Bookkeeping is the process by which a company records its financial transactions on a day-to-day basis. It can be a daunting task for business owners who may be occupied with the overall management and strategic decision-making of the business. Thus, business owners can consider streamlining and automating their bookkeeping so that they can have accurate and up-to-date financial records without compromising their focus on matters of strategic interest.
Remote bookkeeping means when a company hires an outsourcing or staff augmentation firm on a contractual basis to do their bookkeeping.
A company opting for bookkeeping will first have to hire an outsourcing or staff augmentation firm that offers bookkeeping services. It is imperative for business owners that they first assess the outsourcing firms or have them assessed by an accountant professional to make sure they are hiring quality services.
Once business owners have hired an outsourcing bookkeeping firm, they will have to grant them remote access to their financial records and other accounting apps that they may use which can include QuickBooks and Wave. Outsourcing firms using accounting apps can make it easier for business owners to review their invoices and receipts by uploading them to Cloud, an online shareable folder, which can be accessed by the business owner.
A remote bookkeeping firm receives the firm’s financial data and uses it to make daily entries and monthly reconciliations and reports. Then, the bookkeeping firm shares share these reports with business owners through the same secure and shared online folders. Outsourcing firms can also manage payroll processes.
One of the many advantages of outsourcing your remote bookkeeping is getting rid of all the paperwork. Business owners relying on remote bookkeeping for their firm can make their bookkeeping process much faster and more efficient through digital accounting apps that can help them gain access to real-time accounting data of their firm.
While hiring outsourcing firms, business owners can gain access to highly-skilled professional resources who specialized in their areas, which minimized the risk of error and reduces unexpected costs
With remote bookkeeping, business owners can access their financial data anytime they want to get an idea of their company’s accounting performance. Further, remote bookkeeping firms can also provide access to resources for companies working in different time zones, for instance, a US-based firm working in a different time zone might have difficulty finding skillful resources for their bookkeeping.
Although some business owners might be good at doing their own bookkeeping, getting a second opinion can open the doors for more efficient and accurate bookkeeping. Further, while doing bookkeeping on their own, business owners might miss out on opportunities that can help their business grow.
Increasing payroll costs can be one of the factors why business owners may choose to do their bookkeeping by themselves. Outsourcing relatively can cost less than hiring an in-house accountant by cutting out on training costs and employee benefits.
Bookkeeping can be a daunting task. By hiring an outsourcing firm to do your bookkeeping, business owners can focus on key areas such as business development to promote their firm’s development.
By delegating your bookkeeping to a reliable outsourcing firm such as Expertise Accelerated, the top management can focus on core activities while achieving up to 60% cost savings.
Staff augmentation brings in extra manhours, expertise, and knowledge to a company, and with a high-quality and reliable staff augmentation partner like Expertise Accelerated, the benefits associated with it far outweigh the costs. Meanwhile, outsourcing relieves the company of the burden of mundane and non-core functions. This, too, is beneficial with a reliable service provider such as Expertise Accelerated.
Expertise Accelerated (EA) is a Connecticut-based outsourcing and staff augmentation specialist for accounting & finance services. EA promises 60 percent quality-assured payroll savings to its US clients.
EA is led by a US CPA team that trains offshore remote professionals for client-specific roles.
The distinguishing feature of these remote professionals is that they cost just 40 per cent of their US counterparts while bringing professionally comparable or superior skillset. Thus, clients get to save 60 per cent on their payroll costs for accounting & finance roles without having to compromise on the quality at all. Expertise Accelerated provides a range of accounting & finance services, including general accounting & bookkeeping.
Haroon Jafree (CPA) is a turnaround expert with 20+ years of US CPG industry experience. He has served at C-suite roles for over a decade in notable US CPG companies and boasts a proven track record of delivering substantial payroll savings to these companies. His expertise in trade spend management, business process reengineering, and cost optimization is widely recognized within the US CPG industry.