Outsourced accounting as a competitive edge to your business

Evolution is the law of nature and this change is inevitable. Change is for better and is indeed advantageous in life.

The same philosophy holds true in case of a business. Speaking about the latest trend in business is accounting outsourcing. More and more organizations opt for accounting outsourcing due to the convenience and benefits it has in store for them.

Accounting is an integral and important part of a business, regardless of its size. Eight to ten years back, companies used to hire accounting staff to take care of their entire accounting and bookkeeping functions. Fast forward to 2019, they prefer outsourcing more than they do hiring. This has given rise to numerous outsourced accounting services providers.

But one thing that always stands out is the services being provided by professional, diligent and dedicated accounting professionals to ensure efficiency in operations. These professionals are capable of providing personalized services by taking care of almost all the client requirements. Their efficient services cater to client needs by making the necessary changes required anywhere.

Another thing worth noticing about these outsourced companies is the level of information security. A variety of online accounting services set up a secure database for all the sensitive accounts information. They store and transfer data securely via encrypted channels which rules out the chances of any possible data leakage.

Accounting outsourcing is a business strategy that is said to offer fast and quality accounting services even at a short notice. These services are governed by well experienced, trained and some of the best professional accountants. However, the things that help them become an asset are their reliability, promptness and the quality of services.

Freelance accounting services is another way to deal with different nature and volume of information. Freelance groups are usually a team of accountants equipped with the latest accounting software to take care of the services. They offer flexible deals and attractive rates to their clients. There are hourly and monthly plans, long term deals and transaction-based charges which are quite affordable. These services also offer discounts on plans which is one reason, most companies prefer them over large scale service providers.

This marketplace for outsourcing services is expanding quickly. There are various services that are made available by accounting outsourcing:

Basic accounting, bookkeeping, account reconciliation, budgeting and forecasting, taxation, payroll management, inventory management, and data entry.

With each of these services available with the outsourcing companies, using them is the smartest move a company can ever make. Much like any other business decision, there are other benefits to contemplate too. From increased revenue to complete business control, there is a lot to benefit from.

Bikham Finance offers the most affordable and efficient accounting services that let you gain control over your business and focus on its growth. Visit Bikham.com to know more.

The Key Performance Indicators: Your friend or foe?

“What you can measure is what you can manage".

The above statement is indeed true, but a bit of confusing as pretty much everything can be measured in accounting and bookkeeping services business. Every business operation can be monitored once an efficient bookkeeping system delivering accurate information is set up.

KPIs being a lovely accountancy buzz word, stands for Key Performance Indicators. But what exactly are KPIs?

A KPI is anything within your business that can be measured; it can be related to finance like profit margins or it can be a customer satisfaction score. So, as you can appreciate, there ought to be billions of KPIs that you can choose to monitor.

KPIs are really helpful. But at the same time KPIs can be dangerous as choosing the wrong ones can destroy your business.

To use the word destroy may come across as overhyped, but it is the way it is!

When deciding to introduce KPIs into the accounting and bookkeeping services business, it should only be done as to improve them; a great initiative can be understanding what success means to the customers. So what exactly needs to be done in order to seek appreciation from them?

The KPIs like customer complaints, turn-around times, service delivery times, lead generation and conversion times etc. are helpful as they reflect the true condition of your business performance.

These are all about balancing business performance with expectations. When do KPIs turn out bad?

Any KPI that damages the health of a business is bad. And it won’t be wrong to say that the most damaging ones are often finance related.

These KPIs force entrepreneurs to cut down costs until the product or the service becomes awful and clearly no one would want to pay for them. In other cases, these might be the ones making employees work tirelessly towards the hard to achieve targets.

Targeting only gross profit percentage may result in cost-cutting for the product or service you are delivering i.e. using cheap raw materials or maybe reducing the time spent on service delivery. You may feel grateful for that fantastic, high gross profit percentage but there will be a moment when your customers will deny to your services and will eventually leave.

Asking employees to generate some X amount per head making zero investment in tools or the training that they need to achieve this goal will only demotivate your team. And that demotivated staff will further add up to your lower customer satisfaction scores, a higher staff turnover and more hectic days.

So should you even be having KPIs or not? A Bigg Yes! The point is to pick them with much care. Brainstorm among your accountants, bookkeepers or business partners and decide what needs to be done in order to make the business more successful and make sure the KPIs help towards this goal.

Or otherwise, they'll destroy it.

Bikham Finance helps you identify the most important KPIs for your business practice. With our efficient accounting and bookkeeping services you are able to achieve business goals easily and witness only pure profit.

To know more about our accounting and bookkeeping services, please visit our website and schedule a free consultation soon.

Six qualities, not every outsourced accounting partner inherits

Bookkeeping is more than just the numbers in boxes. In today’s competitive economy, companies are required to improve their bookkeeping with accurate and timely financial reporting, leading to better decision making and effective business planning.

Businesses rely on the data organized, recorded and classified by bookkeepers to ensure accurate tax planning, filing, and compliance. Without accurate records, the financial advisors are forced to operate in dark, being unable to plan an accurate budget, implement financial strategies and forecast cash flow.This ultimately leads to reduced company profits.

The quality of bookkeeping services employed by an organization is paramount to smooth operation of its business practices. Thinking on how to ensure that quality level for your business?

Here we have compiled some important qualities to look for when outsourcing your bookkeeping services.

Reliability

Successful operations of a company require reliable bookkeeping services. Independent and small service providers may not be reliable at all times. The solution is to look for a full-service bookkeeping firm that can be trusted with data and someone that offers a higher chance of getting everything done in an organized manner.

Scalability

Looking for an option which can meet your organizational requirements just right, is definitely going to help you increase profit-making capabilities. The outsourced bookkeeping services provider should be able to scale your services according to your needs. After all, why pay for the services you do not need. With the customization options, you will end up saving a good amount of money.

Expertise

This is important to consider while choosing to outsource your business. Verification of qualification, service background and industry experience they have acquired is important in terms of security as well as accountability.

Standardized Operations

A good bookkeeping firm not only helps your company in organizing the operations but also has a standardized procedure set up for their own operations. Well organized outsourced bookkeeping services provide the same level of quality product for their clients.

Technology Exposure

Technology in bookkeeping business has undergone advancements ever since. Software and technology features are improved continuously to harvest better results in terms of reduced compliance exceptions, safeguard against fraud, budgeting and more. Better exposure to this technology means better work quality and better information security.

Privacy of accounts information

The privacy and confidentiality of intimate financial detail is what constitutes success of any accounting firm. Data privacy should be equally important and perhaps a priority for both the parties involved.

Outsource your bookkeeping services to accurate, efficient and knowledgeable professionals to ensure a clear understanding of your business’s financial past present and future.

Choose Bikham’s outsourced bookkeeping services and grow your business seamlessly.