In-House Bookkeeping Versus Outsourced Bookkeeping Services

Posted in Business

Most businesses rely on an in-house bookkeeper to handle their bookkeeping needs. Usually, this in-house bookkeeper is an office admin who handles bookkeeping in addition to various other tasks. Having bookkeeping handled by non-specialists is error-prone and expensive especially when you can outsource bookkeeping at a fraction of the cost while dramatically improving its quality. How is that possible, you may ask?

Until recently, outsourced bookkeeping was only feasible for the largest businesses. The advent of the Internet and access to a global pool of virtual resources has made freelancing feasible for even small businesses. Anyone anywhere with access to a computer and Internet can provide bookkeeping services.

Freelancing enables specialization and quality improvement not just with bookkeeping but throughout the business. The standard of bookkeeping advantages of access to a rich pool of virtual bookkeepers. Quality of other processes in the business improve due to more time that is available nowadays. As a result, freelancing enables the business to pay attention to what it does best and allows the service provider to provide what they do best. So, freelancing improves quality by enabling specialization throughout the business.

Freelancing offers significant cost benefits. By access a rich pool of talented virtual bookkeepers across the globe which includes low cost countries like The indian subcontinent, the business can not spend as much from lower constant rates and from lesser number of hours it takes the bookkeeper complete tasks. slc bookkeeping

Outsourced bookkeeping also reduces cost to do business. With an in-house admin, you usually have to provide an office desk with computer and pay the admin whether or not there is actual work. Such pay includes salary, vacation time, sick time, social security, medicare health insurance and healthcare. With an outsourced bookkeeper, you merely pay for hours you use and there is no additional cost to do business.

Freelancing reduces business liability in two ways. First, by letting an authorized handle the books, any errors do not result in criminal justice as the business can easily point their fingertips at the virtual bookkeeper. Second, having a specialist handle the bookkeeping drastically reduces the number of errors and associated debts.

The cost savings from freelancing bookkeeping, can be used to budget prices for customers and/or improve profit border. This cost advantage enables the business to compete better.

As you can see, freelancing bookkeeping offers some significant benefits. The biggest challenges remain security and quality. This is where selecting a bookkeeping services provider with an extensive positive track record as opposed to getting someone off the street may help.

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