Running Your RIA Efficiently: Outsourcing Bookkeeping with XYPN Books

Ah, the early days of your RIA! Remember the feeling? Everything is finally coming together, processes are (mostly) sorted, and the occasional software hiccup? No biggie, Google's got your back. 

But then… growth happens. And with it, those manageable tasks? They multiply. 

Suddenly, 'streamlined' feels like a distant memory, and that to-do list? It is officially a monster. Not to mention in this industry, the threat of an audit is a “when”, not an “if”, and your books have become one of the biggest tasks on your back burner. 

Restoring Efficiency

If you're here, you're likely looking for ways to streamline your business and reclaim your time—and you're in the right place.

One powerful but often overlooked resource is our Books Team. Many advisors are surprised to learn that we offer an in-house solution for handling some of the most time-consuming and complex financial tasks. Whether you're managing your own books or simply looking for a more efficient way to handle your back-office operations, our team is here to help.

Our experts deliver results for your practice from any stage, whether it is performing cleanup, creating a new set of books and training you on how to use it, or taking over the task of your monthly bookkeeping and ensuring you are audit-ready at a moment's notice.

Benefits of Outsourcing Your Bookkeeping

• Focus on Core Business: By outsourcing bookkeeping, you regain the ability to redirect your time and energy towards core business activities like advising clients, financial planning, and business development. This allows you to shine and focus on what you do best, rather than getting bogged down in administrative tasks
• Reduced Administrative Burden: Bookkeeping can be time-consuming and complex, especially as an RIA grows and your state requires GAAP accounting. Outsourcing this function significantly reduces the administrative burden on you and your team
• Expertise and Accuracy:  XYPN Books provides specialized bookkeeping services tailored to the highly regulated financial planning industry. Each state has different requirements, and your state likely requires GAAP accounting. The XYPN books team is well-versed in each state’s requirements, which ensures accuracy, compliance, and a deeper understanding of the unique financial aspects of an RIA's operations. This also reduces the risk of errors that could lead to issues during an audit
• Audit Preparedness: Outsourcing bookkeeping to a specialized team like XYPN Books can ensure that financial records are organized, accurate, and readily available, making the audit process smoother and less stressful. We are with you every step of the way to answer any questions and make any necessary updates 
• Reclaiming Streamlined Operations: By removing this one item (comprised of many smaller items) from your list and mental load, you will lose most (if not all) of the stress of lingering tasks and open items

Books That Adapt to You, Not the Other Way Around

As your RIA grows and your needs change, your bookkeeping requirements will also evolve. Outsourcing to XYPN Books provides scalability, allowing you to adjust the level of service you need easily. Whether you experience a sudden surge in business or need to adapt to new regulations, the Books Team can adapt with you, ensuring that your bookkeeping remains consistent and efficient without requiring you to hire and train additional staff in-house. This flexibility is crucial for sustainable growth and helps you avoid the growing pains that often come with rapid expansion.

Efficiency and Cost-Effectiveness

When considering the costs associated with hiring, training, and managing an in-house bookkeeper, including salary, benefits, software, and potential errors, outsourcing to XYPN Books is often more cost-effective. You gain access to a team of experts at a transparent monthly cost, allowing you to better budget and control your expenses.

This can free up valuable resources that can be reinvested into your business growth and client service. You can view our pricing tiers here. 

Bookkeeping, while crucial, shouldn't be a distraction from that core mission. Outsourcing to XYPN Books is a key investment in your practice's long-term health and growth. You are also gaining a trusted partner, XYPN, who understands RIAs' unique financial landscape, ensures accuracy and compliance, and frees you to continue building the business you've always dreamed of. It is time to let go of the bookkeeping burden and embrace a future of efficiency and focus.