- home
- Outsource Your Bookkeeping: What Are Your Options?
Outsource Your Bookkeeping: What Are Your Options?
Whether you’re a spreadsheet master or financial statements make you shiver, every small business owner should consider bookkeeping services. Having an in-house bookkeeper or accountant is beneficial for large businesses, but this can be quite a hassle for small businesses. Employing a bookkeeper requires you to provide training, a salary, and regular check-ins.
Small business bookkeepers are plentiful, so outsourcing the best bookkeeping services for your company can be challenging. It’s paramount to avoid getting overwhelmed so that you can select a bookkeeper with certainty. If you’re contemplating outsourced bookkeeping services, we’re here to assist you in navigating that choice. Let’s review your options when hiring a bookkeeper with so many available choices.
Why Should I Outsource Bookkeeping?
Hiring a bookkeeper ensures that you will have accurate records of your financial transactions and be prepared to file your taxes accordingly. Your bookkeeper will provide you with all the necessary financial documents you’ll need at the end of the fiscal year, such as balance sheets, cash flow statements, and income statements. They will also ensure that you never miss a filing deadline or an opportunity to save money.
Deciding to outsource your bookkeeping also reduces your costs as a business owner. While initial service costs might be higher, you won’t be responsible for paying your bookkeeper’s salary, benefits, supplies, and vacation pay. Best of all, you won’t even have to worry about these expenses when filing your taxes.
Finally, you won’t miss out on any tax write-offs available to you during tax season. As a company owner, finding ways to save money is never a bad idea. Seasoned bookkeepers for small businesses will seek out any hidden tax deductions you can utilize. When you outsource your bookkeeping, you’re saving both time and money.
Free Consultation
Local Versus Virtual Bookkeeping
There are several options when you search for outsourced bookkeeping services. One option is to hire a local bookkeeper. This option may benefit small local businesses that prefer to review financial statements in person. In addition to being available for in-person meetings, they will also be more connected with banks and investors in your area. However, local bookkeepers may not be as readily available for last-minute appointments and urgent situations.
You may also consider hiring a virtual bookkeeper. Not only is this a more accessible option for most small business owners, but it can save you time in the long run. There’s no need to leave your office or house when meeting with a virtual bookkeeper; they will be ready to meet you wherever you are in the world. In addition, having the ability to meet your trusted virtual bookkeeper over a video call still means you can meet face-to-face without having to deal with traffic or providing quiet office space.
A key benefit of virtual bookkeeping is the wide variety of online talent. Local bookkeepers are an excellent choice for businesses in the area, but there are still a limited number of options within your region. Virtual bookkeepers are plentiful online. After spending some time browsing, you can find the perfect bookkeeper that fits your small business needs.
Freelancer Versus Firm
Throughout your search for a bookkeeping service, it’s crucial to consider your small business needs and expectations. You’ll likely experience different service approaches when working with a freelance bookkeeper or a bookkeeping firm.
Hiring a freelance bookkeeper is an excellent way to ensure you have consistent, one-on-one communication. One person will answer all your questions and concerns, so miscommunication is less likely to happen. However, a freelance bookkeeper is less likely to provide niche services such as bookkeeping for real estate agencies or non-profit organizations.
If hiring a freelancer isn’t the most suitable approach for you, you might want to consider outsourcing from a small bookkeeping firm. A small-sized firm will provide you with financial insight from multiple different professionals without overwhelming you. While communication might be between one or two people, a small firm won’t toss you around between several assistants if you reach out for a question. Finally, if one bookkeeper doesn’t offer the services you need, chances are that another in the firm can help you.
Onshore Versus Offshore
You can find bookkeeping services across the globe. In fact, some small businesses opt to hire an international bookkeeper. Offshore outsourcing is a cost-effective way to get your basic record-keeping done if you’re on a budget. In addition, there is a large pool of talented offshore bookkeepers, meaning there will be virtually limitless options from which to choose.
However, offshore bookkeeping may result in communication challenges, especially if there is a language barrier. In addition to choppy communication due to language differences, they may be within a completely different time zone. As a result, you may be less likely to get an immediate response in an urgent situation.
Another option is outsourcing an onshore bookkeeper, or a bookkeeper in your country. While it may be more costly, there are several benefits to outsourcing a national bookkeeper. Unlike an offshore bookkeeper, offshore bookkeeping services provide far more reliable communication. They will likely share your language as well as your time zone. Plus, they will be comfortable working within your country’s laws.
When choosing your bookkeeping services, remember this:
What type of bookkeeping service you outsource genuinely comes down to preference. Every small business has a different budget, demand for financial services, and financial goals. At Virtual Financial Officer, we aim to make this choice easier for you by taking up your financial bookkeeping burdens and delivering accurate financial statements year-round.
VFO is a virtual bookkeeping and accounting firm that values integrity and trustworthiness. We provide small businesses like yours with quality financial services upon which they can rely. If you’re looking for outsourced bookkeeping services, our tight-knit team of financial professionals is ready to help.
At VFO, we are on a mission to relieve your stress and confusion surrounding small business financials. Contact us today at support@vfo.co to learn more about our virtual bookkeeping services and receive a FREE consultation.