes.

Her love and passion is to work individually with business owners and families to help alleviate any financial stress or concerns by helping them to understand and have better control of their income, expenses, cash flow, and tax liabilities.  

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