Bookkeeping work is likely not your most important service. Even if it is, you’ll need more hands to handle the workload as your firm grows, compliance requirements evolve, and operational costs increase.
In this article, we examine the key signals that indicate your need to switch to an outsourced bookkeeping service to build the firm (and business) you’ll be proud of.
Understanding Outsourced Bookkeeping
What is outsourced bookkeeping?
Outsourced bookkeeping is when you hire an external bookkeeper to complete your client’s bookkeeping tasks (such as recording transactions, reconciling accounts, and preparing financial statements.
How does it differ from in-house bookkeeping?
With In-house Bookkeeping, your bookkeeping projects are managed by internal staff over whom you have total control. This takes the traditional route of hiring and onboarding bookkeeping professionals to who you owe a monthly salary and employee benefits.
In Outsourced Bookkeeping, you delegate your bookkeeping projects to external bookkeeping experts who understand your industry’s financial reporting requirements as much as your in-house team, if not better. The cost is subscription-based, so you won’t have to bother with the lengthy hiring process, which reduces costs and allows your full-time team to focus on the work that matters most.
Online Bookkeeping Service vs Traditional Methods
Online Bookkeeping Services: This uses cloud-based platforms (like copyright and Xero) to document financial transactions and ensure accurate reporting. This system centralizes data (for easy, remote access and collaboration), automates manual tasks, and enables integration with other business-critical tools.
Traditional Methods: This uses manual processes (like desktop software) to manage the bookkeeping process. It deals more with physical documents, onsite work, and in-person collaboration. As you can imagine, this is labor-intensive and prone to error.
If you do this regularly, you’ll spot the problem sooner, and hire and onboard outsourced bookkeeping experts before your clients feel the impact of the strain on your in-house resources.
We encourage you to do the same today, and if you need help understanding your outsourcing opportunities, our outsourced bookkeeping expert is available to speak with you for free.
Click here to Get a Free Consultation Now.
https://finsmartaccounting.com/usa/when-is-the-right-time-to-switch-to-outsourced-bookkeeping/