Nowadays, especially because of the quarantine, the issue of optimizing internal processes became particularly important for every business. To stay afloat and not lose profit, many entrepreneurs began to give preference to outsourcing non-core functions to fully devote themselves to the key areas of the company's work.
Bookkeeping companies - is an opportunity to engage in their core business, sales, without distraction, and without spending a lot of time and resources on search, maintenance, and staff accountants' motivation, which are often loaded by 60%. Thus, we can safely state a proven fact that outsourcing of bookkeeping services is one of the most demanded areas of business process outsourcing.
The best bookkeeping companies can save you a ton of time and effort. Here is a list of top bookkeeping companies in 2022. Find out the top bookkeeping services we recommend.
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And as bookkeeping companies have recently become more and more popular, more specialized companies offer their services.
Outsourcing the best bookkeeping services did not appear yesterday, so those companies that could prove themselves as professional performers have already done this over the past years.
The quality of any service, including bookkeeping services, is not always easy to estimate at the first sign, so check the feedback from past or existing clients. Availability on the website of a bookkeeping company of feedback, professional ratings, and also recommendations of acquaintances, information from mass media, and other sources is always a bonus in favor of a particular outsourcer.
Well-known and well-established companies often offer their potential clients a trial period (e.g., a month) during which you can assess how bookkeeping services are actually delivered. This opportunity is a good sign that the outsourcing firm is confident in the quality of its services.
It is advisable to read the contract's text in detail before signing, so ask the bookkeeping agency to send it to your post office.
Accounting services must meet a large list of requirements, and one of the most important is confidentiality.
It is all because saving expenses on accounting services is one of the key criteria that encourages clients to apply to outsource companies.
A flexible pricing system is an advantage of bookkeeping companies. Good bookkeepers can offer you different price rates depending on a number of factors: the number of business operations, the selected tax regime, the number of employees, the need to maintain primary documentation, the calendar of your reporting, etc.
The invoice should clearly indicate which bookkeeping services were performed and how much you pay for them. If the bookkeeping company is interested in you as a client, it will offer you the most suitable option for you.
Bookkeeping services are not limited only to keeping records and submitting reports
Bookkeeping companies must have a highly professional staff. They can be both universal and highly specialized employees with more than one year of experience. Good bookkeeping firms are proud of their employees' qualifications to confirm the availability of professional diplomas, certificates, etc. By the way, if you prefer to have in-house accounting bookkeepers, the cost of improving their skills often falls on the owner of the business.
By outsourcing bookkeeping, you will not be engaged in daily control (as it often has to do with in-house bookkeepers). As a customer, you are dealing with a company, not with a particular professional. When one specialist starts your bookkeeping, you will not notice his departure on vacation or sick leave because there is always another qualified employee who will replace him.
Modern computer technologies have long been used to provide accounting services. This is not just convenience for an accountant or client, but mostly today's requirement.
1. Cost reduction: as a rule, outsourced bookkeepers will cost less than hiring an in-house employee. The total cost of bookkeeping outsourcing is 40-60% lower than the cost of maintaining an in-house employee on the company's staff.
2. Quality of service and reliability: a bookkeeping outsourcing company usually has a staff of qualified employees. Employees of such bookkeepers companies are constantly undergoing specialized education, attend seminars, have access to specialized portals.
3. No absence of sick leave and vacations: a specialized outsourcing company usually guarantees well-performed work regardless of employees' personal situations.
4. Insured tax risks: unlike hired bookkeepers, a specialized bookkeeping company bears full financial and legal responsibility and provides documented guarantees of damage compensation in case of accounting mistakes made with the fault of an accounting outsourcing company.
5. Assistance in solving related tasks: specialized outsourcing companies, as a rule, provide a wide range of services, not limited to accounting only. In one place, you can solve other issues related to doing business, such as legal, financial.
Hiring bookkeeping companies, the clients, together with the transfer of certain accounting functions, shifts responsibility for the outsourcer's work results.
Ideally, the outsourcing company is very attentive to the personnel selection; accordingly, the quality level of work is often higher than the in-house accounting bookkeepers can.
There is no answer to this question. There are advantages to outsourcing as well as in the staff accountant. Everything depends on the tasks to be performed.
Some companies usually choose an in-house bookkeeper. They are always in place and can combine the functions of a lawyer, HR, or even office manager - outsourcing for them as an additional function that costs money. Therefore, many managers are more used to having a bookkeeper in their office.
Other companies usually go either to an outsourcing bookkeeping company or take a bookkeeper to a remote location. A staff bookkeeper is quite expensive, and not everyone can afford it at the initial stage of starting a business.