Outsourced Bookkeeping Services Empower Small and Medium Businesses
For business executives, managing their company's financial records isn't just crucial at tax return time, or at fiscal year-end. It is an ongoing concern, all year, every year. For businesses that don't have a full-time employee (or employees) to oversee the day-to-day oversight of assets, liabilities, and expenses, outsourced bookkeeping services are critical. They can make the difference between becoming a successful business, or one that fails.
Contracting a bookkeeper to reconcile transactions, balance accounts, and complete regulatory filings is critical. It keeps small business owners and executives focused on steering their "front office" operations moving in the right direction. Meaning, developing sales promotions and ensuring customers are satisfied to improve profitability.
Here are five ways contract bookkeepers drive business growth and smooth the runway to business success.
1. Objective Perspectives
A third-party bookkeeper wants your business to succeed, but they also want to ensure that your business is run:
- Following Generally Accepted Accounting Principles (GAAP)
- To adhere to the latest local, state and federal tax laws and bylaws
If your business were to have an audit from the IRS or some industry regulator, the auditor would look for a detailed accounting of profit, loss, revenue, and expenses. Bookkeepers know how to classify and post accounting data, sor they are generally more accurate in their administration of your records.
A contract bookkeeper wants your company to pass an audit as much as you do because their reputation is on the line. Not just with your business, their clients and prospects would instead work with an accounting pro that helps keep their clients out of audit trouble.
2. Collaborative Business Management
Contract accounting advisory services are valuable in part because a bookkeeper, CMA or CPA has the education about business best practices from their education. A lot of the value of a bookkeeping professional brings to the table is learned through experience as they work with other clients, and as they learn when new regulations are enacted.
Even when your bookkeeper can't work with your business onsite, they can collaborate with you remotely through a Unified Communications solution like 8x8 Virtual Office, and a cloud accounting application like NetSuite. They can point out transactions and postings on your general ledger which might be problematic for auditors, or payroll anomalies like commission payment overages.
3. Tax Filings and Returns
Depending on the size of your business, and the expertise of your bookkeeper, your transaction-related documents and data might be gathered and prepared by a bookkeeper then handed over to an accountant, or they may complete returns and filings for you. Many accounting firms have bookkeepers on staff, so they handle all of a company's financial records and filings.
8x8 Virtual Office and Netsuite offer an excellent platform for accounting firms and their clients to review quarterly or annual tax filings and returns before submitting them. 8x8 services are highly secure and meet many regulatory requirements, so business owners and managers can be confident when sharing sensitive data through Virtual Office.
4. Bookkeeping Firms as Technology Advisors
Accounting firms often advise their clients on the most suitable technology products and services to acquire and implement. Bookkeepers and accounting professionals appreciate how a Unified Communication application can facilitate voice and video calls, but also send and receive faxes, instant messages and SMS texts to desktop and mobile devices.
Bookkeepers often possess a great deal of expertise on the sorts of business applications and communications services which work best for certain businesses, based on their clientele. They often can help with the implementation, user training and/or recommend integrations to other key elements of a company's technology stack. The accountant for 8x8 client Silverado Stages advised them through the acquisition and implementation of a VoIP communications system from an aging Toshiba setup.
5. A Cost Model Bookkeepers Believe In
Traditional PBX equipment, telecommunications infrastructure, and devices often incurred significant capital purchase costs and maintenance fees which forced bookkeepers to calculate depreciation of equipment and other gnarly accounting work. Cloud-based UC applications like Virtual Office are simple subscription line items with predictable annual costs and no depreciation.
The cost model of outsourced bookkeeping services is often more practical for a small to medium business to pay on a contract or retainer basis as opposed to full-time. The average bookkeeper salary is about $40,000 per year before benefits. Contract bookkeepers are often well versed in data security and privacy best practices, so your data is often safer stored off-site with them than on your own cloud services.
Are you looking to improve communication and collaboration with your bookkeeper? 8x8 Virtual Office and our integrated partner solutions can empower you and your financial advisors to put your business on the path to profitability and success.
Your business has enough on its plate. Outsource what makes sense for your business, choose a world-class SaaS technology solution and focus on what's important: your clients. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.