Bookkeeping outsourcing services are offered by firms specializing in the same to companies which require their unique repertoire. Companies have deadlines to meet such as filing their tax returns. Because of this, many companies are opting for self-assessment returns outsourcing. All such services come under accounting outsourcing. Outsourcing of bookkeeping and other expert services is gaining a foothold among business owners because of the efficient expert services and reduction of costs. Some business owners might be hesitant to take the leap because of the related myths surrounding bookkeeping services. The concept has been frequently regarded with confusion, indifference and even outright fear by numerous entrepreneurs because of the misconceptions and myths regarding outsourced services.
Bookkeeping is an essential and integral, yet time-consuming part of a business and outsourcing the service offers a great range of benefits. However, various myths and untrue facts pose a barrier that could prevent the successful bookkeeping of a company. Fortunately, there is enough evidence to show that these myths can be debunked.
Here are five facts about bookkeeping accounting services that are not based on fact, but purely myths:
- Loss of control:
Losing control of the business is one fear which every entrepreneur has. However, it must be understood that outsourcing requires a tighter rein on the business. Once the bookkeeping task has been completed, business owners will have more time to focus on other aspects of the business and take control. They will be in a better position to take informed decisions. Many entrepreneurs think that outsourcing their bookkeeping requirements will ultimately lead them to relinquish their hold over the business. On the contrary, availing bookkeeping services will help them gain control of the business as they will have an enhanced understanding of the financial position of the business.
- Security concerns:
As business accounts are highly confidential, it is only natural for the entrepreneur to worry about the security of the critical financial information, especially when the books are shared with an external accounting company. Here, it is important to note that no data is 100% safe regardless of whether it is offline or online. The security measures implemented by the services are based on the existing technology. Due to this, it is very likely that security breaches can happen when business is conducted anywhere, whether it is the office or home environment.
- Bookkeeping and Accounting Software are adequate:
Technological progress has changed the face of accounting culture. Different software has specially been created for accounting and bookkeeping purposes which has made work easier. However, the software may be insufficient because of the lack of expertise required to capitalize on the equipment. Also, finances will need more work and attention as the business grows. Therefore, it will be more economical for the business to invest in outsourced services. It is important for proprietors to capitalize on the full potential of their software as they can avoid spending more time on bookkeeping.
- Trust concerns
Many entrepreneurs think that nobody cares about the company more than them. They fail to realise that the workers employed also have an obligation to do right by the company. Some of the experts are business proprietors themselves and are equally concerned with maintaining the highest degree of customer service. The expert contractors are also better equipped to propose more efficient ways of managing the financial affairs of the company.
- Outsourcing is only for huge companies
This fact is untrue as the concept of outsourcing was initialized to help small companies as they couldn’t deal with all the work by themselves. Recently, it has become a profitable alternative for big companies which want to lower their costs.
Bookkeeping is a vital part of running any business. The task can get stressful and time-consuming, at times. Businesses which don’t prefer outsourcing can try out the venture to see if it fits their needs. Outsourcing is worth the money in majority of the cases and businesses don’t have to hesitate to go for this option.