The backbone of any thriving entity, whether it’s a person or a company, is a solid understanding of its fundamentals. For a business, those fundamentals are deeply rooted in its financial health.
Accounting and bookkeeping are the unglamorous heroes of business. They’re the record keepers, the data trackers, the financial historians that make all the other parts of a business function.
But as a company grows, DIY-ing these critical tasks can turn into an administrative headache. You’re not just logging transactions anymore. You’d also have to deal with interpreting financial data, managing compliance, and planning for the future.
Outsourced accounting and bookkeeping are the solution many organisations turn to now. It allows businesses like yours to focus on core operations without the distraction of day-to-day financial management.
According to Grand View Research, the finance and accounting business process outsourcing (BPO) market worldwide was valued at$60.31 billion in 2023. This means businesses everywhere realise that focusing on core operations and letting financial specialists handle the numbers is a smart, long-term play.
Let’s walk through what outsourced accounting and bookkeeping involve, what you can outsource, and why it’s often the smarter choice for businesses trying to run leaner and grow faster.
Outsourced accounting and bookkeepingis when you partner with an external company or team to take care of your business’s financial records and reports. You team up with experts who do it all remotelyinstead of having people on your payroll specifically for this.
If your business is doing all of it itself so far, think of outsourcing accounting and bookkeeping as handing over the tediousness of your financial admin to pros who specialise in it.
This frees you and your team up to lock in on what you’re actually passionate about in your business.
Accounting vs Bookkeeping
Bookkeeping is mostly about recording all the financial comings and goings. We’re talking about tracking the money coming in, the money going out, what you’re buying, and what you’re selling.
Good bookkeeping gives you a clear, up-to-date snapshot of your business’s financial activity.
Accounting takes a wider view. Accountants look at the data the bookkeepers have recorded, put together financial statements (like balance sheets and income statements), and give you insights to help you make smart business moves.
They also handle the more complex stuff, like figuring out taxes and making sure you’re playing by all the rules.
When you outsource both, it means everything flows together nicely, from recording the initial transactions to getting those helpful financial reports.
Accounting and Bookkeeping Services You Can Outsource
You might be surprised by how many different financial tasks you can outsource. You’re not just hiring someone to type numbers into a computer.
Here are some common financial management services businesses choose to hand over:
Bookkeeping– Outsourcing bookkeeping can simplify keeping track of who owes you and who you owe. Plus, it helps make sure your bank records are all lined up.
Financial Reporting– You know those monthly, quarterly, or yearly reports that show you how your business is actually doing? Outsourced accountantscan handle putting those together for you.
Tax Prep and Filing– This is to make sure you’re following all the tax rules, and they can even sometimes help you find ways to save a little.
Payroll Services– Dealing with everyone’s paychecks, all the deductions, and the tax bits can be a real pain. When you outsource payroll, you can be more confident that it’s done correctly and on schedule.
Management Accounting– This is getting the financial insights and breakdowns you need to make smart calls about where your business should go next.
Forecasting and Budgeting– You can work with outsourced experts to create predictions about your finances and set up budgets to help steer your business in the right direction.
Accounts Payable and Receivable– This is about smoothly managing your invoices, getting them sent out and paid, and making sure you’re paying bills efficiently to keep your cash flow healthy.
CFO Services– If you’re not quite big enough to need a full-time Chief Financial Officer, you can outsource those higher-level financial strategy tasks to someone who can help.
Reasons to Outsource Accounting and Bookkeeping
You might be wondering why heaps of businesses are choosing to outsource their accounting and bookkeeping these days. Well, there are some pretty good reasons why it’s catching on:
1. Save Money
Think about it, having a whole accounting team in-house means paying for salaries, health insurance, office space, and software.
Often, outsourcing can be cheaper because you’re really just paying for the specific help you need. You’re also likely only paying for a package or set plan.
2. Work with Experts
Did you know that a report by Robert Half revealed that 93% of financial services employersare having a hard time finding and hiring skilled workers?
When you outsource accounting and bookkeeping, you’re tapping into a wider range of people who really know the financial sector, along with its rules and the best ways to handle things.
3. Focus on Your Strengths
By handing over the accounting and bookkeeping tasks, you and your team can spend more of your time and energy on creating amazing products and services that keep your customers satisfied.
4. Ensure Accuracy and Compliance
Professional accounting and bookkeeping services usually have fewer mistakes. This means your financial records can be more accurate, and you’re more likely to stay on the right side of all the regulations.
5. Updated Tech and Tools
Dedicated outsourcing providers often use the latest accounting software and tech, which makes things run way smoother and more efficiently.
