As your business grows, there’s a lot to focus on- bills, expenses, supplies etc. Financial management will be lot a more difficult, so you’ve decided to outsource bookkeeping services. But what is outsourcing bookkeeping services is all about?
What is outsourcing?
Also known as Business Process Outsourcing, it is the process of hiring an individual or company, either internationally or domestically, to work on various business activities. It has since became a standard business practice for the growth and quality of the company without investing a lot of money or time.
This is the best option for those who don’t have resources to hire an additional full-time employee or extra equipment in their business.
Different categories of outsourcing
Most outsourcing providers falls into one of the categories below, in regards to the services they offer to the client.
- Inbound Customer Service
- Outbound Telemarketing
- Web Design & Development
- SEO and Online Marketing
- Back Office / Admin Support
- Virtual Assistant Services
- Accounting and HR Management
- Marketing & Sales Support
To summarize it, outsourcing means that they can easily manage some of your business tasks which will make life a lot easier for business owners. Since they provide professionals which has knowledge in bookkeeping more than you do (or people within your business), they ensure you that they do their job timely and accurate. Not to mention that you can save a lot of money compared to hiring someone full-time for bookkeeping.
Things to look for when outsourcing
You need to look for an outsourcing company that is a great fit in your company’s objectives and culture. Some of the factors to look for are:
- Expertise of the company
- Their cost range, which should be reasonable and most importantly suits your budget.
- Integrity and Honesty. The company you are looking for should ensure the privacy of your financial transactions. This is important because aside from cash flow, they will be also handling other confidential data of your business.
- Must be flexible enough the use the latest accounting softwares, like e-conomic, Dinero, Billy’s Billing, SAP, Navision, QuickBooks, and Xero.
Once you considered all of these factors, you’ll be finding a great outsourced book keeping service in no time.
Aside from bookkeeping, here are some tasks you can delegate to a virtual assistant:
- Payroll Processing
- Account payables and receivables
- Reporting to authorities (SKAT, Danish Business Authority) and Management.
Outsourcing can be really a great advantage to every business, not just with bookkeeping. Once you’ve find the right outsourcing company for you that will provide their service, it will surely help grow your business and ensure the quality of its financial management.