Benefits of Outsourced Bookkeeping
Outsourcing bookkeeping and accounting services can prove invaluable to your business. On top of obviously saving you time and hassle, many companies are finding substantial cost savings with streamlined financial processes and better tax preparation. If you aren’t proficient in basic bookkeeping and accounting practices it is best to leave it to a professional. Outsourced accounting and bookkeeping services are simple to setup. They will become a virtual extension of your business. All you will need to do is send the firms your scanned source documents every few weeks, and they will gather information from that data to prepare month end and year end reports.
Bookkeepers can perform a myriad of finance related tasks for your business. Here is a partial list of tasks that bookkeepers and accounting services handle:
Basic Bookkeeping Services
- General Ledger Prep and Management
- Accounts Payable and Receivables
- Cash Flows
- Bank Account Reconciliation
- General Accounting Setup
- Income Statements
- Balance Sheet
- Budgeting and Cash Flows
- Financial Statements
- Monthly and Yearly Reviews and Reporting
- Financial Analysis and Strategic Accounting
Outsourcing accounting and bookkeeping is often with the intention that you are going to be driving more profits to your bottom-line. Your business should be able to grow its client base without having to add additional staff. Bookkeeping and accounting services are completely scalable and often will service companies ranging from 5- 500 employees.
Businesses are also able to leverage the firms experience and technology to improve their current practices. Freeing up resources to focus on revenue generating activities is a major benefit of accounting outsourcing. Some firms will work to simply relieve the time consuming finance work within your business; where other outsourced firms will handle all of your finance sectors processes, from bookkeeping to strategic direction.
Not only will these services free up time and resources, but they will provide immediate cost savings. Bookkeepers and accountants are expensive, bookkeepers average $30-39K yearly where accounting professionals run anywhere from $50- 100K. Outsourced accounting services will work at competitive rates to lower your employee administrative costs.
The ultimate goal of outsourcing bookkeeping and accounting services to a third party is to have an expert resource available, handling key business processes at cost-effective rates.