Why Outsourcing Bookkeeping Makes Sense For Your Business

Staying current on daily, weekly, monthly, quarterly and annual bookkeeping tasks can be challenging, especially for start-ups, nonprofits and small to medium-sized businesses. Smaller business owners often try to handle their record keeping themselves to save money, but this can be a costly mistake without proper financial training. However, you also can’t afford to push accounting tasks aside while you’re dealing with the multiple responsibilities you have as a business owner.

It’s essential for the successful growth of your business to put your focus where it really matters and leave the burden of your business finances to a trustworthy outsourced bookkeeping service. Navitance provides top-rated bookkeeping and financial services to clients throughout the country. Our team of bookkeepers and financial professionals can take charge of your books with customizable bookkeeping and CFO services that are available in-house or outsourced and either short term or long term.

Benefits of Outsourcing Bookkeeping Services

Perhaps the biggest benefit of outsourcing your company’s bookkeeping tasks is being able to focus on your core business. Whether yours is a nonprofit or a for-profit business, all companies have specific tasks they need to focus on to succeed in their field.

This is especially true for start-ups that spend lots of time early on developing new relationships and building their product through marketing and sales. However, even established businesses benefit when they can spend more time promoting their businesses and less time handling time-consuming bookkeeping obligations. Other primary benefits of using outsourced bookkeeping services include:

  •     Reducing employee expenses: Less staff time spent tackling internal bookkeeping functions means lower costs for salaries, benefits, payroll taxes, recruitment and training.
  •     Accessing experts: An experienced team of outsourced bookkeepers can handle all types of bookkeeping tasks without the expense of hiring full-time staff members or scrimping on accounting obligations.
  •     Streamlining finances: A more effective outsourced accounting system improves invoice management, which decreases accounts receivable turnover time to get payments quicker while avoiding late fees by staying current on accounts payable.
  •     Scaling up or scaling down without any lag: Outsourcing partners that let you pick just the types of services you really need and only when you need them lets you eliminate unnecessary overhead expenses.
  •     Receiving high-quality financial information: Accurate financial information helps when reaching out to investors, trying to raise funds or get a loan and making sound business decisions in less time.
  •     Reducing fraud: Outsourced accounting services puts multiple pairs of eyes on your transactions and financial reports, and a dedicated team with expertise in bookkeeping best practices is far more likely to spot anomalies than a single person overloaded with work.
  •     Meeting compliance requirements: Quit wasting time and money trying to keep up with all the new accounting procedures, policies, laws and technologies and let the accounting experts who are already current on these processes keep your company up to date on all the latest regulatory requirements.
  •     Being better prepared for tax season: Outsourced bookkeepers keep your company’s numbers in order throughout the year so there’s no scrambling at year-end to find all the relative tax information you need.

These are just some of the many benefits you’ll enjoy when outsourcing your bookkeeping needs and why Navitance is the clear choice for businesses across the nation.

Our Outsourced Bookkeeping and Finance Services

Whether you need outsourced bookkeeping services, QuickBooks assistance, interim CFO consulting or financial restructuring solutions, Navitance offers comprehensive financial management solutions to help companies of all sizes across numerous sectors stay on the path to success. We employ a team of financial professionals with decades of experience and the drive to provide steady, consistent financial governance for nonprofits, for-profits, start-ups and long-established companies alike. No matter your financial goals, Navitance helps you reach them.

Bookkeeping Services

  •     Using accrual or cash basis accounting methods to record purchases, sales, receipts, payments and other financial transactions in journals
  •     Managing accounts payable and accounts receivable, including vendor and customer invoicing and receipts for payment in or out
  •     Performing bank reconciliations and making sales tax payments
  •     Preparing financial reports, including balance sheets, income statements and cash flow statements, on a monthly, quarterly and/or annual basis depending on reporting requirements
  •     Maintaining a chart of accounts without an accounting software expense or utilizing fee-based QuickBooks Online per your preferences
  •     Completing period-end or year-end requirements, including posting journal summaries, preparing the unadjusted trial balance and creating 1099s for independent contractors

If your business is low on funds and doesn’t want the added expense of hiring a full-time bookkeeper, outsourcing your bookkeeping makes sense. Discover more reasons it makes sense to use Navitance for your outsourced bookkeeping services by talking to one of our accounting professionals.

Interim CFO Services

A company’s chief financial officer monitors the health of a company and is a core part of the executive team, but many small business owners can’t afford an experienced CFO. If your company doesn’t have the budget or enough work for a full-time CFO, our interim CFO services make sense. You only pay for the hours you need while getting important financial services completed professionally and accurately. Our full suite of part-time CFO services can guide your business through specific financial challenges, periods of growth or transitions and help with:

  •     Preparing public financial data disclosures
  •     Creating an effective business strategy
  •     Improving cash flow and cost control
  •     Generating and managing detailed budgets
  •     Raising capital to grow your business
  •     Guiding your company through mergers and acquisitions
  •     Performing short-term and long-term forecasting to predict business trends
  •     Representing your company during third-party audits
  •     Making credit and risk recommendations
  •     Driving long-term growth and financial health

Interim CFO services give start-ups and small to medium-sized businesses access to financial management with all the benefits of years of large corporation expertise at a fraction of the cost of hiring an in-house CFO. Learn how CFO services can benefit your business by getting in touch with our interim CFO solutions team to discuss your unique needs and objectives.

