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How Does Outsourced Bookkeeping Work?

So you've asked the question: how does outsourced bookkeeping work? Have you created a business? Have made some purchases, and logged sales? Now it's time to keep track of everything. We don't blame you if the prospect of keeping track of all your transactions makes you shiver, but if you outsource bookkeeping, you'll never have to.

The resources available to small firms are minimal. When business owners are heavily immersed in the firm's day-to-day operations, they often do not have time to think about non-core (but vital) functions. One of these functions is bookkeeping.

When running a business, your primary focus should be on growing and expanding your company, not documenting every transaction or figuring out small business accounting software. Allow an outsourced bookkeeper to take care of that for you and answer the question, how does outsourced bookkeeping work?.

What are the Advantages of Outsourcing your Bookkeeping?

Orientation

There is a crucial onboarding time before any work is done. One of the most critical tasks in the onboarding process is to ensure that all parties' expectations are aligned. Even something as minor as communicating too much or too little can make or break a relationship.

Your chosen outsourced bookkeeping services in Southwest Sarasota will do the following specific tasks during the onboarding phase:

Examine your present Accounting Method and Records in Depth.

The outsourced bookkeepers must first understand the company's current financial processes and documentation before they can begin. This is done to verify that all historical records meet reporting standards and make the transition from in-house to outsourced bookkeeping services easy. This includes the following:

Identifying the key revenue sources.

Describing the current invoicing process.

Examining the chart of accounts to verify it is optimum for your record-keeping needs and more.

This is the time to identify any holes in your current accounting system so that your outsourced bookkeeping service provider can assist you in implementing a new bookkeeping solution to close those gaps.

Create a process map and communication strategy unique to you.

To produce the month-end reports on time, most bookkeeping experts use process maps to explain what will happen, when, and whom during the month. These process maps are tailored to the demands of the client's business and the services to be supplied.

Request access to your documents and accounting software.

The next step in the onboarding process is for the outsourced bookkeeper to gain access to your financial information after you've gained a profound grasp of current operations and created a new process map.

They'll need access to your current accounting software, such as QuickBooks or Xero, and other platforms like Shopify, PayPal, Stripe, etc. Most of these platforms and apps allow you to give third-party read-only access without giving them full access.

Request access to your banking and CRA accounts.

Your bookkeeper can assist you with your sales tax filings with CRA access. Like apps and accounting platforms, most banks allow you to grant read-only access to a third party, allowing the bookkeeper to observe your account transactions but not your funds. Most cloud accounting software may pull banks straight from banks, automating the bank reconciliation process.

Make the switch to cloud-based accounting software and have your new tools set up.

Outsourced accounting companies would typically convert your books to a digital platform, making their job easier. Your bookkeeper will likely urge (and assist) you in digitizing and setting up integrations with accounting solutions like Dext Prepare, which allows you to take a photo of your invoices and receipts and share them with your outsourced crew.

Educate your employees on the new procedure and tools.

After the outsourced bookkeeper has completed all of the onboarding preparation work, the final stage is for them to train employees involved in the new processes and any new technologies that have been deployed.

Why should I hire someone to do my bookkeeping?

Nobody begins a company to do their bookkeeping. Outsourced bookkeeping frees up time for you to focus on running your business, exploring new development prospects, or simply relaxing and unwinding from the demands of entrepreneurship.

You also gain access to the crucial reports and monthly financial statements that any business owner should know about with outsourced bookkeeping: balance sheets, income statements, and cash flow statements.

Aside from day-to-day operations, having a professional handle, your bookkeeping speeds up the tax filing procedure. You'll have all the numbers you need to swiftly fill out the forms for your tax return, including IRS-compliant reports.

Types of Bookkeepers

Outsourced accounting services are available in two forms: hiring a local bookkeeper or employing a virtual bookkeeper, whether you're working with someone you know down the street or having someone handle it online in another city.

We've broken down the benefits and drawbacks of both to help you decide which is best for you.

Your Local Bookkeeper

A local bookkeeper is a person or team of bookkeepers who work in your area. This is a terrific option if you're looking for a unique way to express yourself.

You value having a face-to-face meeting with your bookkeeper.

Instead, you don't use online banking or payment systems and rely on physical records to conduct your business.

A freelancer or a firm are the two most common ways to outsource your bookkeeping to a local pro.

A freelance bookkeeper works one-on-one with you to complete your books. Freelance bookkeepers might work remotely, on-site at your business, or both. There are many levels of talent and experience among solo practitioners.

Working with a bookkeeping business is your other choice. Firms typically charge more than a self-employed bookkeeper. They can, however, provide some "assurances" that solo bookkeepers cannot. Their bookkeepers, for example, maybe professionally certified. Furthermore, if the person who handles your books has to take a leave of absence, another bookkeeper may take over, ensuring that you don't have any service gaps.

A freelance bookkeeper or a firm will work independently of your company; they are not employees. Look for one that provides you with secure, immediate access to your financial reporting through accounting software that you are familiar with.

