Why should you consider outsourcing bookkeeping services to offshore employees

Bookkeeping is a task that every business has to perform irrespective of their sector. Ideally, a company hires a bookkeeper to handle this responsibility. But hiring a bookkeeper in countries like the US and the UK can be expensive. Not every business has the financial resources to hire additional employees. Small businesses and startups operate on a limited budget, so they tend to hire employees that are strictly required for their business to run. Other tasks, like bookkeeping, are either performed by the business owner or delegated to in-house employees.

I guess you are now wondering why you would spend money to hire an offshore bookkeeper and outsource bookkeeping services to them when you can just do it yourself. After all, bookkeeping isn’t exactly a complicated job. While it may appear that performing bookkeeping yourself is saving you money, it may be costing your company more.

As the business owner, every hour that you spend managing your company’s financial transactions is an hour that you are not devoting to planning and strategizing for your company. Your responsibility is to market your products or services and look for growth opportunities. You are there to overlook your company’s finances, not to record every penny that comes in and leaves. It takes away your time and focus. Similarly, if you ask one of your employees to do the bookkeeping, they too will be spending time every week on a task that is essentially not their job. It hampers their productivity and negatively impacts the company’s efficiency. Yes, you are directly saving money by not hiring a bookkeeper, but you indirectly cost your business new opportunities.

Now, it comes back to hiring a bookkeeper. We already stated that not every business can afford to hire a bookkeeper; we understand their budget constraints. This is where hiring an offshore employee for bookkeeping services factors. While a local bookkeeper may cost you big bucks, an offshore bookkeeper will cost you significantly less. Bookkeepers in offshore locations will charge you a lot less for the same services because of the difference in the cost of living in those countries. So, your biggest hurdle in hiring a bookkeeper is resolved. Outsourcing bookkeeping services to offshore employees is a lot more cost-effective.

Furthermore, bookkeeping is an important job. It may not be complicated, but it holds immense value in the finance and accounting department. Your accountant is dependent on the record of your financial transactions to prepare your taxes and financial reports. Bookkeeping gives you an idea about the cash flow, helping you determine where your company stands financially. In other words, you cannot afford to make mistakes in bookkeeping. Performing bookkeeping for the company by yourself increases the chances of errors being made. You have not been trained in this job. While this job doesn’t require a specialized degree or certification, it does need you to understand certain accounting basics and principles. You may inadvertently wrongly categorize an expense or miss a receipt. Such errors can be costly to your company. If left uncorrected, it can even lead to fines and penalties.

When you hire a bookkeeper from an offshore staffing vendor, you are hiring an expert from the field. They have experience in bookkeeping and are qualified to manage your company’s financial transactions. These employees are familiar with the international rules and regulations and keep updated with any changes. They know how to use the latest bookkeeping software in the market. You can rely on your bookkeeper to perform their job up to your standards and deliver quality results on time. These employees work for your company and are under your control. They perform their job as per your instructions, and you are at complete liberty of contacting them for updates. Their only job is to maintain your financial books, so the risk of errors being made is minimum.

Outsourcing bookkeeping services to offshore employees allows you to focus on your job. You and your in-house employees can devote their efforts and time to core-competencies, valuable tasks, and revenue generation of the company. No more distractions from work lead to a boost in productivity. Hiring an offshore bookkeeper increases the company’s efficiency. Even when your company grows and requires more hands-on-deck, you can hire additional employees on short notice to cater to the bookkeeping needs.

But what about safety? As long as you hire a reliable offshore staffing service provider, your company’s sensitive information is safe. When hiring a vendor, absolutely ensure that they have safety protocols and the latest technology in place to prevent a breach of data. Additionally, get your vendor and offshore bookkeeper to sign NDAs to maintain confidentiality. Your data and information will be secure.

Outsourcing bookkeeping services is an ideal solution for companies that are unable to hire in-house employees. No more hassle of doing it yourself! Simply hire offshore employees at reduced prices for excellent bookkeeping services.