What is meant by the term Bookkeeping?
Bookkeeping refers to the maintenance of finance related records like purchase, sales, receipts etc. It includes all the details related to business transactions. It is mistakenly understood to be similar to accounting but it is different from that. Bookkeeping is of two types viz. single entry bookkeeping system and double entry bookkeeping system.
In an organization, bookkeeping is performed by a bookkeeper. Bookkeeping services include a number of operations like income tax preparation, financial statement, sales tax preparation, write-up services etc. Outsourcing bookkeeping services can be helpful for the business.
What are the Services included in Bookkeeping Outsourcing?
Bookkeeping is one of the parts of regular business operations happening in an organization. This involves diverse kinds of tasks that vary from simple to complex tasks. Bookkeeping Outsourcing helps the businesses to focus on the core competencies and achievable targets rather than deploying resources and time in bookkeeping operations. Some of the services included in outsourcing bookkeeping services:
Bank Statements
Payroll
Bookkeeping
Inventory
Accounting Systems and Integration
Controller Services
General Ledger
Accounts Payable & Receivable
How Outsourcing Bookkeeping Is Helpful for the Business?
Outsourcing bookkeeping services are affordable and reliable for the business. It helps in providing various bookkeeping services like managing the bookkeeping records. The company which is used to outsource has years of experience in handling bookkeeping services. Bookkeeping outsourcing is helpful for every kind of business irrespective of the size of the business.
What are the Advantages of Bookkeeping Outsourcing?
A dedicated team can be hired to simplify the problems related to bookkeeping and reduce the stress. Outsourcing to the external resources is effective as it provides solutions depending on the requirements of the company.
The outsourcing services are thus customized according to the needs of the business.
Some of the advantages of bookkeeping outsourcing include:
Reduced Cost
Effective Solution
Expertise Involved
Accuracy Ensured
Increased Profitability
Customized Solutions
Technically Sound
Timely Delivery of Reports
Who can be hired for Outsourcing Bookkeeping?
There are a number of resources available in the market that can be hired for outsourcing services. One can hire a company, a team or individuals that are experienced accountants or bookkeepers. They are technically sound and have several years of experience in the domain. The professionals hired should be dedicated and well-knowledgeable.
Companies or organizations can outsource bookkeeping related work to them.
He or she can be a cost account, a chartered account, a bookkeeper etc. He or she may be a graduate or post graduate in their respective fields. They may have experience in any of the relevant domains like finance, account and bookkeeping management.
What are the Benefits of Outsourcing the Bookkeeping Services?
Companies that provide outsource bookkeeping services can be dealing with either businesses or individuals. The dedicated outsourcing team provides bookkeeping services that are cost effective, professional and fast. Outsourcing helps in reducing the cost related to bookkeeping services to more than 50 percent. It uses advanced software applications useful for effectively managing the financial records.