Another crucial component is security. Make sure the individual you hire to manage your company's financial information, including bank and credit card information, invoices, and essential papers, is someone you can trust. And never delegate your treasury tasks to a bookkeeper: you should be the single signatory authority for investments, checks, online payments, and wire transfers.

Virtual Bookkeeper

"Virtual bookkeeping" may sound a little dated—like a Windows 95 program—but this (admittedly clunky) term refers to a popular, paperless technique of keeping your finances.

Virtual bookkeeping refers to having someone else do your books for you through the internet.

Bookkeeping software and traditional bookkeepers are combined in virtual bookkeeping. You receive bookkeepers to manage your books and software to track your accounts when engaging in a virtual accounting service. It's a good choice if you want to:

You prefer a flat monthly charge versus hourly billing

You want online access to your financials via a mobile app

You use online banking and are comfortable on the web

Would rather talk on the phone or online than in person.

Having your books done by professionals will save you time and provide you with a piece of mind. Working with an online provider also means you may safely keep your data in the cloud and access your financial information from anywhere, at any time.

Through a secure online account, virtual bookkeeping connects you with genuine bookkeepers. In addition, you won't have to send envelopes of receipts if you use a good provider that downloads your expenses immediately through internet banking and your merchant processor.

Bookkeeper vs. Accountant

The terms accountant and bookkeeper are frequently used interchangeably. Despite this, an accountant and a bookkeeper have significant variances.

An accountant is in charge of a company's financial data administration, whereas a bookkeeper is in charge of the company's revenue, spending, and other banking activities.

A bookkeeper is in charge of keeping track of the company's records, while an accountant is in charge of interpreting and analyzing the data.

Accountants generate financial reports following industry standards, while bookkeepers verify compliance with government criteria.

In addition, bookkeepers frequently assist accountants in preparing financial reports and audits, while accountants provide numerous recommendations to help businesses retain a positive reputation.

Conclusion

Outsourced bookkeeping may appear to be impossible, but it is quite straightforward as you have read in this blog. Contact us today for the highest-quality bookkeepers with experience in your sector, and see how our solutions can help your small business!

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Is Video Production The Best Way To Advertise Your products!

Video advertising provides your business with a voice, a personal touch, regardless of how big or small your company is! In today's time, most people spend a lot of time online, where videos play an important role. Companies that provide services for Video Production in Sarasota, Florida have evolved and adapted throughout time to meet the demands of the digital era.

Before moving further, let’s talk about what is Video Advertisements.

Digital advertisements that appear before, during, and after a video broadcast are called Video Advertisements. YouTube is a wonderful example of what I am talking about. Paid advertisements in films made by a diverse cast are another classic example.

Currently, Video Production represents around 60% of all online traffic. When compared to TV advertising, videos have a more strong and substantial influence on viewers.

Benefits of Video Advertising

Video production can do a lot for your company, that’s why it is known as one of the greatest promotional techniques. We have compiled a list of the benefits that you get from Video Advertisements.

Videos: The Storyteller

Videos enable the business owner or marketer to present a creative story. Businesses can develop engaging stories about themselves to showcase many operations and processes involved as the firm is presented imaginatively to an audience. It is also possible to include interesting text and quotes in the video, to help viewers have a better understanding of the firm.

Frequent Sharing And Response

Good Video creation can convince many consumers, and this can lead to them sharing the video with their family and friends. In Videos, the response time for video clips is many times higher than those for traditional methods of advertising.

You can measure the effectiveness of video advertising

You might be wondering how you'll evaluate the effectiveness of your video marketing initiatives. Smart and free technologies like Facebook Analytics, Instagram Analytics, Twitter Insights, YouTube Analytics, and others are great tools to measure the video’s performance. You can assess the effectiveness of your video advertising campaigns based on your unique needs, which is not feasible with many other kinds of advertising.

Interesting And Shareable

Video sharing is very easy. As we have also mentioned that even a small video tells the whole story of the concept. Viewers share interesting and engaging videos time and again.

Videos favour new technologies.

Almost every social networking app has a specific video feature. The web pages are built in such a way that they can play videos easily. Smart TVs, HD displays, virtual reality and mobile applications are all examples of technology favouring video.

Since video creation is one of the most successful ways for businesses to interact with their target consumers, there is no area where they do not exist.

Videos can use on multiple platforms

You can use a single video on different platforms in various ways. You can split the same video and use it multiple times. By doing this, your content will not look outdated and you will always have new content available.

Conclusion:

As a result, Video Production services have many benefits, if you choose this service to expand your business then, you are going to be impressed. Video Advertising is not even costly.

Videos add a human element to your message. Videos are an excellent method to communicate with family, friends, and consumers. Make sure you choose the proper company for Video Production in Sarasota, Florida and see how videos can transform your advertising strategies.

If you want to know how our Videographers work to provide you with the utmost services.