As a business owner, you’re probably all too aware of how important accurate and reliable bookkeeping is to your operations. It’s a function that most successful businesses couldn’t do without. Not only are there potential risks to your business if bills and payroll aren’t paid on time, the Tax Office could also come knocking when BAS lodgements are late and taxes remain unpaid. Being such an important role in your company, you might think that the safest approach would be to hire a bookkeeper in-house. However, there is also the alternative of outsourced bookkeeping that can provide greater security and flexibility, as well as time and cost benefits.
What is Outsourced Bookkeeping?
It’s quite common these days for non-core business functions to be outsourced to a third-party provider. You might already have a virtual assistant and social media marketing person you’ve hired through a service such as Upwork or Fiverr. Outsourced bookkeeping is similar in concept but a little different. Since it’s such a critical role, and privy to sensitive financial data, there’s more at stake. Specialist outsourced bookkeeping services firms exist to provide the same benefits you can achieve through outsourcing, while providing a more professional and reliable service. Let’s just say they are more ‘accountable’ than hiring a bookkeeper from Fiverr (pardon the pun). And you really don’t want to hire an offshore (overseas) bookkeeper that doesn’t understand the nuances of Australian tax laws and financial regulations.
An outsourced bookkeeping firm has a reputation to uphold and will therefore screen the bookkeepers they hire. They will often be registered with the appropriate professional associations in Australia, such as the Institute of Public Accountants, and be registered Tax Agents and BAS Agents. These credentials provide assurances and positive signals that your bookkeeping will be done correctly, and your accounts will be accurate.
In the same way that virtual assistants and social media marketers can work from anywhere using internet-based technologies, outsourced bookkeeping is made possible through the invention of cloud bookkeeping and cloud accounting software. Modern accounting programs such as Xero, MYOB, and QuickBooks Online enable online access to financial data and reports while maintaining strict security standards. You can setup your outsourced bookkeeper with their own login so they can access real-time data – no need to email files and sensitive information. Learn more about the pros and cons of online bookkeeping.
Not only can you outsource bookkeeping tasks, Virtual CFOs can also be hired to provide higher-level accountancy and financial oversight services. You can have virtual accountants in your pockets, so to speak!
Darcy Bookkeeping has been providing bookkeeping and accounting services to Australian businesses for over 10 years. To find out more about the tasks and services our outsourced bookkeepers can provide, give us a call on 1300 728 875 or send us a message.
Benefits of Outsourced Bookkeeping Services
As with other virtual roles, there are many benefits to be gained from outsourced bookkeeping services (hence their growing popularity). There are the common cost benefits of only paying for the hours worked, rather than having to hire somebody and hope they have enough work to keep them busy. And the convenience of being able to hire somebody quite quickly for a short time (or a long time) without involving HR and entering into binding employment contracts. Since they’ll work remotely, you won’t need to purchase stationery and computer equipment or find space in your office.
With outsourced bookkeeping, there are extra advantages when you use a specialist outsourced bookkeeping services firm with multiple bookkeepers on their team. One of the most common problems we come across is business owners being left in the lurch when their in-house bookkeeper either leaves abruptly (often at the most critical time of year!) or they can’t come to work for some other reason. This situation is prevented when you have a team of expert bookkeepers at your disposal.
In addition, you’ll most likely have access to a higher level of expertise if you outsource your bookkeeping needs. Your outsourced bookkeeper will have experience working with a large number of clients and this will provide them with a high-level of knowledge and problem solving skills. You’ll have a pool of financial expertise to draw upon. Potentially their breadth of knowledge will make them faster and more efficient, saving you more money.
If you use Darcy Bookkeeping for your outsourced bookkeeping services, these are the benefits you’ll gain:
Never Get Left Without a Bookkeeper Again
With a bookkeeping team the size of ours, you can be assured you will never be left in the lurch without a bookkeeper.
Reduce Your Business Fixed Overheads
You’ll no longer need to scramble to find work for your on-staff bookkeeper to justify keeping them on the payroll. The cost of using a service like ours is based on the workload and can increase or decrease whenever you need to make changes.
Leverage Our Experience to Your Advantage
Our outsourced bookkeepers can bring the best systems, processes, and applications to your business from their vast experience working with thousands of clients. We can help make your accounting processes more efficient, saving you time and money by using software automation and industry best-practices. Our proven systems will also help you safeguard your business from embezzlement and fraud.
Always up to date with Tax Office Obligations
As Registered BAS Agents and professional bookkeepers we must complete a minimum level of continuing education hours each year to maintain our credentials. In addition, we are always up to date with the latest tax and financial laws changes to ensure your financial accounting is compliant.
Increase Your Profit and Save Money
All our bookkeeping team are highly qualified and skilled at their job, resulting in higher efficiencies and cost savings to you.
Insured to Protect You from Losses
All Registered BAS Agents are required to hold a Professional Indemnity Insurance policy, protecting you from losses if we were to make an error. In the unlikely event we were to make an error we would correct it at no cost to you, unlike an in-house bookkeeper that would still need to be paid.
Flexibility That Adapts to Your Business
Our bookkeeping services have no lock-in contracts and no minimum hours chargeable each week or month. As your business grows, or winds down, our services can adapt to your needs. Our service fees are in proportion to the amount of work we do on your books within the scope of our arrangement. We also offer tailored fixed fee packages to suit your specific needs.
Give your business the best chance for success and outsource your bookkeeping. We offer flexible options to suit even the smallest of businesses – you can either pay by the hour or hire us on a fixed-fee monthly package. Give us a call on 1300 728 875 or send us a message.
What Outsourced Bookkeeping Solutions Are Available?
Outsourced bookkeeping services can vary depending on the needs of your business. You can hire a bookkeeper for routine, day-to-day tasks such as data entry and bank reconciliations, or hire them for a complete end-to-end service that includes financial reporting and BAS lodgements.
In general, the list of services available includes:
- Routine bookkeeping tasks, such as data entry of transactions and bank reconciliations
- Accounts Payable and Accounts Receivable management (invoicing, debt collection)
- Preparation and lodgement of Business Activity Statements (BAS)
- Preparation and lodgement of Income Activity Statements (IAS)
- Payroll and Superannuation processing
- Preparation of Management Reports
- Catchup bookkeeping if you’re behind, including liaison with the Australian Taxation Office on your behalf
- Cash flow management
- Streamline your accounting processes
- Accounting software setup and training
- End of financial year preparation and reporting.
In addition to the flexibility of tasks an outsourced bookkeeper can do for you, Darcy Bookkeeping offers several outsourced bookkeeping solutions to suit different budgets and frequency needs:
- Hire a bookkeeper on an hourly basis – pay for bookkeeping services only as needed. Check out our hourly bookkeeping rates.
- Fixed-fee monthly bookkeeping packages – save money and reap increased value with a monthly bookkeeping package if you know you’ll be needing regular outsourced bookkeeping services.
- Combined outsourced bookkeeping and accounting services – streamline your bookkeeping and financial accounting needs by hiring us for both.
Conclusion
As you can see, outsourced bookkeeping provides many benefits to businesses big and small due to the flexibility of services available and the solutions offered. Business owners can save money through improved efficiencies and by only paying for what they need when they need it. Intangible benefits are gained through the expertise of hiring specialist outsourced bookkeeping services and the continual education these companies are required to undertake. There is also the peace of mind this expertise provides and the assurance that you’re covered against errors, embezzlement, and fraud.
Contact Darcy Bookkeeping today on 1300 728 875 or send us a message to find out how outsourced bookkeeping can help your business achieve greater growth and financial success.