Quick Guide: Outsourced Bookkeeping and Accounting

Complete guide to outsource your book keeping and accounting to Philippines

Outsourced bookkeeping and accounting is a strategy used by many small businesses, companies, and firms in Australia. Since the pandemic, more businesses have seen great opportunities from outsourcing tasks such as:

  • Focusing on core functions
  • Reducing overhead costs
  • Speeding up processes
  • Meeting compliance requirements

and the list goes on.

If you are thinking about outsourcing today, here is a quick guide to help you get started.

Outsourced bookkeeping and accounting guide

1. List the tasks you are ready and/or should outsource

List the non-core tasks that take too much of your time. These can be setting up accounts, processing invoices, recording transactions, making payments, and many more. Starting off with non-core tasks is a good way to test if outsourcing works well for you, and benefit from this strategy at the same time.

Do not forget to include the skills required to accomplish them. This will help you find the best person to entrust these tasks.

2. Hourly-based or full-time?

Assess if the tasks on your list need a full-time staff or they can be done on an hourly basis. Ask the accounting service provider for price comparison when discussing your requirements. Outsourcing can be costly if you do not utilise the option you choose very well. Don’t quickly enter into any agreement without weighing your options.

3. Find the right outsourcing bookkeeping and accounting partner

Always stick to your business goals when finding an outsourced bookkeeper and accountant. Some providers will entice you to get the services you do not need in your particular circumstance. Our previous post gives you a detailed guide when finding the best outsourcing partner for you.

4. Accounting software used by the outsourcing firm

Transitioning to outsourced bookkeeping and accounting is easier if the outsourcing firm uses the same software used in your business. This saves time for training and gives you the confidence that tasks can be done efficiently.

If you are seeking the best accounting tools, ask the outsourcing firm for recommendations. You may also enquire if they provide assistance in setting up systems and processes.

5. Task delegation procedure

Assess if your current task delegation process works well for your outsourced bookkeeper. You may need to tweak some stages in your process to make the delegation easy and less confusing.

For example, you can utilise project management tools when assigning tasks. This lets you monitor the progress of tasks and avoid backlogs.

6. Outsourcing firm’s onboarding process

An effective onboarding process lays the foundation of a smooth working relationship between you and the outsourcing firm. Your outsourced bookkeeper must have good knowledge of your business background, processes, and systems. This ensures that everyone is on the same page and goals will be achieved.

Outsource your bookkeeping and accounting tasks today

Schedule a quick discussion with us about your business needs. Simply complete this form or message us directly at info@bmgoutsourcing.com.au.