subject: What Is Outsource Bookkeeping? [print this page] Outsourced bookkeeping describes a business practice of paying a professional bookkeeper who is not a staff employee to provide accounting and bookkeeping services. Often, this practice is done to save money, space and time. Also referred to as accounting outsourcing, outsourcing bookkeeping allows companies the freedom to utilize a professional bookkeeper without having to actually employ an individual or an entire professional accounting team.
Advantages of Outsourcing Bookkeeping Services
Concentrate on other business priorities: With the help of outsourcing bookkeeping management can now focus on other important aspects of the business such as sales and marketing. Moreover it gives the flexibility to grow without huge investments in Human Resource and infrastructure
Cost Savings: Savings of 30%-50% by hiring an outsourcing bookkeeping services provider as compared with maintaining an in-house accountant.
Experienced, skilled and trained accounting workforce: Most of the service providers have experienced, skilled and trained workforce to perform the work.
Infrastructure and technology: Bookkeeping outsourcing service providers are well equipped with robust technological set-up and infrastructure
High Confidentiality and security: High data securities measures are adopted by service providers. Data security is implemented through multiple measures such as:
Employees sign confidentiality agreement with stringent non disclosure measures
Access to documents allowed to authorized persons only
Segmented LAN with firewalls and Symantec antivirus protection
Data transfer between workplace and clients office can happen through multiple secure means-FTP or VPN
Proficiency in a wide range of bookkeeping software: Being in the outsourcing bookkeeping field for years the service provider has expertise over different bookkeeping softwares across industries.
Up to date books: Since the accountant is dedicated to your books regular update of books are maintained
Favorable time difference: between India and USA/Canada. Therefore it gives a distinct advantage of ensuring work gets done faster
Bookkeeping outsourcing may appear risky at some extent but the outsource activity of this job is highly likely to bring you successful and efficient results in real time. Choosing a suitable service provider is also important. Be sure while choosing a service provider for your bookkeeping need they have the experience and technology to service you. The real purpose of bookkeeping outsourcing is only achieved when all the services required by the client are provided by the service provider. Some would only provide you with the basic bookkeeping functions, while others extend a little bit further by providing you more accounting services to the extent of preparing financial reports for further decision-making. This allows you to control your business by being able to come up with a considerable decision. Bookkeeping outsourcing is definitely worth a good decision for any business.
