At the initial stage, most business owners directly manage their own bookkeeping tasks, However, it takes time and expertise to keep the books accurate in a timely fashion after you scale your business. This is when you will generally engage a bookkeeping expert. If you’re at this juncture, you’re possible contemplating: Which type of bookkeeping solution is the most suitable for your business?
It is often seen that most early-stage start-ups and small businesses don’t require a full-time bookkeeper as they have very low number of transactions or administrative tasks. In such cases, the majority of business owners choose one of these two common options:
- Engage a part-time bookkeeper: You may hire a part-timer as a freelancer or an employee to work with your company for an agreed number of hours each week/month.
- Partner with a remote bookkeeping service. Remote/Virtual bookkeeping services have a team of experts who handle your everyday accounting/bookkeeping tasks.
4 Reasons to Use An Outsourced Bookkeeping Service
1. As your business scales, outsourced bookkeeping service expands.
As your business grows, the amount of bookkeeping work also scales along with it. Since most remote bookkeeping service providers have teams of experts on multiple topics, they can readily work as per your changing bookkeeping needs.
In most cases, businesses diversify as they evolve, and the in-house bookkeeper may not be able to keep up with the changes or may not have the required knowledge, about the newer areas the business is into, to accurately set up the bookkeeping systems. On other hand, when you choose an outsourced bookkeeper with experience across different lines of business, you will find them already updated with the changes required to adapt to your newer business verticals.
2. More expertise means more value for your money.
In the initial stage of your business, many business owners go with a less experienced bookkeeper considering low amount of bookkeeping work. However, as the business evolves, since it becomes difficult for a part-time bookkeeper to adapt with your changing business needs, the business owners switch to hiring remote bookkeeping service. When working with the outsourced bookkeeping team, you get the services of team of experts in your vertical at no additional cost.
3. You have access to team even during off-hours.
Generally, the part-time bookkeeper or in-house bookkeeper is available for you for a set number of hours as agreed in the contract because they need to be available for their other clients also. While outsourced bookkeeping can be contacted any time and they will have someone take care of your request at any time even in the off-business hours. Sage BPM even offer extended hours so you can get answers to your questions, no matter what time it is.
Additionally, outsourced bookkeeping service providers offer flexibility with regards to amount of work to be completed every month.
4. You will be better prepared in time for tax season.
Your virtual bookkeeping team will make sure that your expenses and transactions are properly categorized and books are reconciled ahead of time, and ready for the tax accountant to process. In other words, the remote bookkeeper will do the basic work for a successful tax preparation and filing.
Sage BPM: Let us manage your business smartly!
Sage BPM is a specialized outsourcing company that provides bookkeeping/accounting services for start-ups and small businesses.
Sage BPM is a preferred partner because of the following benefits you get:
- Team of experts at your disposal – Sage BPM assigns you with an Account Manager as the point of contact for all your questions/requests. It will make sure you get assistance from the right person and an informed answer in real-time.
- A set Monthly fee—Most bookkeeping services charge an hourly rate for their services, which can be an unpredictable cost each month. Instead, Sage BPM charges a set monthly fee for all your bookkeeping, no matter how many transactions you have or how complex your finances are.
- Accommodate increased work easily – With increase in transactions as your business evolves, a part-time bookkeeper may not be able to manage the work within the contracted number of hours, but the amount of work may not be enough to hire a full-time in-house bookkeeper. In such cases, an outsourced bookkeeping team will have the capacity to take care of your increasing bookkeeping needs.