Like any other contracted business functions, outsourced bookkeeping services have their own intricacies but if navigated properly can give you the best experience in managing your books and taxes.<\/span>\u00a0<\/span><\/p>\n If you find your accounting team struggling in keeping your books organized and updated in real-time, then it\u2019s high time that you consider outsourced bookkeeping services. <\/span><\/p>\n \u00a0<\/p>\n The cost-effectiveness it brings to the table only comes at the forefront. Big names in the industry who have acquired this service can say in hindsight that it became a crucial step in their success today.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Still not convinced? Let\u2019s break down the process into sizable points.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n The article covers:<\/span><\/i><\/strong> <\/span><\/p>\n a. What is Outsourced Bookkeeping?<\/span><\/i><\/a><\/p>\n <\/i>b. How does Outsourced Bookkeeping work?<\/span><\/i><\/a><\/p>\n <\/i>c. What Services are included in Outsourced Bookkeeping?<\/a>\u00a0 <\/span><\/i><\/p>\n <\/i>d. Signs Your Business Needs Outsourced Bookkeeping<\/span><\/i><\/a><\/p>\n <\/i>e. Common Misconceptions About Outsourced Bookkeeping<\/span><\/i><\/a><\/p>\n <\/i>f. Step-by-Step Guide to Choosing the Right Bookkeeping Partner<\/span><\/i><\/a><\/p>\n <\/i>g. Accountant vs. Bookkeeper: What\u2019s the Difference?<\/span><\/i><\/a><\/p>\n \u00a0<\/span><\/p>\n <\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n If your in-house team cannot attend to your business\u2019 financial matters, this is where bookkeeping outsourcing comes in. All responsibilities pertaining to your books are taken over by your contracted staff and handle them for the agreed-upon period.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n In this partnership, you get full-course accounting services, without having to hire them directly into the company. This means you avoid the associated costs in recruitment and tenure, such as health insurance, benefits, training and working equipment.\u00a0<\/span>\u00a0<\/span><\/p>\n <\/p>\n \u00a0<\/p>\n Outsourcing this function can free your hands and help you focus on the more important business matters.<\/span>\u00a0<\/span><\/p>\n Below are some of the ways an outsourced bookkeeping service typically operates:<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Like any other service provider, the process begins with a thorough consultation where the provider assesses your current bookkeeping situation, including your industry, company size, services required, existing processes, and software used.<\/span><\/p>\n \u00a0<\/p>\n This allows the provider to create a tailored approach that aligns with your organization\u2019s needs.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Once both parties approve the assessment, a dedicated team from the service provider facilitates a kickoff meeting to discuss the next steps, set expectations, and outline the onboarding process. <\/span><\/p>\n \u00a0<\/p>\n This step ensures that both sides are aligned on responsibilities, deliverables, and communication protocols.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Next, the outsourcing provider selects professionals with the right expertise to meet your specific bookkeeping requirements. <\/span><\/p>\n \u00a0<\/p>\n In our case at D&V Philippines, the standard timeframe for sourcing a qualified candidate is approximately 30 days. <\/span><\/p>\n \u00a0<\/p>\n However, for niche roles, the recruitment process may take 45 to 90 days, while highly specialized positions can require up to 120 days to ensure the best fit for your organization.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Once the right candidate is hired and onboarded, the outsourcing engagement officially begins with training and integration into the client’s operations.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n The goal is to ensure a seamless flow of information and allow the candidate to familiarize themselves with how your processes work. This phase is crucial in maintaining accuracy, compliance, and efficiency in your bookkeeping tasks.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n After setup, the outsourced team takes over the day-to-day bookkeeping tasks. This includes recording and handling incoming payments, outgoing money and other banking activities.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n These tasks are typically done using cloud-based software, allowing real-time access to your financial data.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Lastly, to ensure the outsourcing partnership works effectively, there must be regular updates and communication. <\/span><\/p>\n <\/p>\n \u00a0<\/p>\n Thankfully, most service providers offer scheduled calls, emails, and reports to keep you informed about your organization’s financial health. T<\/span>his ensures transparency and helps address any concerns promptly.<\/span>\u00a0<\/span><\/p>\n Now that you have a better understanding of how outsourced bookkeeping works, let\u2019s take a closer look at the specific services typically included.\u00a0<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Below are some of the key bookkeeping tasks that an outsourcing provider can handle for your organization:<\/span>\u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/p>\n Bookkeepers are tasked to record all financial transactions into a ledger or accounting software to keep it organized and up to date for the company.<\/span>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Keep track of what you owe your vendors and your purchases, as well as what your clients owe you, so you don\u2019t lose out money<\/span>,<\/span> you\u2019re due to having.<\/span>\u00a0 Handling Payroll Reconciliation\u00a0<\/span><\/strong>\u00a0<\/span><\/p>\n \u00a0<\/p>\n Calculate the wages of your employees and appropriate deductions. This also helps in monitoring their taxes which would come in handy for government reporting purposes.<\/span>\u00a0 \u00a0<\/p>\n When you outsource bookkeeping functions, you get access to <\/span>premium accounting software<\/span><\/a> manage your books and records aside from the experts that handle your account.\u00a0<\/span>\u00a0<\/span><\/p>\n![\"_DSC0790](\"https:\/\/www.dvphilippines.com\/hs-fs\/hubfs\/_DSC0790%20blog-1.jpg?width=1434&height=600&name=_DSC0790%20blog-1.jpg\")
<\/span><\/p>\nRelated: <\/span>Outsourcing 101: Which Accounting Services Should You Outsource First?<\/span><\/a>\u00a0
<\/span><\/h3>\n\u00a0<\/span><\/h3>\n
What is Outsourced Bookkeeping?\u00a0<\/span><\/strong><\/h2>\n
\u00a0<\/span><\/h2>\n
How does Outsourced Bookkeeping Work?\u00a0<\/span><\/strong><\/h2>\n
1. Initial Consultation and Assessment<\/h3>\n
2. Kickoff Meeting and Onboarding<\/h3>\n
3. Finding the Right Talent<\/h3>\n
4. Training and Setup<\/h3>\n
5. Ongoing Bookkeeping Services<\/h3>\n
6. Regular Communication<\/h3>\n
<\/span>\u00a0<\/span><\/p>\nWhat Services are included in Outsourced Bookkeeping?<\/span><\/strong><\/h2>\n
\u00a0<\/span><\/strong>\u00a0<\/span><\/h2>\n
Tracking revenue\/expe<\/span><\/strong>nses\u00a0<\/span><\/strong>\u00a0<\/span><\/h3>\n
<\/span>\u00a0
<\/span>If you make real-time updates on the entries, you can accurately send invoices to clients and suppliers. The management, then, will be able to see all outgoing and incoming funds and monitor the revenue you make and the expenses you incur.<\/span>\u00a0
<\/span>\u00a0<\/span><\/p>\nManaging account payables\/receivables\u00a0<\/span><\/strong>\u00a0<\/span><\/h3>\n
<\/span>\u00a0<\/span><\/p>\n
<\/span>\u00a0<\/span><\/p>\nAccess to Cloud Accounting<\/span><\/strong><\/a>\u00a0<\/span><\/strong>\u00a0<\/span><\/h3>\n