How To Improve The Quality &Amp; Reduce The Cost, Of Your Bookkeeping}

How to improve the quality & reduce the cost, of your bookkeeping

by

Paul Rigby

In recent years, small-scale business owners and professionals have discovered how to improve all their in-house bookkeeping functions. The improvement has been in a marked reduction in their overhead costs, more time at their disposal to engage in their business activities and better information to manage their businesses by. The task of hiring, training and managing a bookkeeper can eat up your valuable time and if you are doing the books as well then that time can be an alarming amount. Being a business owner, your time would be best spent doing what you are best known for and what makes profits for you in order to grow your business.

In anything new, misconceptions are inevitable. Similarly, with outsourcing bookkeeping functions, some believe that the owner can lose control of the process. However, in reality, in a well-designed system, the accountant only takes over the mundane process of tracking transactions of sales, accounts payable and balancing the books. The ultimate management decisions remains under the owners domain. The owner has the final ruling on who should be paid and when the payment should be made, but with better, more timely and more cost effective information.

In business, resources are preferably channelled to add value to your customer relationships and thereby increase profits. Spending time on bookkeeping adds little or no value to the customer. Yet, neglecting bookkeeping is not an option, as it offers useful clues in managing the business. Inaccurate books are not what your management decisions should be based on. The health of a business is diagnosed on its cash flow, as they are symptoms to problems that might also arise later. An outsourced bookkeeping function allows you to obtain the answers for vital management decisions and to be in control, without the hassle of managing the process in-house.

Hiring skilled bookkeepers with accounting software knowledge has become a costly experience. Expensive to hire and replace, to maintain and difficult to manage in some instances. With outsourcing the work is undertaken by experienced and knowledgeable bookkeepers. Continuity of business is sustained, even if a person leaves at any point of time. Technology advancement has made possible alternatives, to small business owners and professionals, what was previously only available to large listed companies.

Hosting technology has allowed the accountant to perform the outsourced function, access the owners data and perform the accounting functions from their office. The owner similarly can view their books at any convenient time and from any location with the help of a connected computer or laptop. A real time progress of their operation is readily available to the owner. It empowers the owner to review the progress daily and review the business health anytime, rather than waiting for the monthly financial reports.

A remarkable advantage of outsourcing is saving money. You can expect up to 50% as your overall annual savings. By outsourcing, you save on costs associated with overheads, salary, management, hiring or training.

The accountants ability to deliver the work at a lower cost is due to the economy of scale they achieve and their enhanced ability to access supporting systems and staff in their office. This possibility of mutual benefit, to both the owner and accountant, increases when the accountant has a standardised business function and is not required to significantly modify their current business set up.

Technological development has markedly reduced the turnaround time in any business process. What took several months is now being completed within hours. Competitors are not limited by geographical restrictions or by the incumbrance of bureaucracy. In order to be competitive, a business should reconsider its current strategies, examine areas where they are creating values to their customers, and concentrate on those processes. Many successful businesses have embraced outsourcing and are leveraging on the saved time and money to gain an edge over their competitors.

Outsourcing is a business decision that is consistently being carried out as it is financially beneficial to the business. The popular reasons for choosing outsourcing are to reduce operating costs, focus on essential business activities, improvise quality, free up capital, enhance capabilities not otherwise obtainable and reduce the process time.

Positive answers to three simple questions, is reason enough to outsource any specific activity. Will the work be done better? Will the work be done faster? Will the work be done at a lower cost? When you can have the work done better, faster and at a lower cost, having it done in-house doesnt reflect a good business strategy. The scepticism surrounding outsourcing is gone and has become an accepted business norm. In order to be more profitable, efficient and competitive, it is in the best interest of the business to outsource activities to organisations that carry out these tasks as their core business.

How you could benefit by using our service?

Updated information on the financial aspects of your business

Youll have access to a real time update of all the financial aspects of your business. You neednt be bogged down with the routine activities of tracking deadlines or scrutinising your books for errors…we are here to update you with these information and enable you to be in total control of your business.

Less time on staff supervision

We save your time in managing an in-house bookkeeper. You meet up with us only to consider management decisions based on the KPI Reports we produce from your books. Thereby, having more time to concentrate on your core competency.

Save on employee benefits

When you outsource to us, you save the hassle of the additional costs and benefits required for an in-house bookkeeper.

Flexible schedule

A flexible bookkeeping schedule, tailor-made to your businesss requirements is established.

We are available to work with your Accountant for any year-end reporting.

We can arrange for proper coverage at best rates by working closely with business insurance agents

This is a significant way for us to readily assist you in saving you money and to ensure that you get the best of both best rates and best value on insurance.

Client Relationship & Trust

We pride ourselves in the client relationship that we have built over the years. Our experience, has given an insight to the needs and concerns of our clients, which is unique to them. We aim to understand your requirements and create a tailor-made solution to personalise the service we render you. Consistent and impeccable standards along with the integrity that we display, proves that we believe in a mutually beneficial business relationship. We value your business and your books. We ensure your privacy and that you can be assured that your books are in safe hands.

Paul Rigby is the author of this article on

business process outsourcing

. He has written various articles on various other

business process outsourcing services

. For more information visit

business process outsourcing companies

Article Source:

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