Bookkeeping and its role in Business Growth.

For businesses, efficient bookkeeping practices should be followed as early as the first few transactions. Such is the importance it holds.

Keeping books on track is recommended, and perhaps essential in making sound financial decisions.

Bookkeepers can help generate accurate records to provide information related to financial activities like business expenses and collections. Having these records up to date greatly affects the performance of a business.

Some businesses may find it hard to keep up with the books and manage all the business responsibilities at the same time. Outsourced Bookkeeping services can help them have access to accurate financial information at all times.

Bookkeeping services utilize a 3-tier approach to develop, maintain and manage the overall financial process. The first tier consists of technology specialists that work on the data provided and create custom plans for different types of businesses.

The second tier is a full-time bookkeeper. The roles and responsibilities of a bookkeeper are pretty much clear, track accounts payable and receivables and help keep business finances in order. An in-house bookkeeper can still be engrossed in basic bookkeeping tasks while outsourced bookkeeping services can help with payroll, providing monthly or weekly financial reports, handle deposits and tax filing also.

Outsourced Bookkeeping services can offer help with bank statements reconciliation, and may come in handy during an internal or IRS audit.

The third tier is the controller. This comprises of scrutiny and analysis of expenses that each department makes. He/ She reviews the ledger for accuracy while maintaining the integrity of the accounting data so that changes can only be made with approval.

Benefits of Bookkeeping

Bookkeeping can help implement a steady financial process to strengthen business health. The significance of bookkeeping is incomparable, as it prevents a business from potential financial risks.

Bikham Finance

We at Bikham Finance are equipped with knowledgeable bookkeepers having around 14 years of experience in this domain. Available 24*7 at your disposal, we promise to cater to your requirements with utmost sensitivity and sensibility.

Some points to convince you into accounting outsourcing

“If you deprive yourself of outsourcing and your competitors do not, you're putting yourself out of business.” - Lee Kuan Yew.

A recent research stated that companies that leverage outsourced accounting for CPAs are able to process transactions and invoices at least 60% faster than those who don’t. 

With companies offering outsourced accounting for CPAs, a little more can always be accomplished even if you have access to limited resources. The workload can be reduced allowing increased focus on improving the core aspects of a business. 

Utilizing outsourced bookkeeping for CPAs can help transform manual and paper-intensive functions into a fully automated process. They have the resources necessary to streamline the accounting and bookkeeping process by reducing the administrative workload on the staff.

A majority of businesses feel much capable of turning the cost burden into advantageous practices by seeking the help of outsourced accounting for CPAs. They are able to turn the cost burden into an advantage. With customized services at competitive prices, outsourcing accounting and bookkeeping can be a smart choice.

The following are a few benefits of outsourced bookkeeping for CPAs:

Innovation 

Outsourcing accounting and bookkeeping processes can help businesses to improve them further as there is no need to get involved in exhaustive documentation, planning, execution, and auditing processes. Decision making becomes easier and focus can be increased on the core business.

Performance

Bringing about cost efficiency by standardizing business processes can be easily managed by outsourced accounting and bookkeeping service providers. As a result, business performance is improved while the cycle time and expenses are reduced.

Businesses having high employee turnover or seasonal hike in invoice volume, better understand that hiring and training employees are an exhaustive and expensive process. Limited capital and technical resources are also the reasons affecting growth. 

Hiring an in-house accounting staff and maintaining the equipment & facilities can be costly. 

Outsourcing here is an appealing option allowing businesses to maintain steady growth levels with cost-effective methods.

Technology

Maintaining in-house technology options, especially those with licensed models, require an upfront investment, along with regular software maintenance and update expenses. Providers of outsourced accounting for CPAs invest in cloud-based software packages and invest time and money in product upgrades. This benefits businesses in two ways: Making the entire process quick and transparent and, allows any time, anywhere access to financial information.

Standardization

Organized providers of outsourced bookkeeping for CPAs have standardized processes and are always compliant with the Service Level Agreement, SLA. They take the entire responsibility of designing processes, delivering results and controlling the output to ensure that desired business goals are met.

Outsourcing to Bikham Finance!

Outsourced accounting for CPAs can be very beneficial to a business. Bikham Finance has been offering expert outsourced accounting and bookkeeping solutions since the last 14 years of its operation.