Bookkeeping Services - Tulsa OK

Is your bookkeeping becoming unmanageable? Many small business owners and entrepreneurs start out doing their own bookkeeping when transaction levels are low and the accounting is straightforward. What happens when your business begins to grow? Do you have the time to dedicate a few hours each week to your accounting function? 

Putting your bookkeeping on the back burner leads to missed transactions, overpaying on your taxes, and difficulty scaling your business. Once you have determined the need for an expert, you are faced with another dilemma: should you hire an in-house bookkeeper or outsource? 

Bringing on an in-house bookkeeper is generally not cost-effective for small and growing businesses, which is why outsourcing is the go-to solution. Here are 10 benefits of outsourcing your bookkeeping to a qualified domestic bookkeeping firm. 

The phrase “time is money” is definitely true for business owners. Is your time better spent sitting behind a computer entering transactions or out in the field gaining new customers? Probably the second option. Outsourcing to a bookkeeping firm adds a few extra hours of free time to your busy schedule, without compromising the accuracy and completeness of your accounting records.



Maybe you spend your newfound time meeting with prospective customers or making it home for dinner each night. Whatever the case, outsourcing your bookkeeping alleviates a time constraint and allows you to focus on other important areas. 

Outsourcing your bookkeeping to a firm can actually result in lower costs. When you bring on an in-house bookkeeper, you will be required to pay employer payroll taxes. These taxes can include social security, medicare, federal unemployment, and state unemployment. In addition, you may have other costs associated with benefits like retirement matches and health insurance. 



An outsourced bookkeeping firm doesn’t come with these costs as they are considered independent contractors. This allows your business to save on employer taxes, improving your potential profitability. Finding ways to save on costs is vital for businesses trying to scale and increase profit.

You are bound to have questions when completing bookkeeping. From knowing which expenses are deductible to how to record payroll, there is no universal guide that outlines how to handle every situation you are faced with. This is where outsourcing your accounting to a bookkeeping firm is beneficial. An outsourced bookkeeping firm is comprised of experts, meaning they will be able to answer all questions that pop up.



Additionally, outsourced bookkeeping firms are continually improving their skills and credentials to maintain competitiveness. Their experience and knowledge are passed down to your business at a fraction of the cost. Having a team you can rely on helps you make informed business decisions.

The Great Resignation has plagued countless business owners, with nearly 100 million employees voluntarily leaving their positions. Volatility in the labor market puts your business at risk of high turnover. Let’s say you hire a bookkeeper and six months later they quit. Not only do you have to go through a costly hiring process again, but you also have to deal with another learning curve. Studies show that it takes employees anywhere from a few months to a year to be comfortable in their position.



Outsourcing to a bookkeeping firm eliminates the risks associated with turnover, allowing your business to experience less volatility and higher productivity margins. Furthermore, most outsourced bookkeeping firms are composed of multiple professionals. Even if an employee from the firm does leave, you have an entire staff ready to jump in. 

In-house bookkeepers can experience downtimes with nothing to work on, costing your business money without receiving any value in return. This is especially true around mid-month, when there are no month-end procedures to work on. Not to mention that periods of large workloads can place added stress on your employees. For example, bookkeepers were swamped with work when Congress passed COVID relief programs. However, now that these programs have slowed down, many in-house bookkeepers find themselves with a lessened workload. 

When you outsource your bookkeeping to a firm, you don’t have to worry about downtimes, giving your business flexibility. Instead, your outsourced bookkeeper will only work for your company when there is stuff to do. This saves your business money on wages and payroll taxes.

Business owners that are looking to scale can’t forgo the benefits of outsourced bookkeeping. If you hire an in-house bookkeeper and the workload is too much for one person, but not enough for two, what do you do? Do you overwork your existing employee or pay more money for another bookkeeper? Working with an outsourced bookkeeping firm eliminates this problem, with your outsourced team scaling with you. Outsourced bookkeeping firms generally charge an hourly rate, allowing you to only pay for what you need. 

