Thrive—Not Just Survive: Two Reasons to Outsource Bookkeeping
Are you one of many SMEs struggling to stay afloat—not sure how and where to cut costs? South Africa’s economy is experiencing a decline, which means businesses will too. While it is vital to stay positive and hopeful, now is the time to re-evaluate finances and cut all outgoing costs that bring a minimal ROI. And one of the best places to start is with your bookkeeping.
Because of the COVID-19 pandemic, running a business in 2021 is challenging—money is tight, and consumers have more options at their fingertips than ever. Further, with disruptive technology pushing eCommerce, new marketing strategies steal valuable time—and time is currency to an SME. In short: Just because you’re an entrepreneur does not mean you are a numbers person, HR manager, marketer and salesperson. If you want to succeed, focus on one role and leave the rest to the experts, starting with outsourcing your bookkeeping services. Here’s why.
- Find Money and Reduce Costs
A bookkeeping service saves and finds you extra money you never even knew you had. First, permanent employees cost far more than a bookkeeping service and also require benefits and pension. Who would have known you can cut permanent salaries with the option of outsourcing. Second, a bookkeeper finds money, which is especially true for entrepreneurs that do their books.
A bookkeeper that spends a couple of hours on your books will have little emotional attachment to your business—and that is a good thing. Keeping a close eye on profit and loss, they use business sense to pull products and implement change, all in the name of increasing revenue. Keeping you compliant, they also handle SARS, UIF, PAYE, Provisional Gains and Value Added Tax (VAT), which means you will most probably get a rebate.
- Professional and Efficient Service
A bookkeeper is like a personal assistant as not only do they record every financial transaction you make and ensure it reconciles with your monthly statements, they make sure your bills are paid on time, so you stay consistently on top of your incoming and outgoing revenue. Professional bookkeeping services are one of the key factors for running any business successfully and effectively. From payroll processing, monthly account reporting, and cash flow forecasting to debit and credit control, they keep your business sailing, ensuring you meet your target revenue goal.
Outsourcing bookkeeping services in 2021 is worth every penny. We are reaching critical times in business, and if you want to thrive—not just survive, you must have a long-term sustainable plan for the future. Contact CHA Group and find out more about how our bookkeeping services can better your bottom line. Meet our educated and experienced consultants and allow us to show you what we do for hundreds of businesses throughout South Africa.