How Outsourced Bookkeeping Save Huge
Cost of Accounting Firms?
Can Outsourced bookkeeping services benefit your company? The answer is yes! There are notable benefits of outsourcing bookkeeping work to India. Whether your business is experiencing a significant financial difficulty, or you’d just like to upgrade your current systems and processes, outsourcing your bookkeeping work can be very effective.
Accurate and complete financial books are a must-have for every business. Despite being a long and time-consuming process, bookkeeping is very important for businesses all over the world.
A bookkeeper handles multiple tasks such as accounts, financial information and taxation related matters of business. A business has the option of either hiring an in-house bookkeeper or picking an outsourced bookkeeping services firm. However, benefits are different in outsourcing bookkeeping services vs an in-house bookkeeper.
Benefits of Outsourced Bookkeeping Services:
1. Outsourced bookkeeping service firms have a complete balance of accounting professionals, allowing them to offer a small team of bookkeepers at a lower cost as compared to hiring a full-time in-house bookkeeper.
2. Cost-benefit analysis shows that outsourcing saves time, remains cost-effective as there is a reduction in staff and there are no overhead infrastructure expenses to be incurred. It is indeed very expensive to hire, train and maintain a team of in-house bookkeepers.
3. With an outsourced bookkeeper, there will be no employee expenses such as pension contributions, salary, national insurance, medical benefits, redundancy pay etc. Also, valuable knowledge walks out of the door when an in-house bookkeeper leaves your business. Mitigate this risk by outsourcing bookkeeping services.
4. By not spending time on details, when an expert outsourced bookkeeper handles these jobs, you can focus on your core strengths in expanding the business that you are in.
PointsToBeCheckedBeforeHiringanOutsourced Bookkeeping Firm
Reliability- The firm should be highly reliable with rich experience in the field of accountancy and bookkeeping. It should have consistently demonstrated integrity under all circumstances throughout various assignments with different clients.
Long term association- While engaging their services, it should be kept in mind that it takes time for the bookkeeping firm to understand your business, your working style and also to build a rapport. Hence longer the association, more the trust and quick turnaround time.
Customised service- Apart from collecting, categorizing and reconciling the financial data and preparing P&L statements, Balance sheets etc for you, the firm will also customise books of accounts for your quick reference at any time of the year.
Security- Utmost care to be taken while appointing such firms, as sensitive data needs to be shared. Testimonials should be asked for in order to know how the firm has safeguarded data of existing clients.
Technology- With the rapid advancement in technology, the outsourced firm must adopt the latest technologies and also adapt to the constantly developing business world. It is mandatory that they know how to operate various bookkeeping softwares such as SAGE, Xero, Quickbook etc.
Easy accessibility- In today’s world, it is important that the outsourced bookkeeping services are available to you 24x7 via different modes of communication for prompt and smooth flow of information.
Accuracy- Accuracy in a bookkeeper’s work saves a lot of time. He should be up to date and equipped with the latest information and knowledge of accounting procedures, taxes, new regulations, and other rules that keep changing.
Knowledge of industry- This is required while looking for an outsourced bookkeeper as the accounting procedures may differ from industry to industry. He should be thoroughly well versed with the differences in the industry in which your business operates.
For any question on Outsourcing bookkeeping service? Call Doshi Outsourcing today, our team of experienced and qualified accountants is willing to help you.