Outsourcing bookkeeping services was once a business practice restricted to large companies. However, technological evolution and the modern business environment have made outsourcing more widespread. Such advancement comes in handy when you’re already overburdened with back office tasks, and tasks like bookkeeping further add to your workload.

Also, if the accounts are done regularly, it may impact business operations in the future. On the other hand, well-maintained accounts can be a key platform for your business growth by providing better visibility on business performance and future projections.

What Can an Outsourced Bookkeeping Solution do for you?

An outsourced bookkeeping solution can undertake various accounting tasks, including accounts payable, accounts receivables, bank reconciliations, payrolls, management accounts preparation and other regular or ad-hoc accounting tasks.

When you outsource, bookkeepers help you by:

• Keeping tabs on purchases, receipts, and payments
• Keep track of daily financial data
• Organise and record data in the various programmes in a consistent manner.
• Record and monitor your company’s financial performance.
• Calculate your GST and BAS liabilities

How will bookkeeping outsourcing benefit your company?

Lower Costs

When you outsource bookkeeping assignments, the outsourcing company takes care of their team’s compensation; you save on payroll and operational costs.

Additionally, when you hire outsourcing companies like SBA, they become an extension of your team. Hence, you get the benefit of an experienced professional team of bookkeeping services at a competitive service fee and significant cost savings.

Reduce Opportunity Costs

When you spend too much time on back-office activities like bookkeeping, you and your team have less time to focus on core business activities. Outsourcing bookkeeping helps organisations to reduce opportunity costs in back-office processes.  

Access In-depth Bookkeeping Expertise

 Outsourced bookkeeping services give you access to a pool of professionals at an affordable price. Having a dedicated outsourced bookkeeping team also relieves you from dependence on an in-house key person for bookkeeping tasks and the attrition risks that come with that.

Make Year Tax Returns Easier

If you outsource bookkeeping tasks, you can be assured that all your reports are up to date. Getting ready for tax season can be terrifying. You may have to deal with various forms and requirements and make the proper filings for you and your company. Outsourced professional bookkeeping services make navigating the whole process of filing year-end tax returns easier. With accurate financial statements, your outsourced bookkeepers ensure that your company complies with tax regulations and maximises your year-end tax return.

Check out: How Outsourcing work in Business?

When should you Outsource Bookkeeping tasks?

Outsourcing bookkeeping is a strategic and operational decision – if you are just starting out your business, not having the headache of doing bookkeeping helps you more time to establish the business.

If you are a growing organisation, having access to flexible expertise to cover bookkeeping tasks means a reduction of key person dependence on back office processes. This is over and above the cost savings that an outsourcing bookkeeping function can deliver.

For large corporations, outsourced bookkeeping delivers process efficiencies and significant cost savings across accounting functions.

The bookkeeping team at SBA delivers a minimum of 40% cost savings to businesses. The global talent pool of team SBA helps you get a cost-effective and efficient bookkeeping support function that partners with your organisation as a strategic resourcing partner in bookkeeping and back-office processes.