Outsourced Bookkeeping Services: 5 Myths To Be Aware Of

Accurate and proper accounting records are crucial for small and medium-sized businesses. Outsourced bookkeeping services provide efficient and streamlined bookkeeping services without having a dedicated accounting department.

Accounts Junction‘s outsourcing services have helped clients have accurate, efficient, and streamlined bookkeeping solutions. And if you have been thinking of outsourcing for a while or are considering it for the first time, you might be reluctant as it is all about handling your finances.

How do outsourced bookkeeping services help your business?

Outsourcing bookkeeping services to professional providers helps save time, money, and flexibility without incurring additional administrative expenses.

It provides access to professional, qualified expert services at an affordable price. You get remote access to your financial data anytime, anywhere, as everything is available on the cloud.

Professional experts monitor the cash flow of the company. They can help you avoid any shortfall in cash. Some of the additional benefits of outsourced bookkeeping services include the following:

• Less chance of reporting errors.
• Elimination of personal bias.
• Free up your time to focus more on the important business goal.
• Access to the latest technology.

Outsourcing bookkeeping services is a new way of handling the accounting requirements of small businesses. But there are myths and misconceptions that still exist, making entrepreneurs and small and medium businesses reluctant to explore when exploring outsourcing services.

#Myth 1 It is All About Data Entry:

Bookkeeping includes a substantial amount of data entry work; however, bookkeeping is more than just a task. The bookkeeping requirements may differ from industry to industry.

Apart from the daily recording of financial transactions, bookkeepers also work on reconciliation in case of discrepancies and check the accuracy of accounts.

They also contact suppliers and customers for payments, refunds, and other transaction-related queries. Even bookkeepers are the first ones to detect any possible future issues with financials.

Outsourced bookkeeping services offer much more substantive service than just performing data entry. You will even be surprised to know that outsourced bookkeeping rates are more economical than hiring an in-house bookkeeper.

Accounts Junction offers outsourced bookkeeping services at $US 10/per hour.

#Myth 2 Do it Yourself:

Are you thinking of doing bookkeeping tasks on your own without professional help or reviewing the same by an accountant; you must seek answers to these questions:

• Do you have the necessary proficiency and expertise in bookkeeping?
• Will it be expensive to get your work reviewed by an accountant?
• Do you want to invest your time and energy in a daunting task?

Though bookkeeping appears too easy and simple, it is very crucial from the financial perspective of the company. It lays the foundation for financial reporting and analysis. Any mistakes can prove to be extremely expensive.

And if you are already into bookkeeping, and tired of this daunting task, it is a sign to get outsourced bookkeepers on board. As more businesses embrace cloud technology, it would be an additional advantage.

The outsourced bookkeeping rates are much more affordable and you can capitalize on the accountant's cost on financial analysis rather than fixing errors.

#3 MYTH Outsourced Bookkeeping is Costly:

The most common myth about outsourced bookkeeping services is costly. In fact, outsourced bookkeeping services help to save time, money, and effort.

Bookkeeping services by professional experts help you to grow and make better decision making while providing flexibility to avail service according to your business needs.

The benefits of outsourced bookkeeping services weigh much more than their costs.

#4 Security is a Concern

Businesses often have security concerns while sharing financial data with an outside bookkeeping and outsourcing firm. The concern is obvious because of the confidential nature of the company’s finances.

Businesses are wary of outsourced bookkeepers violating confidentiality. There is no truth in it. In fact, a professional accounting service firm is bound to have a data security and privacy policy in place to protect client's confidential data.

#5 Bookkeepers are Useful Only at Tax Time

Yes, bookkeepers are useful at tax time. But handling business finances becomes easy if they are employed throughout the year for proper and accurate records.

Hiring outsourced bookkeeping services a few hours a week is easy, better, and stress-free for tax time paying for some hours for weeks prior to the tax deadline.

Hiring an in-house bookkeeper will require you to pay a full-time salary plus benefits as opposed to an outsourced bookkeeping service where you pay according to services.

Explore outsourced bookkeeping services with Accounts Junction!

Book an obligation appointment today.