QuickBooks Services

QuickBooks remains the most popular bookkeeping platform for small to medium-sized businesses because of its flexibility, depth and ability to serve a wide array of users. For over two decades, QuickBooks has helped businesses of every size keep their financials on track with an easy, efficient way to handle their bookkeeping tasks. However, the software just stores, tracks and analyzes data. Your company still needs a professionally trained bookkeeper who understands how to use it.

Navitance offers outsourced QuickBooks services so your company can reap the full benefits of this versatile accounting platform. Navitance founder Laura Glennon is a Certified QuickBooks ProAdvisor, and all our staff accountants are experts in all versions of QuickBooks with advanced training for using this reliable platform to the fullest. Don’t be daunted by QuickBooks’ steep learning curve — we offer interim or ongoing assistance with all your QuickBooks bookkeeping needs to ensure your accounting records remain accurate.

Financial Restructuring Solutions

Runaway expenses, overextended debt, bloated inventory, market share erosion, rapid business expansion, unforeseen market dynamics and lack of efficiency are all hazards that can put your company in serious financial distress. Any type of financial crisis can quickly escalate and put your company in severe jeopardy. Before your financial difficulties overwhelm your business, find out how Navitance can help with our expert financial restructuring solutions.

Struggling businesses can get back on their feet by correcting dangerous imbalances with financial restructuring. Our Chief Restructuring Officers, or CROs, are highly skilled at assessing your company’s current performance and market dynamics to identify the undermining cause of your financial distress. We’ll develop step-by-step tactics for corporate renewal that can return your business to a steady, solvent state. Our team provides comprehensive support to help you navigate the transition and promote corrective measures to strengthen your financial base and gain forward-looking strategies to improve your future success.

We Help Your Nonprofit or Start-Up Grow

Having an experienced bookkeeper is essential to the short-term and long-term success of all businesses. With an outsourcing company you trust to manage your finances, you get a proactive bookkeeping solution to meet your business’s growth goals. While Navitance can help businesses of all sizes across industries, we’re especially adept at handling the bookkeeping needs of nonprofits and start-ups.

Nonprofit Organizations

Navitance specializes in nonprofit bookkeeping. When you choose to outsource your bookkeeping services with us, your organization benefits from our extensive financial experience. Nonprofits are committed to making a difference, which often results in complete focus on the cause and no time left for ensuring the accuracy of their books. It’s critical for your nonprofit to closely scrutinize its numbers to improve your mission’s effectiveness and meet specific funding requirements and limits.

If limited time and budget are impeding your nonprofit from appropriate financial management, outsourcing your nonprofit bookkeeping services with Navitance makes sense. Our financial experts understand the nuances and complexities of nonprofit bookkeeping, and we share our clients’ passion. We’re well-versed in how nonprofit financial management differs from the for-profit sector and excel at the best practices for nonprofit bookkeeping, so we can get your finances in order and track your funds, including grants. Navitance can prepare all your necessary financial statements, including the Statement of Financial Position, Statement of Activities and Cash Flow Statement. We’re also experts at nonprofit audit preparation and representation. Reach out to our nonprofit bookkeeping professionals and learn how we can help nonprofits of all sizes.

Start-Up Companies

Even the smallest businesses have bookkeeping tasks that need to be handled to ensure their success, which is even more true for start-ups. In the early stages, start-ups are focused on stretching their limited funds and cutting costs wherever necessary. Some may try to save money by managing their own finances and completing accounting tasks. If you’re an experienced accountant, this shouldn’t be a problem, but it could be a serious mistake otherwise.

Without solid bookkeeping, your fledgling business may not succeed financially, and this is where outsourcing with Navitance can help. We’re familiar with the scaling challenges your start-up will face, and we’re capable of supporting your needs today and serving your expanded requirements in the future. Our accounting and financial professionals specialize in start-up bookkeeping services and are fluent in the financial applications and platforms that make your bookkeeping experience easier and more efficient. We provide you with a clear, concise financial picture by leveraging our tenured experience and personalized approach with the digital delivery of bookkeeping, reconciliation and reporting. As your outsourced bookkeeping partner, we can help you grow your start-up company and enhance its profitability to promote continued successful operation.

Count on Navitance Financial Expertise

Outsourcing your bookkeeping and finance services is typically the cheaper option and offers the most expertise. Navitance professionals can deliver the results your business needs with the flexibility and scalability to tailor your service. We can cover a few specific bookkeeping tasks or handle your entire financial record keeping.

Whether your company is just starting out or it’s a long-established organization, our suite of virtual bookkeeping and financial services can benefit businesses of all sizes and industries. We understand the importance of accuracy in your financial record keeping and take all our clients’ finances seriously. Contact us at 978-809-3282 to learn more about all our bookkeeping and financial services or request a consultation today.