How has outsourced bookkeeping services positively impacted your company?
The following answers are provided by the Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
1. Helped With Growth
“When we began to outsource this, it helped organize our accounting systems and, in turn, helped us focus on growth areas. Absolutely worth it.”
– Darrah Brustein, Network Under 40 / Finance Whiz Kids
2. Increased Confidence
“Having an external bookkeeper has transformed the way we feel about our finances in all the best ways. Working with someone experienced you can depend on, trust and turn to can be really impactful — not just on the business, but on your anxiety and confidence.”
– Derek Flanzraich, Greatist
3. Created an Extra Set of Eyes on AR/AP
“Most small businesses are smart enough to use an outside accountant, and our bookkeeper actually resides in our accountant’s office. Since our bookkeeper is external, it provides an extra set of checks/balances with our in-house AR/AP team. Not only is this a check on any possible fraudulent activity, but it really helps in finding and reducing errors.”
– Tim McHugh, Saddleback Educational
4. Allowed Focus on Core Strengths
“If you’re not an accounting advisory firm, outsourcing your accounting is a great idea to consider. We use an incredibly bright controller who handles the day-to-day accounting, allowing our small team to stay purely focused on our DNA: design and development.”
– Aman Advani, Ministry of Supply
5. Helped Us Find the Right Person
“I have a horror story about this. I hired someone who was working for four different companies and not doing anything. I really don’t understand bookkeeping so that could have been the problem, but it’s not a mistake we’ll have happen again. Now I’ve hired a local bookkeeper to come into our office one day a week and manage everything. I hired them off Craigslist, and it’s worked perfectly!”
– John Rampton, Adogy
6. Found a Great Partner
“I received a B- in accounting while getting my MBA. It is not my strong suit, and I would much rather focus on what I’m good at to continue to grow. The challenge I was having with previous bookkeepers that I found online was a lack of redundancy and timeliness. We finally found a great option. It is a company that mixes great tech with great back-end bookkeepers. Love them.”
– Lawrence Watkins, Great Black Speakers
7. Helped Set Up for Success
“We had an external CPA provide bookkeeping services with our business, and that helped us immensely in getting set up properly at the start so we could focus on growing our company. Not only does having an outsourced CPA take a large portion of the work off our plates, but someone who has worked with growth startups can help structure the accounting for success too.”
– Doreen Bloch, Poshly Inc.
8. Saved Us Time
“We were not nearly as efficient at doing our bookkeeping as outsources that do nothing but bookkeeping can be. We now have extra time to focus on core aspects of our business.”
– Josh Weiss, Bluegala
9. Allowed Us to Report Against a Budget
“The best part about outsourcing your bookkeeping services is being able to report against a budget by department. Our accounting service sends us a monthly report showing what each department spent, including salaries and services, and I can quickly create a report against what we projected our monthly expenses to be for each team. It’s a very powerful report.”
– Ryan Buckley, Scripted, Inc.
10. Created Greater Predictability
“Outsourcing our bookkeeping made it easier to maintain accurate, timely financial records. We’re able to use that data to make reliable assessments and predictions about the company’s health. This lowers my stress and helps me focus on driving sustainable growth.”
– Mary Ellen Slayter, Reputation Capital
