Being a business owner in the current scenario is like sailing your ship against storms. It would help if you strengthened your decision-making power to ensure success. Most businesses today face a challenging competitive system and often fail to recognize the shortcomings of running all processes in-house; in the long run, this makes them less competitive and hampers growth. Certain petty tasks can be easily outsourced, as running them in-house can be a significant liability. Bookkeeping is one such task which is a small process but a crucial one. In many cases, bookkeeping is one of the tasks that business owners do not pay due attention which turns out to be a grave mistake leading to a wide range of losses.

This post will offer insights into hiring a virtual bookkeeper, outsourcing bookkeeping services, and the cost of engaging with a bookkeeping outsourcing company.

How much does it cost to outsource bookkeeping services?

On average, the expert outsourced bookkeeping services would cost anywhere from $ 500 to $ 2000 per month. However, the outsourcing needs of different companies are unique, so offering an exact prediction is challenging.

Still, we can always have a general idea of how much outsourced bookkeeping services would cost you. The cost varies depending on the level of support you require and many factors, including:

• How complex is your financial standing?
• How are you doing it manually with software or using both?
• What added features are there- such as inventory management, accounts payable, accounts receivable, etc.?
• What are your operational transactions and expenses?
• What kind of support and time investment do you want from the agents?
• What is the number of financial accounts you need to integrate?
• What is the basis of bookkeeping- cash or accrual?

It is easy to conclude that the complexity of your financial situation influences the cost of bookkeeping outsourcing services. Low or high, you must always look for an experienced bookkeeping outsourcing company to charge you fairly and deliver at par with your expectations.

Why outsource bookkeeping services? How do they help your business grow?

Outsourcing Bookkeeping services can offer you many advantages along with guaranteed business growth. The many benefits of bookkeeping outsourcing companies include the following:

• Resources to focus on core business tasks

Bookkeeping outsourcing services save you many resources which you can use to focus on your core business activities. The most significant help you can save with Bookkeeping outsourcing services is time which is of great essence. Even the most successful CPA firms with an excellent team of accountants must not waste their resources in accounting for clients simply because they want every operation to run in-house.

While in-house operations can consume a lot of your time, outsourcing bookkeeping services can free up your staff from the unnecessary burden, offering them more time to contribute to the business productively.

Quality outsourced bookkeeping services can save you time while contributing to your quality of services, which makes clients very happy and satisfied.

• Enhanced level of efficiency

Every business, no matter the size, must continuously try to enhance its level of efficiency and focus on business goals. When overburdened with the in-house bookkeeping task, you cannot expect your teams to have efficiency. Let the outsourcing bookkeeping services provider take charge of the bookkeeping while you invest your resources in more important core business activities. This can boost your efficiency level significantly, giving you more profit-making abilities.

Bookkeeping services outsourced to major contenders have expert bookkeepers who take your efficiency to a different level. They maintain accuracy and meet deadlines to make you a better business in the eyes of your clients.

• Secure better prices for your services

Costing is a crucial part of your business. To want to operate in a competitive world successfully, you need to maintain cost without compromising service quality. Choosing top-notch outsourced bookkeeping services can help you cut costs by saving on paying employer payroll taxes, workers’ compensation insurance, health benefits, paid vacation, and other fringes.

• Access to highly trained professionals

Hiring a full-time bookkeeping professional with due qualifications and experience can be way more expensive than engaging with a prime outsourcing bookkeeping company. Moreover, when you choose bookkeeping outsourcing services, you can access highly trained professionals. Additionally, you get multiple types and degrees of support from the bookkeeping outsourcing company. For example, you can get added support by outsourcing bookkeeping services and saving the cost of hiring two different professionals for accounting and taxation.

• Advanced bookkeeping tools and tech

Manual bookkeeping is long gone, with advanced bookkeeping tools and software taking the main stage. Automation makes accounting more accessible and accurate, boosting your competency and client satisfaction levels. From performing several accounting jobs to checking for human errors in jobs done by accountants, the advanced bookkeeping software can do everything to eliminate the chances of error.

However, this software comes at an attractive price, and you probably have to buy a few to run different bookkeeping processes. This could be a high cost to bear, which can be eliminated anytime by partnering with outsourced bookkeeping services. A credible virtual bookkeeper comes with technologies and software to automate bookkeeping processes. You can save significantly as buying, licensing, and upgrading are some significant costs associated with modern tech.

• Meet the deadliness with timely completion of jobs

The most significant advantage of engaging with a virtual bookkeeper is that they take the stress out of your life. As they manage all bookkeeping processes, you can relax about meeting the deadlines. The finest outsourced bookkeeping services are committed to delivering work on time, helping their clients to grow. Their extraordinary and diverse team of professionals can perform all tasks seamlessly in the expected timeline.

Remember that for the outsourcing bookkeeping company, you are a client who pays and makes them profitable.

• Achieve optimum utilization of resources

When you have a credible virtual bookkeeper working for you, you can focus on augmenting the performance of your in-house team. As the accountants and bookkeepers in your group are no more engaged with the small tasks, they can better focus on their vital duties and help you record profit. The entire arrangement would boost productivity and efficiency, helping you secure the optimum level of resource utilization.

• Eliminating the chances of fraud

Bookkeeping is a sensitive process; when you have an in-house accountant working on your bookkeeping, there are high chances of fraud. This comes from the familiarity of the accountant with other team members and how they can influence them for personal gains. Also, the accountant may prefer bookkeeping tools, the style of bookkeeping, and many related things, which could lead to a complete disruption of processes in the company.

If your bookkeeping is compromised, it can affect your financial condition in the books, painting a fraudulent picture of you in the market.

All the risk can be eliminated by simply trusting a virtual bookkeeper. The leading outsourcing bookkeeping company will always offer you a complete understanding of the tools and techniques they follow and ensure no bias in the books.

To summarize:

Bookkeeping is a sensitive and vital process for all businesses, regardless of size and type. However, it is a small task that can prove loss-making when you assign it to your in-house team. The cost of hiring a professional bookkeeper is high and can consume a significant part of your overall running capital. On the other hand, outsourcing bookkeeping services come with a reasonable price tag and a host of advantages.

You can save valuable resources, including time, by hiring a virtual bookkeeper. This will allow you to focus better on your core business responsibilities.

However, if you want to make the best out of your engagement with a virtual bookkeeper, make sure you find a leading service provider offering error-free bookkeeping services. As fast as the question of why outsourcing bookkeeping services are concerned, we hope we have highlighted the benefits of outsourced bookkeeping services in detail in this article.