The entire accounting function of your business can be outsourced. We can perform all transaction processing, accounting, cheque preparation, payroll, and filing off-site.
Here is how it works: we are provided vendor invoices, deposit reports, government forms, and other source documents from your business on a regular basis. We can process your transactions in Simply Accounting or QuickBooks and prepare cheques to pay your vendors. The cheques can be delivered to your office for signature and mailing.
Small business owners and professionals are discovering that outsourcing your bookkeeping saves payroll, overhead cost and it's a giant step in freeing up valuable time. For many owners, just the effort of hiring, training and managing a bookkeeper can take as much as 5 hours a week and if you're doing the books yourself the numbers are even worse. As a business owner your time is best spent doing what you do well - working with customers.
There is a common misconception that an owner will lose control if they outsource the bookkeeping. In a properly designed system a local accountant only takes over the process of tracking transactions such as sales, accounts payable and balancing the books, but only the business owner makes management decisions. Using on line bill paying, the owner is the final word on who gets paid and when.
Cash flow is never a problem in business but a symptom of other problems. An outsourced bookkeeper can provide the answers and you will end up with more control of your business.
By outsourcing, you solve the problem of hiring. Good bookkeepers with knowledge of accounting software are hard to hire, expensive to keep and in some cases difficult to manage. Your accountant controls the hiring process and your work is shared with a team so that if one person leaves you will not suffer an interruption of service. Because of new technology advances you now have the same alternative as Fortune 500 firms. Thirty five percent of Canada’s businesses outsource their bookkeeping.
In most cases outsourcing will save you money as well. The most common pricing structure for outsourced bookkeeping is to charge 10% less than the current bookkeeper’s salary. Not only do you save on salary but also you have no overhead, management, hiring or training cost when using an outsourced service. The overall annual savings can be up to 50%.
The decision to outsource can be an easy one. If there is a company or individual that can do it better, faster, and cheaper than you, then you do not want to keep the work in house. Outsourcing has become an accepted business tool worldwide. By turning over business processes to companies that consider these tasks their core competency, organizations now have the ability to become more profitable, more efficient and far more competitive by focusing on the tasks that are most important.
