Why Would It Be a Good Idea to Outsource Bookkeeping?                                                                                                              

It takes a lot of time for owners and staff members to run a small firm. You endeavor to uphold the company's objectives when engaging with clients and suppliers on a regular basis.

It doesn't matter if you sell goods or services; occasionally, administrative and accounting responsibilities can be tiresome and time-consuming. When a small business needs assistance with handling their accounts, outsourced accounting services offer a solution.

What Does Outsourced Bookkeeping Entail?

A third-party organization that offers staff members with accounting and bookkeeping experience is known as an outsourcing bookkeeping service. They manage accounts payable and receivable tasks, monitor cash flow, reconcile bank accounts, create financial reports, and prepare tasks. Depending on how complicated your company's finances are, they might also offer you more employment.

Bookkeepers do not offer financial or investment advice or strategic business planning, in contrast to accountants. Instead, they help your team and handle your daily financial tasks on your behalf.

Key takeaway: Bookkeepers undertake the daily chores of recording financial transactions, and accountants provide insight and analysis of that data as well as produce accounting reports..

Major Differences Between Accounting and Bookkeeping

The idea that bookkeeping and accounting are the same profession is a common fallacy. Despite their apparent similarity, the two have numerous glaring variances. Here are the distinctions between accounting and bookkeeping to help clear up any confusion:

Bookkeeping

The primary goals of bookkeeping are to recognize, quantify, and record financial transactions.

The information offered by bookkeeping cannot be used by management to make a decision.

The goal of bookkeeping is to maintain accurate and organized records of all financial activities.

Accounting

Accounting is the process of gathering, analyzing, and sharing information about financial transactions that were recorded in ledger accounts.

The management can make crucial company decisions based on the data provided by the accountants.

Accounting seeks to assess the financial status and further disseminate information to the appropriate authorities.

Some Important Accounting Facts and Statistics

1. Prior to the pandemic, 85% of accounting and finance professionals worked in offices.2. In 2022, 66% of accountants worked full-time in an office.3. In 2019–2020, 72,923 students earned an accounting bachelor's or master's degree.4. In the US, there are 1.3 million accountants and auditors working.5. 64 % of business owners manage their own books.
6. There are 5.5 million QuickBooks Online users globally.

 

Accountant Pay in the US, Organized By Field

Basic Accounting Services: We Provide in BangladeshThe list of our primary accounting services in Bangladesh that we offer through our knowledgeable and skilled accountants in Bangladesh is shown below.Bookkeeping

Bookkeepers are those who maintain an organization's general ledgers. Purchases, sales, receipts, and payments made by an individual or a business/corporation are all considered transactions. Normal bookkeeping doesn't call for any specialized knowledge. The accounts that should be used to record transactions are chosen by the bookkeeper. Anyone acquiring workers and expecting rapid expansion may hire a controller to oversee their accounting and financial management. 

Accounting Guide

Accounting manuals are internally created papers that relate to rules and processes that are often upheld within a business. They are mostly used to train new hires and keep organizational standards in line with modern trends. The ISO 9001 method can be used to generate an accounting manual. Although ISO 9001 is frequently linked to manufacturing and production, it is actually a method for developing efficient management systems that may be used anywhere. A core accounting process method would be used to include information on organizational structure (your org chart), the roles and duties of management and staff, as well as the identification of the core accounting processes and how they interact.

Liquidation

An entity dissolves or ceases to exist through the process of liquidation. According to the laws, there are two types of liquidation in Bangladesh: voluntary liquidation and involuntary liquidation. In both situations, the entity going through liquidation must have accounting and auditing services in order to produce a final report, combine and disclose any missing audit reports, assess financial liabilities, etc.

Why Would Your Company Want to Outsource Bookkeeping?

Businesses may save money and gain time by using bookkeeping services. You don't need to have an employee on your payroll to use outsourced booking services. In other words, you don't have to take into account their pay, perks, work schedules, paid time off, or vacation. Additionally, you won't be bothered with bookkeeper training. From the very beginning and throughout the life of your company, you benefit from an experienced outsourced bookkeeping team.

Outsourced bookkeepers stay current on the newest technologies and have years of financial experience and knowledge. By integrating these technologies within your company, they help you avoid having to pay for the software outright. Additionally, since the outsourced company handles those responsibilities on their end, you don't need to upgrade outdated software or move to newer technologies.

The ability to immediately increase business operations is another benefit of outsourcing bookkeeping. You won't need to bring on more staff if your company expands to handle the added workload. When the time comes to scale back or consolidate, you can easily switch to doing the work yourself or checking to see if the bookkeeping firm offers more affordable service packages.

 When Ought One to Use an Outside Bookkeeper?

When dealing with mistakes or abnormalities in financial statements and seeking a better approach to monitor cash flow, you might choose to hire an outside bookkeeper. Too many mistakes or inconsistencies may be present in your operations, which could be a sign of major security or financial problems. Your financial transactions and records can be corrected by a hired bookkeeper, which will enable you to identify the problems' root causes.

Make NetworkBD Your First Choice for Hassle-free Bookkeeping and Accounting Services

We think that accounting and bookkeeping are crucial components of every business. With over 18 years of experience in this field, NetworkBD has helped numerous clients all around the world. We have certified, experienced accountants on our staff, and we offer the best services in the business. Our bookkeepers and accountants are knowledgeable about the shifting market conditions and have the technical know-how to deal with cutting-edge tools and technology. You can cut your expenditures by around 50% by outsourcing your requirements to us, allowing you to focus more on your core strengths.

Feel free to write to us or speak with one of our agents if you have any accounting or bookkeeping needs. We will respond to you within 24/7 hours.