Buyer Guide to Bookkeping and Accounting
Managing accounting and bookkeeping processes for your business requires a lot of time and patience. Added to the fact business owners are often less than enthusiastic having to create invoices and balance checkbooks. Outsourced accounting services are growing at a rapid rate, according to Outsource CFO, “In addition to payroll, which is outsourced by half of all companies, more than one-third of companies currently outsource some or all of their tax work. Outsourcing is growing in other areas of the finance department as well, such as accounting and reporting, receivables and payables, and expense processing.” Whether you are struggling with keeping your businesses records up to date or you just need your books to be managed, bookkeeping and accounting services can help your business.
Bookkeeping and accounting services have changed drastically since computerization. It has become a more efficient process because accounting software can streamline sales invoicing, general ledger, and inventory accounts. Even though computerization has made bookkeeping and accounting easier, more tasks are being loaded on to bookkeepers. Businesses small to large are finding that outsourcing bookkeeping and accounting services work in handling all of the financial reporting areas. According to a study by the Everest group, “The finance and accounting outsourcing market is expected to grow 15 to 20 percent in 2011, and hit over $4 billion in annual contract value.”
Outsourced accounting is flexible, with services ranging from updating and maintaining your businesses records, payroll services, expenditures, and receipts to reporting on profits. Bookkeeping services will typically manage your company’s whole financial reporting, but outsourced accounting clerks are sometimes a better option if your business wants to simply assign certain tasks to specific people.
Bookkeepers and accounting services can save your company money in many ways. If your business is growing, bookkeepers are essential services, saving you money on services from payroll taxes to bank account reconciliation.