Your business can then benefit from things like automated processes that save time and give you a clearer, real-time view of your finances.
When Should I Use Accounting and Bookkeeping Outsourcing Services?
Knowing whento think about outsourcing is just as important as knowing whatit is. Here are a few scenarios where it might make a lot of sense:
If You’re Just Starting Out or You’re a Small Business. Often, these businesses are working with limited funds and might not need a full-time finance team just yet. When you outsource, you’re accessing professional skills without having to shell out for a full-time employee’s whole package.
If You’re Growing Fast. When your company is expanding quickly, your financial needs can become more complicated pretty fast. Outsourcing can give you the support you need to manage that growth effectively.
If You Don’t Have the In-House Know-How. If no one on your team has a strong background in accounting and bookkeeping, outsourcing makes sure these crucial tasks are handled by people who do.
If You Want to Focus on the Big Picture. If you find yourself spending too much time on financial admin instead of those strategic things you really want to be doing, delegating can free up your time.
If You Need an Unbiased Look at Your Finances. An external team can give you a fresh, objective perspective on your financial health.
If You’re Thinking About Investment or Selling. Accurate and well-kept financial records are super important when you’re looking for investors or planning to sell your business. Handing off accounting and bookkeeping to pros can help make sure your financials are in great shape.
Streamline and Grow with Outsourced Financial Expertise
Dealing with balance sheets and tax codes might not be the most exciting thing on your to-do list. But having a solid handle on your financials? That’s the foundation for building something that lasts.
Outsourced accounting and bookkeeping offer a way to hand over the details to the pros, so you can get back to focusing on what got you excited about your business in the first place.
You’d be gaining clarity, staying in control, and having the confidence to make those big decisions. It’s investing in the financial well-being of your business, making sure that the cool thing you’re building has a strong and healthy financial backbone to support its journey.
FAQs
How much does it cost to outsource accounting and bookkeeping?Outsourcing costs depend on what you need and where the folks you’re working with are based. Generally, businesses that outsource save as much as 70%from their operational and labour budgets.
Is outsourcing right for small businesses?
Absolutely! A lot of small businesses find it a real winner. It lets them get proper financial management sorted without having to fork out for a whole full-on team.
How secure is outsourced accounting/bookkeeping?
Good firms like us at Outsourced Staff take security pretty seriously. We use advanced security protocols and tools like encryption, and do regular checks to keep your financial info safe from anything dodgy. You’d want to make sure whoever you go with has that sorted.
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800+Highly skilled candidates placed
30+Industries served
25+Years experience
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25+Years experience
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Frequently Asked Questions
How do I ensure remote staff have necessary company knowledge?
To ensure remote staff have the necessary company knowledge, implement comprehensive onboarding processes, provide access to resources, and encourage regular communication and training sessions to keep them informed and aligned with company goals.
What are the advantages of hiring an outsourcing company?
The advantages of hiring an outsourcing company include cost savings, access to a global talent pool, increased efficiency, and the ability to focus on core business functions while leveraging specialized skills in tech, digital, engineering, and customer support.
How do outsourcing companies benefit small businesses?
Outsourcing companies benefit small businesses by providing access to skilled talent at reduced costs, enabling them to focus on core operations while efficiently scaling their teams with specialized professionals in tech, digital, engineering, and customer support.
How do I manage and track remote employee productivity?
Managing and tracking remote employee productivity involves utilizing tools such as project management software, regular check-ins, and performance metrics to ensure accountability and visibility into work progress.
What services does an outsourcing company typically offer?
Outsourcing companies typically offer services such as recruitment, payroll management, and administrative support, along with specialized roles in tech, digital marketing, engineering, and customer service to help businesses build efficient remote teams.
What are the benefits of hiring remote staff for my business?
The benefits of hiring remote staff for your business include significant cost savings, access to a global talent pool, and increased flexibility in scaling your team. This approach allows you to find skilled professionals from the Philippines and Eastern Europe efficiently.
What tasks can virtual assistants perform?
Virtual assistants can perform a wide range of tasks, including administrative support, customer service, social media management, data entry, and bookkeeping, helping businesses streamline operations and improve efficiency.
What tools are essential for effective remote team collaboration?
Essential tools for effective remote team collaboration include project management software like Trello or Asana, communication platforms such as Slack or Microsoft Teams, and file-sharing services like Google Drive or Dropbox, which facilitate seamless teamwork and information sharing.
How do I choose the right outsourcing company?
Choosing the right outsourcing company involves evaluating their expertise, industry experience, and client testimonials while ensuring they align with your specific needs and budget for building an efficient remote team.
Can an outsourcing company handle customer service?
