22 Oct Outsourced Bookkeeping – Some Frequently Asked Questions
Taking a look at outsourced bookkeeping, accounting and CFO services is an extremely popular way for businesses to cut costs and increase revenues these days. We have taken a look at some of the different benefits outsourcing can bring to a business, and would like to take the opportunity to address some of the most frequently asked questions we get regarding outsourcing from our clients. Here they are, in no particular order:
• When should I take a look at outsourced accounting? – This one is pretty easy. In a nutshell; whenever you have a need. This could mean you have just a few basic bookkeeping functions that need to be quickly performed, or perhaps you are a startup and need the more sophisticated services of a CFO. You should take a look at these services whenever you make any financial change regarding you or your business, essentially.
• Why does it make sense to outsource these services? – The accounting, payroll, and bookkeeping portions of your business are entirely back-end. That is to say, their execution does not add any value to your product or service, nor do the personnel who execute the functions engage with your customers directly. This means that you can look at lower cost solutions like contracted work, rather than needing to maintain an expensive, difficult, area of expertise that is surely out of your core competency.
• Who should you outsource your bookkeeping to? – With the ubiquity of technology these days, you can deal with a provider in town or on the other end of the world. The important thing is making sure that your provider is properly licensed in your locality, and has a good reputation, as well as proficiency in the specific functions your business needs performed.
There are many other popular questions, but these three are asked the most. As you can see, they all revolve around the same motivation; making sure that a business owner feels well protected when hiring a contractor, and worry over the process and execution. This is why having a talk with your accounting services provider is very important, prior to retaining them. Make sure all expectations are discussed out in the open, prior to any work, and then both parties can proceed with their work in a relaxed and professional manner.