The COVID-19 Pandemic has created a world of unknowns for businesses all over the world. All business owners have suffered different consequences, and have had to adapt to the new normal. Measures taken to combat the spread of the pandemic have resulted in a decline in business revenues, a shift in workplaces, downsizing of employees, and more.
Unavoidable downsizing has resulted in some businesses struggling to manage their accounting operations. Bookkeeping is that section of a company's accounting on which everything else is built. Business leaders must understand that the best solution within reach to make it through these trying times is to outsource their bookkeeping tasks to experts.
Outsourced your business bookkeeping is the most practical advice any accountant can give, as this approach will ensure companies can promptly benefit from lower bookkeeping costs; yet still leverage the expertise.
Businesses can choose between cloud-based bookkeeping services or outsourced services.
For businesses that lack the resources required for cloud-based services, such as qualified accountants to operate cloud-based systems, outsourcing your business bookkeeping makes the most sense.
The benefits of outsourced bookkeeping realised
Due to the covid pandemic, many businesses that were hesitant before have been forced to consider outsourced accounting as a real option. The need of the hour has helped in making people see the immediate and long-term benefits of outsourcing their bookkeeping.
Reducing costs and stress
If the pandemic has taught us anything, it is that all the employees do not need to be present in the office at the same time to ensure efficient work output. Contracting professionals to handle bookkeeping instead of in-house employees that are not qualified to handle accounting tasks will save both time, stress, and payroll costs.
Professional firms with bookkeepers who offer fair rates are easy to find nowadays. Letting the professionals handle time-consuming account work frees the time of the existing workforce to focus their attention on other projects. Core work can be managed better by employees when you remove the stress of accounting work and ease their load.
Managing accounts without delay
Although most businesses are trying to continue operating under the rules and restrictions introduced because of the COVID-19 pandemic, certain business processes can't be halted. Bills must be paid timely, receipts must be collected, and local vendors need to be paid for their services.
The accounts need to be dealt with due diligence and updated without delays. This is essential for businesses that hope to run without experiencing bumps and glitches along the way.
Outsourcing bookkeeping services to a third-party agency is the best way to ensure your business maintains and has access to a reliable and accurate database of all its transactions.
Business dealings have become trickier and more demanding during the COVID-19 pandemic. Your business will probably have adjusted to the new expectations of your clients and partners. But if your business does something other than bookkeeping, this aspect might have become dated.
Expert bookkeeping firms have adjusted just like your business has. Their bookkeeping methods, policies, and procedures are already at the optimum level for the post-pandemic world. It makes a lot of sense to take advantage of their newly developed expertise.
The agencies you use when outsourcing bookkeeping services are extremely qualified to handle the accounts they are given. These accounting experts are up to date on the changing regulatory requirements, laws, and regulations and can tackle the different aspects of taxation and help streamline the entire process for their clients, reducing the possibility of errors almost entirely.
Avoiding the negative impacts of constant lockdowns
Another rampant issue due to the pandemic has been constant nationwide lockdowns, which have negatively impacted every business that relies on regular staff presence. Employees are unable to use public transport and are often barred from travelling to their destinations altogether.
Even partial lifting of lockdowns has not been enough to allow the smooth running of a business. This is another reason that has made outsourcing services advantageous, as your business will at least have one task that is taken care of, no matter what the lockdown restrictions.
Improved security and efficiency
Bookkeeping firms have better security and efficiency systems that might not exist within other businesses. Since most bookkeeping firms are usually run as part of full service accounting firms, they have higher compliance requirements and better security measures in place.
By outsourcing your bookkeeping, you can get access to better compliance, security, and efficiency that will ease the financial pressure on your business that may have increased during the pandemic.
Access to Enterprise-level systems and technology
Specialist bookkeeping firms have access to enterprise level systems. These may be expensive for any one business to acquire because they will not be able to justify the costs when compared with their requirements. But bookkeeping firms almost always need to have these in place. The rate at which these technologies have improved, especially during the pandemic, makes their use even more attractive.
By outsourcing your bookkeeping, you will get access to these systems through the firm you work with. You can take advantage of modern reporting tools, advanced integrations, and better real-time access without paying anything to the enterprise system provider directly.
Lawrence Grant can be your accountancy partners in the post-covid world. We have expert accountants, tax advisors, and bookkeepers within our ranks to help your business sail as smoothly as possible. If you need additional support for your business, make sure you reach out to find out how we can assist.