Ensure Growth with Right Partnership

The most important activity of any small or medium-size business is maintaining up-to-date bookkeeping records on a daily basis. But this is easier said than done. The setting up of an accounting department, hiring and training of bookkeeping personnel and purchasing the required software, adds to the company's cost. Hence partnering with an outsourced bookkeeping services firm makes more sense in today's dynamic business environment.

By outsourcing a company's accounting and bookkeeping services, it eliminates the need for setting up an accounting division. It also gives companies access to professional bookkeeping services at a reduced cost.

Factors to consider before outsourcing your accounting and bookkeeping services to a firm

In order for any outsourced accounting services firm to be the best fit for your business, it must maintain a partner approach instead of a vendor approach. This is mainly because a partner goes the extra mile while a vendor sticks with the scope of work signed.

They must function as their client's virtual back office for all their accounting and bookkeeping work. Keeping that in mind below are few useful points to consider before zeroing in on any accounting and bookkeeping services agency.

·         Reputation and experience of the agency

·         Affordable outsourced bookkeeping services

·         Client testimonials of the accounting and bookkeeping services

·         Measures were undertaken to ensure data security and privacy

·         Versatile outsourcing models

·         Proficiency in major accounting software currently used for bookkeeping services

Advantages of outsourced bookkeeping services

One of the main advantages of choosing to work with an outsourced accounting services firm is that it leaves you with surplus time to spend on growing your business. Apart from that, below are a few more benefits of outsourced bookkeeping services:

·         Save on expenses incurred for setting up an in-house accounting and bookkeeping services division.

·         Get access to the full suite of financial management services ranging from bookkeeping services to tax returns.

·         Avoid hiring and training of accountants and thereby boosting the bottom line with reduced staff.

·         24/7 access to accounts and real-time updating of bookkeeping records.

·         Quick turnaround time with a high quality of service.

Accounting and bookkeeping services that can be outsourced

By choosing to partner with an outsourced bookkeeping services agency, you can entrust them with a number of activities such as :

·         Invoice generation

·         Processing of the payroll

·         Services related to tracking accounts receivable and account payable

·         Maintenance of the general ledger

·         Services related to the compilation of tax returns.

·         Assets/equipment ledger maintenance

·         Bank and Credit card reconciliation services

Software commonly used by outsourced accounting services companies

Several agencies that provide outsourced accounting and bookkeeping services have expertise in working with the  latest bookkeeping software such as:

·         QuickBooks

·         Microsoft Dynamics

·         Xero

·         ZOHO

·         Salesforce

·         SAP

·         Oracle

·         Sage

Conclusion

Choosing the right partner for your accounting needs will not only grow your business but also provide you an organization with a competitive edge over the others.

Author Box

Milan George

An MBA degree holder who has taken a self-inflicted exile from the paid workforce to look after her twin daughters and who is trying to find the answer to the most dreaded question of any stay at home mom "What do you do?"