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10 Signs You Need to Outsource Bookkeeping for Small Business

Bookkeeping services for small businesses is a crucial step in accounting, which involves maintaining a proper classification and ordering of financial data about a company. There are two systems of maintaining bookkeeping: accrual-based accounting or cash-based accounting.

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10 Signs You Need to Outsource Bookkeeping for Small Business

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  1. 10 SIGNS YOU NEED TO OUTSOURCE BOOKKEEPING FOR SMALL BUSINESS www.ibntech.com

  2. ABOUT COMPANY IBN Technologies Limited is an outsourcing specialist co-op with a client base covering the USA, UK, Middle East and India.IBN has a State of the Art Global Delivery Center in Pune, India. IBN procedures are ISO 9001:2015 / 27001 : 2013 quality ensured. In 22+ years of operation IBN has developed as driving IT and BPO outsourcing specialist organization in Hedge Fund & Other Alternative Investment industry, Finance & Accounting, CPAs, Banking, Travel, Human Resource & Retail Industry. www.ibntech.com

  3. Bookkeeping services for small businesses is a crucial step in accounting, which involves maintaining a proper classification and ordering of financial data about a company. There are two systems of maintaining bookkeeping: accrual-based accounting or cash-based accounting. When an organization decides to outsource its bookkeeping activity, it involves dealing with day-to-day transactions, accounts receivable and payable, payroll, financial analysis, cash flow budgeting, and other activities. It is not only a cost-effective choice but also reduces the possibility of internal fraud and ensures higher-quality work. Moreover, outsourcing bookkeeping provides access to professionals, saves time, and ultimately increases profitability for a company. www.ibntech.com

  4. Table of Contents 10 Signs of Outsourcing Bookkeeping for Small Business 1. 2. 3. 4. 5. 6. 7. 8. 9. Outdated Records Lack of Time Year-End Bookkeeping Missing Tax Deductions Difficulty in Focusing on Core Business Activities Unpredictable Cash Flow Lack of Bookkeeping Knowledge Focus More on Competitive Areas High In-House Accountant Cost Employee Fraud www.ibntech.com 10.

  5. 6 Benefits of Outsourcing Bookkeeping Services for Small Businesses 1. 2. 3. 4. 5. 6. Cost savings Expertise Time savings Improved accuracy Scalability Better compliance www.ibntech.com

  6. 10 Signs of Outsourcing Bookkeeping for Small Business 1.Outdated Records If your financial records are not regularly updated and are lagging behind, outsourcing bookkeeping can help you manage your finances and conduct a financial analysis of your business effectively. 2. Lack of Time If you don't have enough time to manage your daily books of accounts due to handling more clients, high volumes of data, and more paperwork, outsourcing bookkeeping can help you keep up with your growing business. 3. Year-End Bookkeeping If you only update your financial records at the end of the financial year in order to file your tax liability, outsourcing bookkeeping can ensure that your books are updated regularly and help you remember all the necessary details. www.ibntech.com

  7. 4. Missing Tax Deductions If you're not taking advantage of the tax deductions provided by the government each year, outsourcing bookkeeping can help you identify and keep you informed about the business expenses you didn’t know were tax deductible. 5. Difficulty in Focusing on Core Business Activities If you're handling all the activities of the business by yourself such as accounting, bookkeeping, production, distribution, marketing, and selling, outsourcing bookkeeping can help you focus on other important activities. 6. Unpredictable Cash Flow If you're struggling to cover your expenses and make timely payments to your suppliers due to unpredictable cash inflows and outflows. By outsourcing bookkeeping, you can keep a close eye on these cash flow activities and avoid these top 2 cash flow problems. www.ibntech.com

  8. 7. Lack of Bookkeeping Knowledge If you lack confidence in your bookkeeping and accounting skills, outsourcing bookkeeping to a qualified accountant can ensure that your financial transactions are recorded properly. 8. Focus More on Competitive Areas If you want to focus more on analyzing the competition in the market, your product or service range in the market, or your marketing tactics, outsourcing bookkeeping can help you save time and focus on these important areas. 9. High In-House Accountant Cost If you're concerned about the high cost of having an in-house accountant, outsourcing bookkeeping can be a more cost-effective solution. 10 Employee Fraud In a report by the Association of Certified Fraud Examiners, it was found that 76% of fraud cases were committed by employees in various departments. To prevent this, it's best to have controls in place that aren't solely based on trust. Hiring an unbiased team of bookkeepers can help ensure accurate financial reporting for your business. www.ibntech.com

  9. 6 Benefits of Outsourced Bookkeeping Services for Small Businesses 1.Cost savings: Outsourcing can help small businesses save money by reducing the need for in-house staff, office space, and equipment. This can free up resources for other business expenses or investments. 2. Expertise: Outsourced Bookkeepers often have experienced and qualified staff with expertise in financial reporting, tax compliance, and other financial matters. This can help small businesses to receive high-quality and accurate bookkeeping services. 3. Time savings: Bookkeeping is a time-consuming task that requires attention to detail. Outsourcing can help free up time for business owners to focus on their core activities and strategic goals. www.ibntech.com

  10. 4. Improved accuracy: Professional bookkeepers are experienced and trained to ensure that your financial records are accurate and up-to-date. This can help prevent errors that can be costly for small businesses. 5. Scalability: Outsourcing bookkeeping can help small businesses scale up or down as needed. You can easily adjust the level of services you need based on the current state of your business. 6. Better compliance: Bookkeeping is subject to various laws and regulations, and outsourcing can help ensure that your financial records are compliant. This can help prevent penalties and fines that can be levied for non-compliance. www.ibntech.com

  11. Outsource Bookkeeping Services for Small Businesses in the USA with the Right Provider IBN Tech is the leading provider of outsourced bookkeeping services for small businesses in the USA. With over 22 years of experience, we have the expertise to help you streamline your financial operations and free up your time to focus on growing your business. Contact us today to learn more about how we can help your small business thrive. www.ibntech.com

  12. Phone : +1-844-644-8440 website: https://www.ibntech.com/ email:- sales@ibntech.com Address : 66 West Flagler Street Suite 900 Miami, FL 33130 www.ibntech.com

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