Maintaining your accounting records up-to-date usually is a challenging and expensive process for almost every business, giving little possible added value. Have you been facing problems like staff leaving suddenly, the cost for an in-house bookkeeper is higher or more work than you can handle? Then outsourced bookkeeping services is the best solution for you.
Your clients approach you for bookkeeping services to keep their financial records organised. It also helps them analyse their business. Financial statements should be regularly generated and used for analysis. Tracking cash inflows and outflows is important and bookkeeping also gives an idea of the performance of the company. To plan, one needs to have a good understanding of the past. Bookkeeping will give a clear picture of what exactly works or does not work.
However, all these can be done by someone else and the free time enables you to take important decisions on your client’s business while you get the picture ready. While you focus on a greater understanding of their business cycles and compare results across periods, the simpler but time taking work of bookkeeping can be outsourced. You can accept as many clients and services as you can get and earn more without worrying about how you will complete the work you accept.
An outsourced bookkeeper can make you relieved from the monthly responsibilities of your clients and enable you to focus on the expansion of your business instead. It can give you Peace of mind and can save your time especially when you are overloaded with work. Bookkeeping may be time taking due to the number of entries you need to record and the reconciliation.
What You Need to Check For?
The first and foremost is confidentiality. You need a reputable firm who you can trust and can assure you that your clients will not be contacted by them directly. This is essential as you may not want your clients to know that you have outsourced bookkeeper as they may not like it and you may want to keep them under the impression that their documents are not transferred to a third party without their permission.
As promised to your clients, you would want to deliver quality. You need the work accurately done to rely on the same and go ahead with other decisions. The bookkeeping work can serve as raw work for accounts, VAT so it must be done accurately. Correct inferences and reconciliation would lead to better work base for other services.
Liaise With An Accountant:
If the work is done as expected, and in the format and time frame desired by you, you may feel it’s being done inhouse for you. You would want the firm following your instructions and submit the data in easy to understand the format or as given by you. It can ease the audit process.
Depending on the complexities the fees can be modified. So, you must choose a firm that considers the quantum of work. Also, the multiple services you choose may get you a lower quote.
You might even want to consider the different software they use. You may find it more convenient if they have experience using the software you want them to use.
It must be someone who would fulfil their promise and not put you in an awkward situation by keeping the work on hold. If they do not keep to the time they promise, you may find it difficult to meet your commitment to the clients.
Most importantly it should be someone who gives you a prompt response to your calls and emails and can work as per their commitment. Someone who does not need your reminders once you have given the task, someone who can work keeping in mind GDPR and MTD, someone who is updated with the latest changes and adhere the same. All in all, someone who saves your time and help you grow.