Bookkeeping services are necessary for all businesses to ensure accurate operational / financial information. Such information is required by Management, Regulators, and Investors.
Being an entrepreneur is not easy. You must be a multitasker, as you are required to handle a lot of tasks and functions at the same time. One of such tasks and probably the most important one is keeping track of your finances. This is important not only to know your profits but to plan business continuity and growth. An important aspect of handling finances is to keep a track of day-to-day expenses. Ensuring that your accounting records are up-to-date is important but a time-consuming, expensive, and non-value-adding task.
What is Bookkeeping?
Put very simply, Bookkeeping in any organization is the process of maintaining the track record of all the financial transactions and financial information relating to a business on a day-to-day basis. Bookkeeping ensures that all records related to the individual financial transactions are not only correct but also comprehensive and up to date. Therefore, accuracy is vital to the overall process of bookkeeping.
What Bookkeeping Includes?
Bookkeeping services generally include below items:
Why Outsource? / Why use external help?
1. Cost Reduction
By using an external professional bookkeeping service, in most cases, you can reduce your bookkeeping expenses anywhere between 30% to 40% in internal expenses.
2. Additional Saving On Recruitment
With professional bookkeeping service handling your day-to-day activities, you are no longer required to search and employ a professional bookkeeper in your company. This adds more value to your overall savings.
3. Automation
Technologies like RPA (Robotic Process Automation) and AI (Artificial Intelligence) are changing the way the world works. Bookkeeping is no different. Automation can help reduce human effort and errors by almost 90%. One such example is Automation using OCR technology (or its equivalent) to develop applications that can extract information from transaction receipts, vendor bills, etc., and upload that data to cloud-based bookkeeping software. This way the data is not only accurate and secure but's also available whenever needed.
4. Team of Experts
A team of expert professional bookkeepers is always at your disposal with external service. Leading accounting firms and CFO’s often choose external professional services to handle their day-to-day crucial value-added bookkeeping tasks.
5. Technical Expertise
Professional bookkeeping service reps are highly trained and are experts in multiple accounting software. This not only gives you the convenience of faster processing time, it saves time for training while you get the right skills to get your work done.
6. Flexible Pricing
The pricing for these services is usually flexible as per the company’s requirements. Since these services are customized as per your requirement, you don’t generally spend additional costs on different software, additional resources, etc.
7. Complete Support
External service providers have the ability to function 24/7. This not only gives you more convenience, it increases your processing time as you can utilize complete 24 hours for your tasks to be done faster.
