You’ve started a business, made some purchases, logged sales, and now comes the task of recording it all. We wouldn’t blame you if you shudder at the thought of tracking all your transactions, but if you outsource bookkeeping responsibilities, you’ll never have to worry about it. There is best option for you and your business is to Outsourcing Bookkeeping Services.
Now, the million-dollar question: who will you hire to do it for you?
There are two options for you: hire local bookkeepers, or hire “virtual bookkeepers. You can also hire an in-house employee to handle the bookkeeping for you. However, this option is more expensive than DIY bookkeeping. We’ll look at the pros outsourcing your bookkeeping.
Why should I outsource my bookkeeping?
No one starts a company to do their own accounting. Outsourced bookkeeping allows you to spend your time on other things, such as running your business, identifying opportunities for growth or just relaxing from the stress of entrepreneurship.
You can also access the following financial reports: balance sheet; income statement; and cashflow statements. A professional can expedite the tax filing procedure by handling your bookkeeping. You will have the information you need to quickly fill out forms.
When should I outsource my bookkeeping?
There are usually a few indicators that it is time to hire a professional and leave DIY behind.
If:
- You can’t afford to spend time on DIY bookkeeping
- You will never be able to update your books
- You missed out on tax deductions
- Your cash flow is a problem
- You are having difficulty tracking your accounts payable and receivable
- Making your tax payment is a hassle.
Not your situation? This list is not exhaustive. There are several indicators that you should hire a bookkeeper. Only you can tell for sure if it is time to outsource bookkeeping.
It’s better to start sooner than later for most business owners. Even businesses that are not yet profitable need to keep records. Consistent recordkeeping will be invaluable as your business grows.
Types of outsourced bookkeeping services
Whether you’re working with someone you know down the street or have someone handling it online in another city, outsourced bookkeeping services come in two main forms: hiring a local bookkeeper or a virtual bookkeeper.
To help you choose which is right for you, we’ve broken down the pros and cons of both
Virtual bookkeeping
Outsourcing bookkeeping may sound like an old-fashioned like Windows 95 program, but it refers to the popular paperless method of managing your books.
Virtual bookkeeping just means someone else doing your books for you, online.
Outsourcing bookkeeping is a combination of traditional bookkeeping and bookkeeping software. You can hire a virtual service to manage your books, and you’ll get software that monitors your finances. This is a great option for:
- You are comfortable with online banking
- Do you prefer a monthly flat rate to hourly billing?
- Want to access your finances online via mobile app?
- Chatting online or over the phone is preferred to in-person conversations
You will save time by hiring professionals to do your accounting. This will also give you peace-of-mind. Working with an online service allows you to store your data in the cloud and have access to your financial information from anywhere at any time.
How Virtual Bookkeeping Works
Virtual bookkeeping allows you to connect with real bookkeepers through a secure online account. Top-notch services will automatically download your expenses through your Merchant Processor and online banking, so that you do not have to send envelopes with receipts.
An online bookkeeping service can also provide you with a financial package at tax time that contains all the financial statements needed by your accountant to prepare your small business’ tax return.
When you sign up for FineX Outsourcing you are paired with an experienced team of bookkeepers that will gather your data each month and prepare financial statements ready for tax purposes. Our platform allows you to track your finances, send financial statements to your accountant and communicate with your bookkeeping team.
FineX Outsourcing: How it can help
FineX Outsourcing is largest bookkeeping service provider. Our system connects to your bank, credit card, and merchant provider accounts in order to import transactions automatically and update your financial reports. You can contact your personal bookkeeping staff by messaging or scheduling a call, all from the FineX Outsourcing platform. Our tax professionals can also help you minimize your tax bill.
