Benefits of Outsourced Bookkeeping

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Benefits of Outsourced Bookkeeping

1. Cost-Effective

Arguably one of the most appealing benefits of outsourced bookkeeping is saving money (who doesn’t love that?!). Virtual, fractional, or outsourced accounting teams typically work part-time at a set package rate, which means that you always know what your billing is for the package you choose. Another benefit is that you aren’t concerned about managing salaries, benefits, unemployment insurance, training periods, and a whole list of things involved with employees! Phew! Saving money on bookkeeping means that you can use those dollars to focus on growing your business in other ways.

2. Saves Time

While saving money is important, saving time may be equally as important! It’s no secret that bookkeeping can be a tedious, monotonous task. Crunching numbers and creating financial reports can quickly eat up large portions of your day. Get time back in your day with a virtual bookkeeper – let the experienced professional handle the tediousness of managing your finances so you can focus on other necessary tasks to improve your business.

3. Access to a Cloud Based Bookkeeping System

Say goodbye to desktop managed accounting housed on one computer! Out with the old and in with the new. When you hire a virtual bookkeeping team, you will have access to a centralized cloud based system. This means that you’ll have instant access to all your financial reports and statements all the time (and so will your bookkeeper!), which can help you stay organized. Professional accounting firms will have encrypted transactions and enhanced data recovery systems (AKA your sensitive financial information is always safe and secure).

4. Reduces Errors

Picture this: you’ve just hired an in-house bookkeeper. You spend hours training them, teaching them the ins and outs of your finances, and then you find out their prior experience was with a totally different type of business structure and now there are countless errors in their reports. What now?! All of this can be avoided with outsourced bookkeeping! Avoid the dreaded training gap and start working with an expert bookkeeper from day one. Virtual bookkeeping companies employ highly trained accountants and finance professionals, but also, don’t be afraid to ask questions to make sure the virtual bookkeeping company will be a good fit for your company. You can always ask for referrals to ensure the outsourced company has worked within your scope of business before! Not sure what to look for in a bookkeeper? Read about The Top 5 Things to Look for When Hiring a Bookkeeper.

5. Full-Service Bookkeeping and Accounting

A virtual bookkeeper does so much more than just keeping track of income and expenses. Full service bookkeeping includes paying your bills, sending out invoices, tracking all banking/credit card transactions, creating amortization schedules, properly tracking interest and liability payments, managing payroll and sales tax, and the list goes on and on. Bookkeepers meticulously document and organize all of this information and you’re able to access it instantly on your cloud-based system. I bet you will have more detailed reports and more accurate, up-to-date information for your business than you even thought possible! This is so critical because this data will help you make more informed decisions and focus on growing your business.

6. Customizable

Every business is different, therefore, each business has different needs. The beauty of outsourced bookkeeping is the ability to scale up (or down!) as your business’ needs change. Since you’ll be able to view all documents and reports quickly, you can easily scope out where you may need to make changes.

Did you know we offer CAS services at Your Numbers Nerd? This can be another huge benefit to your business because it’s a cost-effective option for level financial reporting.

How Client Advisory Services (CAS) Benefits Your Business

Did You Know? A survey from Bill.com and CPA.com found that:

• Eighty percent of CAS clients say they have more time to focus on their business.
• Seventy-nine percent of companies that outsource accounting say they would refer their accountants. Sixty-eight percent report that accounting is easier and more efficient, thanks to CAS.
• Half of the CAS clients say they worry less about mistakes.
• Roughly 30 percent of companies outsourcing accounting have received advice from their accounting firms that has helped them increase profit. The same percentage also feels more prepared to make business decisions.”

So, CAS…what is it? Client Advisory Services has a broad definition. It can include budgeting and forecasting, accounts payable management, technology management and training, payroll, HR services, cash flow management, and financial statement preparation and review. All of these tasks are involved with CAS but these services go further than just data entry and financial documentation. CAS is a combination between real time, day to day reporting AND future-focused guidance – and it starts with listening to you, the client. This means taking today’s data and making predictions on how to move forward profitably. We will work together to get a deeper understanding of your day to day operations and how resources and data flow through your organization. Based on this data, we can suggest financial insights and will work with you to help you reach your goals.