Outsourced bookkeeping, along with other back-office functions, has risen in prominence in recent years. These services have been particularly helpful for SaaS and tech companies that are struggling in managing these tasks in-house. Some leverage this to gain access to highly skilled talents while saving on costs as well.
With all of that said, outsourcing also has its fair share of myths and misconceptions.
If you are enlisting services for online bookkeeping and taxes for the first time, you may have heard of outsourcing horror stories and negative views during your research. Reading about them may have also made you reluctant to dip your toes into outsourcing.
Making a decision that involves your finances is a serious undertaking. To shed light on this matter and, hopefully, help you decide, here are the top three myths about outsourced bookkeeping services you must know of:
1. “Outsourcing Means Sending Work Overseas.”
Outsourcing generally refers to the act of contracting out work to a third-party provider.
Now, there are two main types of outsourcing: offshore and onshore. The former involves working with providers from another country or continent—hence the term. On the other hand, the latter involves working with bookkeeping services companies within the United States.
You have an option on where you would like to send your bookkeeping and taxes to. You don’t have to send your bookkeeping and taxes function abroad; in fact, you may send it to a company within the same state.
2. “Outsourcing Means I Lose Control Over My Business’ Finances.”
This is perhaps the biggest reservation business owners have when it comes to outsourcing. They believe that sending their bookkeeping functions to an outside company will eventually make them lose control of the business they have put up.
The truth of the matter is that, with the right accountant or company, you will not lose command of your venture. Rather, your third-party accountant will enable you to oversee your business’ finances simpler and easier.
They handle the nitty-gritty of your bookkeeping and taxes so you can focus on crafting strategies to improve your financial position.
3. “Outsourcing to an Outside Party Exposes My Finances to Security Risks.”
As a business owner, you want to be as cautious as possible when it comes to your business’ accounts. This is even truer if your data is stored on the cloud.
However, you should know that an established bookkeeping services company employs up-to-date technology to satisfy their clients. After all, it must meet their security needs successfully to stay in business. If you want to guarantee the safety and confidentiality of your accounts, consider partnering with seasoned and reliable accountants.
Finally, it also helps to remember that no data is a hundred percent safe—regardless of whether they are stored online or offline. The best thing you can do is to outsource your bookkeeping to a trustworthy firm and actively invest in cybersecurity measures.
Deciding whether or not to outsource your bookkeeping and taxes is not a small business decision to make. Considering this, it is only right for you to be cautious and thorough about it. However, it also pays for you to examine the benefits that outsourcing can bring to your company. Especially if you have been struggling with managing your books and taxes, it might be just what you need to manage your finances and have more time to focus on your business.
If you are looking for a reliable bookkeeping services company in Boston, MA, look no further than A4E! We help you handle your books, taxes, and finances and provide high-quality and personalized attention to your needs. Book a free call today to learn more about how we can help you.