Small Businesses use Cloud Accounting – Bookkeeping Solutions MYOB/Xero
A small business owner knows that keeping records of transactions is a necessary part of doing business. Even if you are a business owner who has experience in keeping books, it is a time-consuming task that requires time away from doing actual business. It is, therefore, maybe a good idea to look for assistance with the bookkeeping, whether using software or hiring a bookkeeping service.
If you are someone who has performed bookkeeping services in the past, the software might be the route to go instead of hiring a professional. The software requires only the one-time purchase price and possibly a renewal fee in order to update the program to the newest version. It doesn’t take much thought to realize how much less purchasing and renewing a computer program costs than maintaining a bookkeeping service continually or even periodically. Online software programs can also automatically update the books for online transactions, saving you a lot of time.
Though it is easily seen that computer software saves quite a bit of time, it should be noted that previous experience with bookkeeping is helpful due to the learning curve of a new program. If it is too much work to learn these programs for you, it is a better choice for you to hire a bookkeeping service. There is no upfront training on your part because the professionals have already received the training and gained the experience necessary to do the job.
It is also preferable for some business owners to be able to talk things over with another person rather than rely on a computer program. Software is great at detecting discrepancies, but it is then up to you to decipher it and fix it. There goes more time away from performing the core job of your business. Talking things over with an experienced bookkeeper can lead to a timely problem resolution.
Flexibility is a wonderful perk provided by both bookkeeping software and bookkeeping services. The software lets you maintain a hands-on approach toward your financial transactions. By hiring a bookkeeping service, you will obviously not be directly involved with recording figures, but the bookkeepers will report to you and make you aware of any errors or anything else that needs your attention. Plus, they can be hired permanently or on a temporary contract. It comes down to how much business your company does and what kind of business it is.
It really comes down to personal choice when deciding between Bookkeeping/Accounting software and bookkeeping services. You will need to decide how much experience you have, how much control you want to maintain, and how much you want someone else to look at the books. Which of the two saves you the most time and makes you the happiest is the one to choose.