At first blush, it seems redundant for an accounting firm to use a third-party vendor to handle the bookkeeping and tax preparation services. After all, aren’t those areas part of an accountant’s responsibilities?
Perhaps that’s the case with a start-up business or a small firm, but that’s not so when a business grows and its bookkeeping requirements become hefty. Here’s an overview of some of the many areas for consideration for outsourcing a company’s bookkeeping tasks.
Today, more and more accounting firms are turning to automated accounting tools such as computer software. This has brought about less complexity and less erroneous bookkeeping, and consequently has reduced costs.
By outsourcing your bookkeeping, you pay only for what you need at a rate that’s affordable compared to the cost of a full-time bookkeeper.
Third-party bookkeeping firms are very much aware of the rules and regulations of accounting. They can provide the necessary advice on money matters when it comes to prevention of any tax-related issues.
They can even solve problems by offering excellent advice on tax breaks that are allotted to businesses based on size, business model, field of expertise, and location.
Many high-quality third-party business bookkeeping companies have strict criteria in place for hiring accounting experts. The reason? They want to be able to give reasonable assurance to their clients that the individuals who handle their sensitive financial information have been thoroughly evaluated and are suitably educated, experienced, and trustworthy.
All third-party firms should undergo an extensive criminal background check to ascertain whether they have a past record of fraud or theft. Third-party business accounting firms that have vetted their employees and have strict rules in place against hiring people with checkered backgrounds will score high on your list for consideration.
Select bookkeeping companies also place an emphasis on teamwork within their ranks. This is extremely important: if one person isn’t able to complete the job, another employee can step and take the first person’s place seamlessly. This is one of the greatest liabilities of maintaining an on-site bookkeeper, versus outsourcing to a third party that has built a strong team.
Pransform, Inc. is an excellent third-party service you should consider. The company helps accountants by giving them freedom from the daily drudgery of the day-to-day bookkeeping functions. It also provides great back-office processing services and technology for accounting firms.
Third-party bookkeeping services allow accountants to focus on their core business, unencumbered by the daily chores associated with taking care of accounts. Businesses that take this course will reduce their current costs and at the same time see a dramatic increase in their efficiencies.