Stellar digital sales and marketing strategies mean nothing when you will just later realize that you’re not having financial progress at all. Sometimes, you spend on unnecessary resources obliviously, most of the time you develop products that don’t meet your ROI without knowing it. Some organizations also wonder why they’re not expanding when they have outstanding sales accomplishments. This is because financial discrepancies prefer to remain in the shadow, and actions need to take place to shed light on them. As featured in The Hartford, a U.S. Bank study discovered that more than 80 percent of businesses fail due to poor money management. Thus, with that in mind, you get more reasons why outsourcing bookkeeping services is relevant to your business.
Outsourcing gives you advanced benefits such as having a bookkeeper full-time, without doing the extra work of employee onboarding, payroll, and human resource management. Hiring in-house would not be the most practical decision you’ll make. From hourly wages to HR operations, you can save more without jeopardizing your output when you outsource the right way. There are more rewarding places you can source your bookkeeper or specialized virtual assistant, specifically offshore service providers. All you need is to partner with an excellent outsourcing marketplace. Doing so will let you have an instant list of reputable and trusted outsourcing centers.
What is Bookkeeping?
Bookkeeping is the study of financial records, and a bookkeeper is a person who keeps these records that deal with the finances of an organization or an individual. They record your daily financial data, including accounts payable and receivable. Accountants, on the other hand, are people who don’t do a bookkeeping business but analyze financial reports from the bookkeeper. Accounting is the general term for a set of principles and rules used in business to summarize transactions, prepare financial statements and assess financial performance. Although basic bookkeeping is different from accounting practices, starting with a bookkeeper will be a prominent step to organizing your business cash flow.
Although it is a task that requires a lot of time and technicalities, it allows you to take heed of your finances. Your bookkeeping ensures that you’re on track with your business. If you don’t take the time to look at the financial state of your business, you could be in for a rude awakening. That’s why it’s important to work with a professional bookkeeper.
With the advanced accounting software available today, optimizing your bookkeeper for financial reporting is doable. As long as your financial transactions daily are intact, you will get the financial reports you need to analyze where your money is going. Full-charge bookkeepers get higher pay than the regular ones. However, this is ideal if you are still a startup or a small corporation. Getting a full-charge bookkeeper instead of an accountant is cost-saving and at the same time effective.
Outsourcing Bookkeeping Services
Outsourcing is the practice of doing a certain process or activity outside of the company, and this idea has been contributing to the success of organizations for a while now. With outsourcing, you hire an external company to carry out a specific task. Outsourcing firms offer different kinds of services, such as accounting and bookkeeping.
To dive deeper into the context, successful companies and even those on top optimize outsourcing virtual accounting, specifically offshore. Offshore outsourcing is the act of availing services from third-party providers outside your country. However, it remains as effective as having a team in-house or getting services from onshore accounting firms, all credits to digital technology.
Tools to Track Your Outsourced Team’s Productivity
Teamwork is made easy with software developers who introduced these free essential tools that make team collaborations happen, without being in the same room. Here are the tools you should not miss so you can make the best out of your in-house and offshore teams.
Slack
With slack, you can integrate up to 10 services or apps which makes your web chat communication even more effective. You can connect your google sheets, Asana, Zendesk, google apps, and more. These are all accessible to your team. Although you only get unlimited one-to-one voice and video calls, you can still access the group chat with unlimited people in it. Slack allows you to add unlimited people, send unlimited messages, and make unlimited chat channels.
Asana
For project management, you can always start with the free version of Asana and it will still keep you productive in the long run. It allows you to put as many projects as you want, and assign unlimited tasks. There’s also no limit for conversations. Plus, you can integrate it to Slack where your in-house and outsourced team can access it.
Zoom
If Slack can’t accommodate more than 15 people in a video call, there’s Zoom to save the day. You can have up to 100 participants in a video conference with a maximum duration of 40 minutes, for free. Additionally, you can integrate it to Slack too! You can schedule calls via Slack which automatically reflects on your Zoom account.
Why You Should Outsource Bookkeeping Services
Data Security
When outsourcing, always seek a business partner that you can work with long-term. Jumping from one private bookkeeper to another can put your data privacy at stake. To protect your crucial data such as monthly income and the activities of your most important clients, stick to a reliable offshore BPO center that has an advanced database that can protect critical information.
Dependable Management
Outsourcing your bookkeeper from a trusted BPO company means that you are entrusting this important business process to management who knows what they’re doing. You can see it from the client retention they have, or the quality of their workforce.
You Can Focus On Your Core Business Functions
Delegating time-extensive and technical tasks is a good way to free up your time. You can proceed with strategizing while staying financially organized.
Accurate Data
No one can do the job better than a professional who’s already adept with the whole process. Getting an outsourced bookkeeper means that you are prioritizing your cash flow because all a bookkeeper does is keep track of your daily earnings and expenditures. Inputting accurate data is crucial to them and highly prioritized.
Feasible Business Expansions
Last but not least, being able to track your cash flow leads to better money management and discipline. You can easily keep track of unnecessary expenditures and point out discrepancies. Therefore, this also means that your business income will go in the right direction, to growth and expansion.
In conclusion, outsourcing bookkeeping services for your company is the most practical way you can keep your data secure and track cash flow full-time. As long as you are in alliance with a well-vetted, high-quality business process outsourcing company, you can expect organized and updated data with peace of mind.
