Running a small business is no easy feat. There is never enough time to put all aspects of the business in the right direction. From making short and long-term business decisions, managing day-to-day operations, settling bills, coordinating employees, and dealing with the cost of operation. It’s difficult to run a small business without some external expertise in areas that are not your core competency, and certainly help from professional financial experts is crucial for most.
Bookkeeping is an integral part of any small business. Solid and meaningful bookkeeping is the first step to really grasping your business’s finances. And that insight is the key to long term growth and expansion. Small businesses with the right bookkeeping and accounting practices achieve their goals and expand faster than their counterparts without proper bookkeeping practices.
Small business owners without prior accounting knowledge and background would find it difficult to manage bookkeeping functions. But it is possible to have a financial expert to manage the bookkeeping and accounting functions of a small business with Financial Optics. Aside from having a full-time accountant and financial adviser, small business owners will enjoy the following benefits when you outsource bookkeeping to us.
Save Time and Cost of Running Paperwork
The most important benefit of outsourcing bookkeeping is that it saves time and the financial implications of organizing paperwork. Small business owners need all the time they can get to run their business, yet, logging financial transactions and balancing a ledger can be a large time commitment for those not intimately familiar with bookkeeping.
Hiring Financial Optics to oversee the bookkeeping functions of a business will save business owners a lot of time. You can use this time to check and improve operation processes, customer service, and other important parts of your business. It’s also much more cost-effective to have a certified professional handling the bookkeeping functions of a small business.
With the extra hard work and piles of paperwork gone, small business owners can pay attention to other parts of the business which are customer-facing, like sales and operations.
Reduce Operational Costs
It is cost effective to outsource bookkeeping functions to an expert rather than hiring an in-house bookkeeper to handle the process. An in-house bookkeeper means extra payroll costs as you would have to pay hourly or annual wages, provide benefits, and ultimately spend time managing another employee.
But outsourcing bookkeeping functions saves operational costs that could go into the growth of the business. You can increase the number of your sales staff, get more equipment, or even expand the physical facility of your business.
Outsourcing the bookkeeping of a business to Financial Optics will ultimately earn small business owners more time and financial freedom. You, the business owner, are no longer spending time trying to manage a core business process for which you don’t have the expertise. And to no fault of your own, you didn’t start your business because you have an accounting degree or vast financial management experience.
Reduce Errors and Maximize Accuracy
Hiring an in-house bookkeeper involves a lot of training – everything from onboarding to getting your bookkeeper familiar with your industry and your business. Even more training and potential risk is involved when business owners “outsource” their bookkeeping functions to family members or people who do bookkeeping on the side. Family bookkeepers come with many hidden expenses like the time needed for oversight, costly errors that an expert would not make, the lack of formal training for compliance purposes, and the missed opportunities from not having an expert with decades of experience performing the bookkeeping activities. And you have to ask yourself, do you have the expertise to manage this process in the first place?
The experience is completely different when you outsource your bookkeeping functions to Financial Optics. In-house and family bookkeepers need a certain marginal time to “adapt” to the nature of your business and this could lead to errors that impact on operational costs. And, most “bookkeepers” are transactional based workers, and don’t really have the financial analytical skills you need. We have decades of experience working with many different types of businesses, so we’ve seen and handled a lot of different situations.
We can offer accuracy from the start of operations. We use automated systems and models that suit your business to track and keep financial records in order. We have processes for double and triple-checking transactions and records for accuracy, thus the chances of errors or oversight are almost non-existent.
Small businesses can take advantage of our outsourced bookkeeping services to improve their operations and reduce losses due to financial mismanagements.
Access to Periodic Detailed Financial Reports
Small business owners will have access to detailed financial reports to keep track of their business finances when they outsource bookkeeping to Financial Optics. We’ll keep you informed, and more importantly coach you on key matters like your business’s cash flow, gross profit percentages, income projections, credit opportunities, and advise you on major financial decisions.
This function comes in handy when you wish to share this information with your employees, partners, creditors, and/or legal counsel.
You’ll also get qualitative insight into your operations expenses, profits, and revenue from time to time to equip you with the financial knowledge so that you can control your business finances and have a solid foundation for the future of your business.
Comprehensive Bookkeeping and Accounting Services
When you secure the services of a financial expert to handle your bookkeeping functions, you will enjoy other benefits that they have to offer.
Financial Optics provides much more than just bookkeeping services. We can help you develop a detailed financial strategy that gives insight into the growth and development of your business.
We can serve as your outsourced accounting department, handling everything from bookkeeping to financial management and serve as your virtual CFO and business advisor so that you can make good business decisions.
More Services (But Only When You Need Them) when Business Expands
When you work with Financial Optics you don’t have to worry about hiring more hands as you expand your business.
Our outsourced bookkeeping services offer different packages tailored to fit your business. As you increase your sales and expand your reach, all you have to do is upgrade your current plan to take care of the new demand.
Cloud-Based Bookkeeping and Accounting System
One of the benefits of outsourcing bookkeeping functions to us is the use of online portals for financial records and bookkeeping. Unlike most traditional accountants and CPA firms, our modern and virtual approach means we’re not using outdated manual processes to record all your financial transactions.
The use of our financial portal for bookkeeping and accounting has so many benefits. It offers increased accuracy and stores financial records in a centralized cloud storage platform. You’ll have access to your business financial records from any location, 24 hours per day and 365 days per year. And will coach you on what reports you should be looking at and how often you should be analyzing them.
This means you can access your finances, track your transactions, and get information on your business performance with a simple mouse click or phone tap. Our online portal keeps your information safe, organized, and fully accessible to anyone with permission (and only who you give permission to) even as our team updates the daily financial activities.
One of the amazing benefits of outsourcing bookkeeping to Financial Optics is making smart and informed business decisions backed by accurate accounting and experienced analysis. Most outsourced bookkeeping providers only crunch numbers and provide a monthly P&L report, but here at Financial Optics our team is experienced and savvy enough to give you in-depth analysis based on your financials.
You’ll be able to decide which expenses to cut off and which mode of income is more reliable in the long run. A periodic financial report also gives you an insight into managing operations and managing the compensation plans for new and old employees.
Working with us offers much more than the other outsourced bookkeepers. We don’t just onboard any customers looking for bookkeeping services, we’re looking for growth oriented entrepreneurs who want to become financially savvy about running their business.
We use the numbers from your business to paint you a picture of your progress and growth curve. We offer weekly reports with detailed reports on a current cash balance and cash flow management. This information will help you run your business, and sleep better at night knowing your current financial position. The weekly reports also give insight into how your day-to-day business decisions affect your business. Thus, it’s easy to see where you are going against profits and how to make improvements.
Are you searching for a team that cares about your business and wants the best for you? At Financial Optics we don’t just crunch numbers and spit out reports. We provide accurate financial data and help you understand how to use the data to grow a healthier business. We’ll give you detailed projections and action plans that would guarantee a healthy growth curve. Check out our financial services offer tailored to suit your business and help you grow here.
Why not book a free 1-hour consultation session with our experts and let’s discuss your business? It’s free! Let’s show you how you can improve your business by outsourcing bookkeeping to the right team.