Moreover, the expertise of a bookkeeping firm can help you make informed decisions and give you access to real-time data. If you have internal bookkeepers, they might get pulled away on different tasks, leading to lags in the reporting process. However, an outsourced bookkeeping firm prioritizes timely month-end reporting, giving you the reports and tools needed to scale.

There can be countless forms you need to file with regulatory agencies each month, from payroll remittances and sales tax returns to tax returns and estimated payments. Trying to tackle all of these tasks on top of your regular duties can become overwhelming and lead to missed remittances. 

Outsourcing to a bookkeeping firm alleviates this burden, promoting timely and accurate filings. For example, sales tax can be confusing, especially if you are running an ecommerce business. When you neglect to look at where your business has a nexus, you might end up filing and paying sales tax in states you don’t have to. Working with an outsourced bookkeeping firm can help avoid noncompliance issues with regulatory agencies and alert you of new filing requirements.

The cash flow of your business is your lifeline. When outflows exceed your inflows, you are losing money. There are ways you can boost your cash inflows, but most of these methods rely on having access to real-time data and accurate historical information. An outsourced accountant can work alongside you to put together cash projections, allowing you to effectively budget, plan for larger purchases, and reduce your stress levels surrounding payments.

Maybe you find that you have enough cash to take advantage of early payment discounts or that customers need two reminders before they actually pay their invoices. Whatever the case, you want to be working with an expert that can help you leverage your cash flow. 

It’s not uncommon for business owners to neglect their bookkeeping function for months at a time. Not only does this increase the risk of missing information, but you aren’t able to generate any reliable information from your accounting system. By working with an outsourced bookkeeper, you can rest assured that your accounting records are up-to-date and accurate. This results in more informed business decisions surrounding purchasing, product lines, and growth. 

Outsourcing your bookkeeping to a qualified firm can also lead to assistance breaking down the information, such as uncovering your break-even points, outlining which growth strategies you can implement, and where changes might be needed.

Outsourcing to a bookkeeping firm provides better access to tools and processes. Most small businesses try to keep overhead low, which means they might not have the funds to purchase advanced accounting software. By utilizing an outsourced bookkeeping firm, your business gains access to these programs, improving efficiency and reporting capabilities. This allows you to experience the tools that bigger companies use without having to pay the stiff software fees outright. 

Finding the Right Outsourced Bookkeeping Firm

Does it sound like your business could benefit from an outsourced bookkeeping firm? If so, it’s important you find the right firm for your business. You want to select a bookkeeping firm that retains the necessary professional credentials. This could be a bookkeeping certification, CPA license, or EA license. 

Next, you want to be sure that your prospective bookkeeping firm has the availability to handle your books. You don’t want to be waiting weeks after the month-end to receive reports. Furthermore, check public reviews and monitor communication time. If it takes the company a few days to respond to your inquiry email, odds are there will be lags in communication during your relationship. The good news is that our team at Better Books Online has the availability, expertise, and quick communication your business is looking for. Reach out to one of our team members today to set up a consultation.

Building Better Opportunities. “How long does it take to adjust a new job?” Building Better Opportunities, 2023, 

• https://bbostaffs.org/knowledge-advice/how-long-does-it-take-to-adjust-a-new job/#:~:text=For%20some%20individuals%2C%20getting%20to,few%20months%20to%20a%20year! Accessed 27 Mar 2023. Iacurci, Greg. “2022 was the ‘real year of the Great Resignation,’ says economist.” CNBC, 1 Feb 2023,
• https://www.cnbc.com/2023/02/01/why-2022-was-the-real-year-of-the-great resignation.html#:~:text=About%2050.5%20million%20people%20quit%20their%20jobs%20in%202022%2C%20beating,Turnover%20Survey%20data%20issued%20Wednesday. Accessed 27 Mar 2023.