The definition of outsourced bookkeeping is a service that provides an entire accounting experience for a small business or company. This involves handling day to day transactions, accounts payable and received, management financial reporting, and much more.
So, how does outsourced bookkeeping work? Find out more here…
Managing Financial Activities
Consulting teams from trusted tax accountants in London, for example, assist small businesses, sole traders, partnerships, and business start-ups – managing accounts and meeting tax requirements. You’ll be provided with simple online accounting solutions that are perfect for keeping your documentation in order.
Look at a range of accounting and tax planning options available when you implement outsourced bookkeeping:
- Financial records monitored on a regular basis
- Payroll service for a small business operated with ease with online bookkeeping systems
- Assistance with all registration processes
- Help with pension enrolment schemes and obligatory income tax responsibilities
- Personalised accounting packages that suit your individual business needs
- Self-assessment taxation and NIC responsibilities attended to
A Bookkeeping System for All
The differences for wanting to outsource bookkeeping can be many. That’s the beauty of having a service that can be customised to meet the needs of your business. You may want to see a financial report with receipts on a weekly basis or just a monthly balance sheet.
An initial consultation will determine how outsourced bookkeeping can best assist you with running your business. A chart of accounts payable and receivable procedures and policies will be used to design a system that puts all your reports in place to enable you to make informed business decisions.
The level of activity and scope of financial transactions will ascertain how many hours a week will be needed to handle all of your finances. This service will be provided at a straightforward hourly rate.
Security of your financial activity is paramount – and access to your banking, credit card, and other financial information will be on a view-only basis in order to keep your accounts safe and secure. Most accounting platform access provide access without giving full permission to your finances.
You may need to provide documents to share with your bookkeeper virtually – these may include:
- Payroll reports
- Tax documents
- Online bill payments
- Other miscellaneous apps
You’ll be encouraged to digitalise all related paperwork as this gives you the additional benefit of a digital paper trail for everything that’s happening in your business. And it’s a good idea to communicate on a regular basis to confirm that work is being carried out quickly and efficiently.
Outsourced Bookkeeping Costs
As outsourced bookkeeping is tailored to suit individual business requirements the fees are charged at customised rates. To help remain in budget, these can be calculated on a weekly, monthly, or quarterly schedule. As workloads fluctuate on a monthly basis the charges will take into account transactions and volume, the number of updates needed, alongside other specifics.
Customised outsourced bookkeeping rates can be calculated to meet both your needs and your budget. You’ll save money by not having to employ a colleague full-time which results in additional cost savings such as taxes and holidays.
Outsourced Bookkeeping Benefits
Outsourced bookkeeping works best when you need a person with more financial skills than your employees can provide. And it can also be used as a temporary service to cover for holidays and sickness, or for extra help with end of year statements.
Additional benefits include:
- Cost-effectiveness – saving money on salaries as you only pay for the service you need
- Creating extra time – outsourcing administrative tasks lets you focus your energy and resources on networking, expanding your business, and generating sales
- Expert Advice – a qualified professional with the necessary skills and charging a competitive market rate will ensure your accounts will be in the safest hands
- Consultations – reliable and experienced specialists will provide you with financial plans and options to achieve your goals, with a quality service that’s flexible and convenient