Outsourcing companies can effectively handle customer service by providing trained professionals who manage inquiries, support, and feedback, ensuring quality service while helping businesses reduce costs and focus on core operations.
What is the benefit of hiring a virtual assistant?
The benefit of hiring a virtual assistant is that it allows businesses to save time and reduce costs while gaining access to skilled professionals who can handle various tasks, enabling teams to focus on core activities and enhance productivity.
How do virtual assistants improve productivity?
Virtual assistants improve productivity by handling routine tasks, allowing businesses to focus on core activities. They streamline processes, manage schedules, and provide support, ultimately enhancing efficiency and freeing up valuable time for strategic decision-making.
How does remote staffing differ from traditional hiring?
Remote staffing differs from traditional hiring in that it allows companies to access a global talent pool, reducing costs and increasing flexibility, while traditional hiring typically involves local candidates and in-person work arrangements.
What skills should remote staff possess?
The skills that remote staff should possess include strong communication abilities, self-discipline, adaptability to change, and proficiency in relevant technical tools. Additionally, problem-solving skills and a collaborative mindset are essential for effective teamwork in a remote environment.
How can I onboard remote employees effectively?
Effective onboarding of remote employees involves clear communication, structured training programs, and regular check-ins to ensure they feel integrated into the team and understand their roles and responsibilities.
What metrics measure remote employee performance?
Metrics that measure remote employee performance include productivity levels, quality of work, communication effectiveness, adherence to deadlines, and employee engagement scores. These indicators help assess the overall contribution and efficiency of remote team members.
How do I communicate with remote teams?
Effective communication with remote teams involves using collaboration tools like Slack or Zoom, setting clear expectations, scheduling regular check-ins, and fostering an open environment for feedback to ensure everyone is aligned and engaged.
What challenges do remote teams face?
The challenges remote teams face include communication barriers, time zone differences, and difficulties in collaboration, which can hinder productivity and team cohesion. Addressing these issues is essential for effective remote team management.
How can I foster team collaboration remotely?
Fostering team collaboration remotely involves utilizing effective communication tools, establishing clear goals, and encouraging regular check-ins. Additionally, promoting a culture of trust and inclusivity can enhance teamwork and engagement among remote staff.
What are common tasks for virtual assistants?
Common tasks for virtual assistants include managing schedules, handling emails, conducting research, data entry, social media management, and providing customer support. They help streamline operations, allowing businesses to focus on core activities.
How do I evaluate outsourcing company proposals?
Evaluating outsourcing company proposals involves assessing their expertise, understanding their pricing structure, reviewing client testimonials, and examining their communication processes to ensure they align with your project needs and goals.
What industries benefit most from outsourcing?
The industries that benefit most from outsourcing include technology, digital marketing, engineering, and customer support. These sectors leverage outsourcing to access specialized skills, reduce costs, and enhance operational efficiency.
How can outsourcing reduce operational costs?
Outsourcing can significantly reduce operational costs by allowing companies to hire skilled professionals from regions with lower labor expenses, minimizing overhead costs while maintaining high-quality service and efficiency in operations.
What are the risks of remote staffing?
The risks of remote staffing include potential communication barriers, cultural differences, security concerns, and challenges in managing remote teams effectively. These factors can impact productivity and collaboration if not properly addressed.
How do I ensure data security with outsourcing?
Ensuring data security with outsourcing involves implementing strict access controls, utilizing secure communication channels, and conducting regular audits. Additionally, partnering with reputable outsourcing firms that prioritize data protection can significantly enhance your security measures.
What is the process for hiring virtual assistants?
The process for hiring virtual assistants involves identifying your needs, selecting a reliable outsourcing partner, reviewing candidates, conducting interviews, and finalizing the hiring agreement to build an effective remote team tailored to your requirements.
How can I train remote staff effectively?
Training remote staff effectively involves setting clear expectations, utilizing collaborative tools for communication, providing comprehensive onboarding resources, and encouraging regular feedback to enhance performance and engagement.
What technology supports remote team management?
The technology that supports remote team management includes collaboration tools like Slack and Microsoft Teams, project management software such as Trello and Asana, and video conferencing platforms like Zoom. These tools enhance communication and streamline workflow for distributed teams.
How do I maintain company culture remotely?
Maintaining company culture remotely involves fostering open communication, encouraging team bonding through virtual activities, and regularly reinforcing company values. Prioritize feedback and recognition to create a sense of belonging among remote team members.
What are the best practices for remote hiring?
The best practices for remote hiring include clearly defining job roles, utilizing effective communication tools, conducting thorough interviews, and assessing candidates' remote work capabilities to ensure a successful integration into your team.
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