Guide to Outsourcing Your Bookkeeping
Jun 22, 2023 | 10 Min Read
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Why Outsource Your Bookkeeping: Exploring the Benefits
Expertise: Online bookkeeping services such as Accountimize have teams of experienced CPAs who are experts in their domains, possessing the latest technology, as well as skills required for effective financial management and accurate reporting.
Cost Management: The costs associated with hiring and training in-house bookkeeping staff can be reduced by outsourcing your bookkeeping.
Time Efficiency: Managers, as well as owners, will have ample time to focus on core functions, enabling them to create a resilient and sustainable business.
Scalability: Outsourcing bookkeeping allows businesses to be more flexible to changes in bookkeeping transactions, which may vary during different phases of the business. This is opposed to in-house bookkeeping, where additional staff or existing staff, would be required to work overtime in case business volumes increase. In times of low business volumes, the business may be left with plenty of idle workers.
Determining Your Bookkeeping Needs: Defining the Scope
The first step for a business seeking to hand over its bookkeeping is to evaluate its requirements before outsourcing. Some factors to consider are:
Tasks that need to be outsourced: Businesses should identify the specific processes that need to be outsourced such as payroll processing, financial reporting, accounts receivable, and payable management and tax preparation.
Level of Support Required: Managers or owners should assess the frequency and volume of financial transactions to determine the level of bookkeeping support required. Furthermore, any specific requirements should be highlighted to ensure that the accounting services provider is familiar with them.
Finding a Reliable Provider: Choosing the Right Bookkeeper
Once a business has determined the scope of its bookkeeping needs, it should consider the following steps when selecting a suitable firm to outsource bookkeeping.
Research Potential Vendors: Businesses should research suitable bookkeeping firms that possess the desired skills that align with their outsourcing needs.
Evaluate: The provider’s experience, expertise and certifications should be assessed to ensure they can handle your bookkeeping needs. Reading testimonials of current or previous clients can assist managers in gauging not only the level of past customer satisfaction but also the reputation of the service provider.
Compare and Analyze Pricing Structures: The pricing models of each bookkeeping firm should be well-understood to ensure that there are no hidden costs and that they align with your business budget.
Based on the above research, businesses should contact a suitable online accounting service provider, arrange a meeting, ask queries, and negotiate the details.
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Transitioning to Outsourcing: Smooth Shifting from In-house
Now that the bookkeeping firm has been hired, it is essential to ensure a smooth transition from in-house to outsourced bookkeeping, in order to streamline the existing processes. This can be done by:
Collecting and Organizing: All relevant financial documents and up-to-date records should be readily available, as well as accessible during the transition. The outsourced bookkeeper should be granted all necessary access to the existing systems to effectively perform their tasks.
Creating a Data Transfer Plan: A clear plan for securely transferring all data to the service providers’ systems should be established. This can include creating backups of the data, selecting which data to transfer, and the method to securely transfer the data such as through encrypted email, secure file-sharing applications, cloud-based systems, or direct integration with the accounting software.
Collaborating During the Transition: Open lines of communication should be maintained to address any concerns to ensure a smooth transitioning process.
Monitoring and Troubleshooting: Ensuring a Successful Arrangement
The last step is to regularly monitor the system and identify any flaws to ensure that the outsourcing arrangement is successful.
Establish Regular Reporting and Reviewing Schedules: A periodic review of financial statements and reports should be established with the outsourcing partner to gain insights into financial decisions, or strategies for further success.
Establish Clear Lines of Communication: Businesses should request regular updates about the progress of bookkeeping tasks and promptly address any discrepancies that arise.
Addressing Concerns: Any concerns and efforts to eradicate those queries should be addressed in a timely and collaborative manner.
Accountimize: Your Best Bet for Outsourcing Bookkeeping
With a track record and commitment to delivering exceptional results, Accountimize stands out as the best bet for outsourcing your bookkeeping. Our team of experienced CPAs possesses the expertise to offer valuable analysis of your company’s financial standing.
By partnering with Accountimize, you not only gain access to streamlined financial operations but also to real-time insights, enabling you to make informed decisions to drive business growth.
So, choose Accountimize as your trusted online accounting service and experience the peace of mind that comes with having a dedicated group of CPAs managing your bookkeeping needs. Call us to get started.
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