A of the rapidly emerging and highly advantageous tools for businesses today is outsourced bookkeeping. Turning to a reliable service provider in this area helps in streamlining the accounting processes. In addition to that, it also encourages cost-saving and better utilization of time. Before understanding how it helps big as well as small businesses, let’s take a look at how it differs from accounting, what all it involves and how an outsourced bookkeeper can help you in better ways than an in-house professional.
Bookkeeper Vs. Accountant
Although bookkeeping and accounting are both crucial for the growth and management of a business, there is a fine line between the two. On one hand, both are dedicated towards essential business functions and on the other, they complement each other. While accounting involves data analysis and interpretation, bookkeeping ensures that all the data is available and organized at the right place, at the right time. Bookkeepers need to be accurate and efficient about debits and credits. When it comes to day-to-day bookkeeping, these professionals can prove to be extremely helpful in more ways than one.
The role of an outsourced bookkeeper
An outsourced bookkeeper is a trained and qualified professional who can assist financial advisors and businesses with several tasks. Let’s take a look at the following to understand this better:
- An outsourced bookkeeper helps adjust the entries for the apt generation of income statements as well as balance sheets from the accounting software.
- An outsourced bookkeeper keeps tallies and manages the account charts, payroll records, sales records and so on.
- They help in processing the company’s paperwork to ensure everything is up to date and in place.
Despite the fact that a bookkeeper’s work is usually overseen by an accountant, it is important that you choose a reliable professional who can be trusted for providing quality SME bookkeeping along with outsourced bookkeeping services.
The advantages of outsourced bookkeeping services
Here’s a list of several advantages that outsourced bookkeeping brings along.
Outsourced bookkeeping providers constantly work hard to improve their skills. This is extremely important in order to be able to survive in the highly competitive market. The implications of this for you, as a business owner, is that you can hire a professional with a higher level of expertise at a much lower cost when compared with a full-time, in-house bookkeeper.
Flexibility in time-management
When you outsource the administrative tasks like bookkeeping and accounting, you are able to focus your time and resources in other important areas of your business. In other words, this allows for a better utilization of your resources and time. Moreover, the time difference in countries makes sure that the work gets done earlier than you expect.
Savings costs and enjoying flexible employment attributes
Unlike in the case of full-time bookkeepers, you do not have to worry about providing earned privileges to the outsourced professionals. This allows you to steer clear of hassles like fixed salaries and paid leave among other employment perks. In addition to that, you can outsource the work on a contractual basis too allowing further room to cut costs. In case the outsourced professional is unable to live up to your expectations, you can terminate their employment without having to give them a designated notice period or taking care of the financial obligations that you might have towards them.
Scenarios where outsourced bookkeeping is a must
In general, outsourcing your bookkeeping tasks is beneficial for all businesses in general. However, it gets imperative in the following cases:
- If your business is in need of temporary services for a certain period of time and you know that hiring a full-time, in-house bookkeeper would only add to the pile of unnecessary expenses.
- It is difficult to find a full-time employee to do the job at the pay package that you are willing to offer.
- If there is a certainty that your business does not require a full-time bookkeeper. And at the same time, you need a professional with a certain skill set who can handle the job well.
After you have decided to outsource the bookkeeping tasks for your business, it is important that you look for the right professionals. At Valenta, we ensure that you get the right bookkeepers who can cater to your business’s particular requirements in the most efficient manner. Our years of experience and networking in this field makes it possible for us to assist you in the best possible way. Our experienced outsourced bookkeepers are experts in all commonly used software including XERO, Quickbooks, Sage, Kashflow, Capium and much more.