Check with the Chamber of Commerce or on their website for reviews to make sure they are legit. They may also have a history of overcharging or trying outsourced bookkeeping to scam. Checking a bookkeeper’s references is a great way to make sure you’re getting the right people to handle your financial records.

• According to experts, the cost of outsourcing bookkeeping generally starts at $500 and can go as high as $2,500 per month which means anywhere from $6,000 to $30,000 per year for a business.
• It’s best to create a pros and cons list of companies when outsourcing bookkeeping so you’ll know you’ve made the best choice.
• If the bookkeeper is with a firm, do they offer audit protection services?
• We’ll do the heavy lifting to create and analyze your month-end financial statements and reconciliations.
• Focus on operational efficiency, good quality control, lesser back office costs.
• Let’s briefly discuss why you should consider hiring a bookkeeping team from outside your company.

Here is an example of the process that occurs when you choose an outsourced bookkeeper. An outsourced bookkeeper is responsible for integrating your financial data with the software if you are choosing the software package along with an expert bookkeeper. That is, he will import all the financial information so that he can work on it on your behalf. He can get this information from invoices, credit card statements, bank statements, and so on. In certain cases, the process of importing is automatic as the accounts are connected to the software that the bookkeeper works on.

Resources for YourGrowing Business

Plus, having an outsourced bookkeeper is more cost-efficient in the first place, since you’re not technically their employer. You won’t have to worry about their insurance, benefits, or training. Plus, full-time bookkeepers are experts in the field that can generate more thorough reports and documents that take some pressure off your back once tax season hits. While a certified public accountant (CPA) will provide insight and analysis of your financial data, bookkeepers will get into the nitty gritty of your day-to-day transactions. Bookkeepers are responsible for keeping record of all financial statements and transactions made by a business. They perform the preliminary functions needed in order for the accountant to do their job at the end of each period.

• At Acuity, we know how important it is for your payroll system to be up to snuff, especially as you grow your business.
• However, as with any in-person accounting professionals you’d trust with your financial data, you should always verify a bookkeeping firm’s credentials before committing to a monthly plan.
• Because they are responsible for employing the bookkeeper, they can also provide continuity of services should a bookkeeper leave.
• They adhere to most standard procedures to remain high-quality service providers.
• Virtual bookkeepers will organize your information, from performing data entry to carrying out core operations such as processing invoices and bill payments.
• From there, you can add comprehensive accounting, payroll, and tax services as needed.

However, Merritt can still recommend a solid payroll provider or tax consultant who meets your needs. Unlike most other outsourced bookkeepers on our list, Merritt Bookkeeping doesn’t offer any in-house add-ons for payroll and tax services. If you were hoping for a one-stop shop that can tackle all of your financial needs, Merritt might not be the right choice for you. In order for an outside company to easily access all your financial records, you must digitalize them and upload them to the cloud. Hence, gather, organize, and upload every financial document, including bank statements, invoices, receipts, tax returns, etc., via the online service you agree to use for your accounting purposes.

In-House Professional

What we do offer is flat weekly, monthly or quarterly fees that help keep you on a budget. Below are five signs that you are ready to explore outsourced accounting services. Do you know how much revenue your business has made this month?

If you’re looking for somebody to do 20 hours of work for you every week, some freelancers won’t be able to offer you that. Whether you’re hiring remotely or within your area, someone working in Boston is bound to charge more than somebody in Omaha. All services provided by BooXkeeping are customized to your needs. All of your bookkeeping will be handled by people who understand the importance of accuracy and attention to detail. “Very responsive when I have questions. Helpful when it comes to me learning my franchisor’s chart of accounts, typical accounting measures, etc.” We are a team of cool bean counters dedicated to redefining the bookkeeping industry.