Outsourced Bookkeeping: Is It Right for Your Business?
So, you’ve taken the plunge and started your own business. You’ve hustled to make those purchases, and worked even harder to log those sales, and now you find yourself facing a daunting challenge—keeping track of it all. Now, here’s the pivotal question you need to answer: Is outsourced bookkeeping right for your business?
What Is Outsourced Bookkeeping?
Outsourced bookkeeping is when you hire an external individual or firm to take care of your bookkeeping tasks. This includes recording financial transactions, preparing financial statements, and ensuring the accuracy of your financial records.
By outsourcing your bookkeeping you can focus on other important aspects of your business while leaving the financial management in the hands of professionals. As your business expands and flourishes, you can even upgrade to include outsourced accounting and tax planning services, ensuring comprehensive financial support every step of the way.
Is Outsourcing Your Bookkeeping Right for You?
Now you might be wondering whether outsourcing your books is the right move for your business. Here are a few factors to consider:
Access to Expertise
By entrusting your financial management to professionals, you tap into their specialized knowledge and experience in the field of bookkeeping. They possess a deep understanding of industry best practices, accounting standards, and the latest technologies. This expertise ensures that your financial records are accurately maintained, compliant with regulations, and optimized for efficiency.
If you find yourself lacking the time to effectively manage your books, outsourced bookkeeping can be a smart choice. It allows you to offload these tasks to professionals, freeing up your time to focus on core business activities.
Outsourcing your bookkeeping can be more cost-effective compared to hiring full-time employees or investing in expensive bookkeeping software. By paying a fixed monthly fee, you can access specialized knowledge without the burden of additional costs. You also avoid the costs that come if you do your own books, like human errors or incorrect calculations.
Objectivity & Accuracy
Using an external party ensures an objective perspective on your finances. Since they are not as connected to your business operations, they can provide unbiased reporting and insights.
Who Outsources Their Bookkeeping?
Outsourced bookkeeping is a strategy embraced by many businesses, particularly small and medium-sized entities. Here are a few reasons why companies choose to outsource their bookkeeping:
Growth And Increased Volume
If your company is experiencing rapid growth and a significant increase in transaction volume, outsourcing can help alleviate the burden on your internal team. Outsourced bookkeeping services can handle tasks like tax preparation and payroll processing, allowing your team to focus on strategic initiatives.
Outsourced bookkeeping provides services that only professionals can offer. Whether it’s reconciling complex financial statements or ensuring tax compliance, outsourced accounting and bookkeeping services ensures you get the expertise you need.
Services Included in Outsourced Bookkeeping
When you choose outsourced bookkeeping services with Accountex, you gain access to a comprehensive range of services designed to streamline your financial management. Some of the key services included in our bookkeeping offerings are:
- Bank reconciliations: We ensure that your bank transactions are accurately recorded and reconciled on a regular basis to account for transactions that may have been missed.
- Credit card(s) reconciliations: We handle the reconciliation of your credit card transactions, ensuring that all expenses are properly categorized and accounted for.
- Adjusting journal entries: Our team takes care of adjusting journal entries, making necessary corrections and adjustments to ensure the accuracy of your financial records.
- General Ledger preparation: We prepare your General Ledger (GL), providing a detailed overview of your financial transactions and accounts.
- Financial statement preparation: We generate essential financial statements, including Profit & Loss (Income) Statements and Balance Sheets, to give you valuable insights into your business’s financial performance.
- Accounting system setup for new businesses: If you’re starting a new business, we can assist in setting up your accounting system, ensuring a strong foundation for your financial management.
- Sales and use tax filing: We handle the complex task of sales and use tax filing, ensuring compliance with tax regulations and reducing the burden on your business.
How Does Outsourced Bookkeeping Work?
The process begins with a thorough needs assessment. We take the time to meet with you and understand your specific bookkeeping and accounting requirements, business processes, and reporting needs. Once the scope of work is determined, a contract is established, outlining the services and fees involved.
From there, you can sit back and relax while we handle all of your day-to-day bookkeeping and reporting.
Choose The Right Outsourced Bookkeeping Company
When selecting an outsourced bookkeeping company, it’s crucial to find a reliable and trustworthy partner. Choose an outsourced bookkeeper with the necessary knowledge to help you grow your business, ensure compliance and save you money.
One of the advantages of outsourcing your bookkeeping with Accountex is the scalability it offers. As your business expands and your financial needs evolve, we adapt your package to fit your unique requirements.
We go beyond just bookkeeping. As a CPA firm in Texas we can also offer you a fully outsourced financial solution, including accounting, tax preparation, tax planning and CFO advisory services, if you need them.
Take the first step by scheduling a free consultation.