The evolution of the digital world continues to give rise to thousands of startup businesses. Individuals who dream of becoming their own bosses dive into ventures armed with their bare skills and possibly, some experience too. However, not everyone is prepared for the responsibilities that come with running one’s own enterprise. It gets increasingly demanding in terms of time, effort, and money. Some thrive while others don’t.
A startup entails performing various functions. One of these is bookkeeping, which is critical because it covers the financial activities of a business. To keep up with overseeing operations and managing financial records, it is highly recommended to utilize remote bookkeeping services.
What are the benefits of outsourcing bookkeeping?
1. Increased data protection
A company’s financial records, should no doubt, be treated with immense confidentiality. An outsourced bookkeeping service makes use of data security tools that guarantee privacy and protection of information. Eliminate worries about data breach and theft. Achieve that peace of mind that you need.
2. Better, organized accounting upkeep
Financial transactions that are properly reported and documented put ease in maintaining accounting procedures. An outsourced bookkeeping service employs a system in keeping and organizing records. This is greatly helpful to business owners because the information is accurate and up to date and immediately available. No more scouring through piles of unfiled papers or relying on in-house bookkeeper to produce the documents needed.
3. Additional support in accounting and bookkeeping services
Bookkeeping and accounting always go hand in hand. Outsourced firms usually offer accounting and bookkeeping services. As more and more outsourcing companies in the Philippines are getting accustomed to the different accounting practices in the ‘west’.
Why outsource bookkeeping?
4. Cost-efficient option for seasonal business activities
Outsourcing bookkeeping services always addresses one of the primary concerns of clients – cost. Clients save more by outsourcing versus hiring an in-house bookkeeper. Often, the volume of work for bookkeepers in startup businesses are seasonal, hence, having a regular employee assigned to this task makes little sense.
By outsourcing, businesses decrease fixed expenses. There are no retention bookkeeping service fees and no cost to hire. Clients get the expertise of bookkeeping professionals minus the employee payroll, benefits, and taxes.
Further, startup business owners can take advantage of the multiple tools and technology utilized by the service provider without having to invest.
5. Scalable manpower
Enterprising individuals start small, usually with a lean team. As they grow, the requirements change and will then necessitate additional functions. This means hiring new people or spending time and money on training staff.
By outsourcing bookkeeping, business owners have access to global talent. There is a pool of professionals with in-depth knowledge and extensive training who can provide full support. Moreover, on-call professionals are prompt to accommodate clients’ needs especially the urgent ones.
Outsourced bookkeeping services
6. Bookkeeping service fees
Bookkeeping fees are flexible. The costs incurred are based on the needs of the business. The services rendered may require part-time or full-time work, or, short term or long term deals. Clients pay for what they need. Everything is tailored to specific requirements.
7. Bookkeeping company
Consider a bookkeeping company as an integral part of a business. It is not just a third-party hired to keep the records in place. A bookkeeping company sees to it that a company’s entire financial process is seamless and that its financial information is treated meticulously.
8. Finance and accounting outsourcing
The goal of startups is to eventually develop into mid or high-growth companies. With this, businesses are expected to implement improvements in their finance and accounting functions. Finance and accounting outsourcing assures optimization of resources and enhancement of processes.
Startups are exciting endeavors but also very arduous and laborious. To be time-efficient and cost-efficient, business owners must seriously consider remote bookkeeping services. This does not mean relinquishing control and privacy over to another company. It is a way to simplify things while focusing on high-value tasks.
Hammerjack is a leading outsourcing supplier, specialising in finance and accounting services, as well as other verticals.