Monthly Archives: March 2020
by Hal Levenson on Mar 5, 2020 1:19 PM
I’m often asked by my clients when they should take the plunge and outsource their bookkeeping. Since Outsourced Bookkeeping is a service Trilogy Partners offers, my answer sometimes surprises them. I tell them to do it only when it feels right.
There are many advantages to outsourcing bookkeeping such as lowered costs, time savings, maintaining privacy, no training required, better financial reporting, etc. Finding a company that does bookkeeping with controller oversight also provides peace of mind that higher level tasks such tax and audit preparation are done accurately and expeditiously.
There are perceived disadvantages too. With good reason, business owners may not want to let a trusted bookkeeping employee go if the role is made redundant. Also, most outsourced bookkeepers are virtual which obviously means no on-site presence. This may seem unattractive to business owners who are accustomed to getting information from their team instantly. Finally, different technology may be required to go virtual which may itself lead to a whole set of new issues.
So, is outsourcing bookkeeping worth taking the plunge?
First, think about these questions:
1. How much time for bookkeeping is really required for my business?
2. Am I willing to automate some of the processes which means letting go and trusting technology and an outside source?
3. What do I want to keep in house? Why?
Once you’ve answered these questions, feel free to contact Trilogy Partners. We’ll help you assess what the right decision is for you and your company.
About Hal Levenson
Hal Levenson is the Founder and Chief Visionary Officer at Trilogy Partners. Trilogy Partners is an advisory & implementation firm whose mission is to help companies grow and transform. We accomplish this by focusing on 3 critical business areas: Financial, Strategy & People.