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The right outsourced bookkeeper will have an in-depth understanding of your business needs and processes to then build the ideal bookkeeping solution for that situation. Other important pieces to consider are whether they charge by the hour or offer fixed monthly pricing. Beyond the fundamentals, there are other characteristics that make a better working relationship with outsourced accounting solutions. The right partner should be responsive, provide accurate financial information, and have expertise in your business’s industry.

 
By outsourcing bookkeeping tasks, the full-time employees of a business can focus on more strategic work instead of having to handle repetitive accounting activities. With more time available, companies can spend it on more impactful work that will continue to drive success. Whether it’s understanding a new market opportunity, finding ways to trim costs without impacting production, or getting financial information ready to start fundraising, it’s clear that there are better priorities than bookkeeping. 

Companies can outsource basic financial operations or can choose to outsource the bulk of the accounting tasks needed to run the business. It depends on the size of the business and the needs of this area. Some companies rely on outsourced bookkeepers to only handle daily reconciliations, while others might look externally for help with payroll, accounts payable, accounts receivable, and financial reporting.

Outsourced bookkeeping is the process of taking accounting tasks and relying on a 3rd party to accomplish them. While many people have different opinions about what bookkeeping entails, we prefer to look at it as financial operations. With a third party automating manual tasks, leaning on the best experts for any particular business niche, and finding opportunities to improve processes, it’s becoming a preferred approach to tackling this business need.