5 Myths That Hold Vancouver Businesses Back from Outsourcing Bookkeeping

Many business owners have concerns about outsourcing work to an outside professional. Bookkeeping is especially sensitive since it involves financial information. Before you decide to outsource your bookkeeping, it’s important to understand the common myths that keep Vancouver businesses from letting an expert take over such a critical task.

Myth #1 – Outsourcing Bookkeeping is Expensive

The most common myth is that outsourcing your bookkeeping work is expensive and is only something that large corporations can afford. This couldn’t be further from the truth. In many cases, hiring an outside bookkeeper can save your company a lot of money.

To confirm this, calculate the amount of money you spend on your current bookkeeping staff compared to a quote from a professional bookkeeping service. Be sure to include their salary, benefits, payroll taxes, training, technology, and other employee-related expenses.

Many business owners make the mistake of considering any work they do themselves as free. Your time is valuable. Consider the opportunity cost of doing your company’s bookkeeping yourself. If activities like making sales and interacting with clients generate more value than making journal entries, it’s time to outsource this task.

Myth #2 – Outsourcing Equals Offshoring

Most people think of places on the other side of the planet when it comes to outsourcing. It’s important to make the distinction between outsourcing and offshoring. Offshoring is when jobs or tasks are sent outside your home country. This can be done for a myriad of reasons including cost-cutting, risk mitigation, and round-the-clock availability of resources. Outsourcing is simply sending tasks and jobs to be completed by people not employed by your company. This could be a local bookkeeping firm right down the street.

When deciding to outsource bookkeeping, it’s best to find someone local to your business as they are more likely to understand regulations and common practices in your area. It’s also nice to have a bookkeeper in the same timezone for convenience.

Myth #3 – Loss of Control

Business owners like to control everything that happens in their business. It can be difficult to trust others to help with tasks as the business grows. One of the most sensitive areas is the company’s financials. Losing control and visibility of financial information can cause a business owner to make poor decisions that could negatively impact the business. A professional bookkeeper will keep you well informed and ensure you maintain access to your records.

Myth #4 – Data Security

Professional bookkeepers are extremely familiar with handling confidential financial information. They understand how critical it is to keep this information safe and secure. Asking a bookkeeper how they plan to protect your data will put your mind at ease. Have them walk you through their process and convey any specific concerns that you have.

Myth #5 – Time Management

One concern about outsourcing work is time management. Business owners need their bookkeeping to be completed promptly to ensure that books are as accurate as possible. It’s also important that bookkeepers also be mindful of the number of hours they spend working on journal entries. Some business owners fear being overbilled for work that is billed on an hourly rate or that a bookkeeper might prioritize other clients decreasing response time. Professional bookkeepers know how to maximize their time and make sure all their clients’ needs are met.
Outsource to a Bookkeeper Businesses Trust

For over 30 years, the team at Valley Business Centre – Bookkeeping & Payroll has been providing comprehensive accounting, bookkeeping, and tax services to our clients in Whistler, Squamish, the Sea to Sky Corridor, and metro Vancouver BC areas. Let us walk you through the process of transferring your bookkeeping support to our firm.

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