Why Should You Outsource Bookkeeping Services?

It’s only a matter of time before all businesses – big and small – start outsourcing bookkeeping, accounting and other non-core functions to an online bookkeeping services provider. How many businesses do you know that maintain in-house staff for gardening? Why would you expect a law firm, a construction company or an engineering firm, to be any more adept at bookkeeping than gardening? Why would a small business focus their valuable time and money on bookkeeping – a task which is not related to their core business? Especially, when bookkeeping these days can be done cheaper and better through outsourcing. You can also get the best virtual bookkeeping service via https://www.goodstewardfinancialco.com/full-service-bookkeeping-accounting/

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A small business can easily comprehend the effects of accurate virtual bookkeeping just as easily as they can see the effects of good gardening. A good virtual bookkeeper would periodically reconcile books against bank accounts so that a small business can start relying on their books. He/she would also enter customer invoices and report on unpaid invoices. As a business owner, you will always know which customers are behind on their payments. The virtual bookkeeper would enter vendor bills and report on list of bills that need to be paid on a regular basis. He/she would process payroll, and file/pay all necessary FICA, FUTA, SUTA and Sales taxes. He/she would generate accurate financial statements that can be used to make solid business decisions. By outsourcing all these tasks to an outside bookkeeper, the business owner can really focus on the core business competency.

The naysayers may bring security as a show stopper. Now, who would have more access to your information and could be far more dangerous. Think about it… an in-house bookkeeper has access to your physical and electronic records. They have access to check books and bank notices. What is the first thing a bank does when they suspect fraud? They mail a notice to you and who reads that notice? An in-house bookkeeper meets and goes out to lunch with your managers every day whereas a remote bookkeeper has very little personal interaction with your managers. Who has a better chance of colluding with your managers and defrauding you? An in-house bookkeeper who has access to your check book and can run to the bank in a moment’s notice. A remote bookkeeper has access only to your online bill pay system which usually takes 7-10 business days to send checks to another physical US address. Who do you think can cash checks faster and make a run?