Outsource Bookkeeping - Bookkeeping For Successful Business    by Amitaabh Saboo

in Finance / Accounting    (submitted 2010-02-22)

Outsource bookkeeping is the widely used method of bookkeeping nowadays. It provides small to medium-sized companies more convenience and efficiency. Just imagine reducing manpower in your newly established business and yet getting the same output as having in-house bookkeepers. You do not only cut down your operating costs up to 50 percent which would definitely give you higher profit, but you also get the chance to focus on other equally important business matters all day long. Outsourcing bookkeeping is without doubt the right choice for businesses worldwide.

What Is Outsource Bookkeeping?
Outsource means subcontract, so it means away from the company's established office. For traditional businesses, bookkeepers usually undergo a rigid training. After a period of time, they are then employed to apply what they have learned and do the standard bookkeeping services, particularly in recording and keeping of the company's books of account. These people are hired, and are expected to be in the office regularly. If you opt to choose outsource bookkeeping, you minimize the manpower you have and yet you get the same services being offered by these traditional bookkeepers, not to mention that you also get to minimize all other expenses related to having these bookkeepers around, including the training costs. It is like letting someone have the accounting department of your business.
How Safe Are Your Data in Outsource Bookkeeping?
The big question will be how safe is outsourcing bookkeeping. It is quite understandable if you feel uncomfortable giving out such delicate data away. Every single accounting book in your company matters so much and it is difficult for any businessman to part away with them. But outsource bookkeeping guarantees to give each client's data protected. With the use of the latest high technology available, there are security tools applied to safeguard every detail and every data the client is handing over. Policies and procedures are being adhered to and strict legalities are being applied and followed to guard these data from misuse. In this way, confidentiality between client and customer is very well achieved.
The Advantages
In outsource bookkeeping, the clients or the customers are given all the support it needs. Each client is assigned a bookkeeper to see and supervise its accounts. There is also a controller, who now is in-charge in supervising the bookkeeper and at the same time the one responsible in closing the books and preparing the report package to be given to the client each month. In this manner, consistency of the whole process is maintained. Twenty-four hours you can expect to be given on-line answers to unexpected problems. Clients are given up to date financial information of their business. The services are timely and efficient. Among the services offered by outsource bookkeeping are:
* Recording of the company's financial data in a precise manner
* Posting of the accounting entries
* Balancing and Reconciliation of the books
* Preparation of the company's Trial Balance
* Cash flow management
* Preparation of financial statements
* Preparation of quarterly and annual tax returns