Can Outsourced Bookkeeping be done effectively?

Outsourced bookkeeping is an option for business owners that is snowballing in popularity. Many companies have switched from in-house teams to outsourced bookkeeping since the COVID-19 pandemic. Now that offices and businesses are opening back up, the benefits to outsourced bookkeeping outweigh an in-person option so significantly that many companies are sticking with it.

What is outsourced bookkeeping?

Outsourced bookkeeping is when a company outsources its bookkeeping needs to an outside party. A local bookkeeping company can do it, or an outsourced firm can handle it. Outsourced bookkeeping firms provide the same services as traditional bookkeepers but often can accomplish more in half the time and a host of other benefits. Services can include but are not limited to payroll, account reconciliation, paying bills, financial reporting, and more.

What are the benefits of outsourced bookkeeping?

There are many benefits of outsourced bookkeeping for small businesses. First, there is greater flexibility with outsourced bookkeeping than in-house teams. You can contact your outsourced bookkeeper at any time, and with Basis 365, we provide you with a dedicated bookkeeping team. This way, there is always someone there who is familiar with your books.

Companies can save big when they opt for outsourced bookkeeping services. Rather than paying for a part-time employee, the company only pays for the time billed by the outsourced bookkeeping firm. Resulting in companies no longer having to pay for health benefits, paid vacations, and overtime.

Another benefit of outsourced bookkeeping is business owners can get back to what they do best, which is running the company. The wasted time of taking care of late payments and hassling with due dates is eliminated, and owners have more time to focus on what really matters, and that is growth.

Forecasting and accuracy are critical for any business, and companies need real-time data to make accurate decisions. Unfortunately, your data could fall by the wayside if your current bookkeeper isn't prepared to handle this type of thing. Remember, forecasting is not guesswork - it takes skill and the ability to understand the data given. Working with an outsourced bookkeeping team is a great way to ensure data is accurate and delivered on time.

Does an outsource bookkeeper need a degree?

While bookkeepers are not required to have any formal education, at Basis 365, bookkeepers must have a bachelor's degree in finance or accounting. Outsourced bookkeepers gather data regarding daily financial transactions. For example, our team prepares payroll, maintains ledgers, posts invoices, completes financial reports, and records financial transactions, everything needed to run a successful business.

How to find a solid outsourced bookkeeping company?

Start small and do your research, start with a component such as accounting and find a partner you can trust, who will sit down with you to truly understand what your business does and what it is you are trying to accomplish. Ask them some key questions to get a better feel for their approach and their organization. Having an understanding of who you are partnering with will allow you both to work together in the best interest of your business.

Interested in outsourcing your accounting or bookkeeping? Reach out and get to know the Basis 365 team to learn more about how outsourcing your accounting can help amplify your business growth.