1. Streamlined Financial Processes:
- Outsourced bookkeepers work professionally and adhere to certain procedures and guidelines when handling your books and financial data. This helps to maintain consistency and accuracy in activities such as recording business transactions and reconciling accounts among others 1 .
2. Regular Financial Reporting:
- Outsourcing gives timely financial information which is very important in the decision-making of a business. It enables you to free up time for other key activities such as the formulation of business strategies and expansion while at the same time meeting the set accounting standards.
3. Improved Cash Flow Management:
Proper bookkeeping improves the management of cash flow. Outsourced professionals help to track the income and expenditure accurately, thus avoiding the problem of liquidity gaps.
4. Enhanced Tax Preparation:
- Outsourcing maintains the correctness of the tax reports and reduces the possibility of mistakes when filing the taxes. When financial data is well managed then taxes can easily be complied without errors.
5. Better Financial Planning:
- The role of accurate and updated financial information is that it facilitates effective planning. Outsourced services help in giving accurate information on budgeting, forecasting and investment decisions.
6. Reduced Risk of Fraud:
- There are measures put in place by the outsourced professionals that includes the prevention of fraud and unauthorized access to the financial data.
7. Focus on Core Competencies:
- By outsourcing bookkeeping, you leave your employees to focus on the main business activities hence increasing the rate of business growth and innovation.
Case study:
1. Public Office:
- Challenge: Public Office, a creative services agency in Toronto, had difficulties in handling financial and administrative matters.
- Solution: Finally, they decided to seek for specialized support from an outsourced accounting team.
- Results:
Enhanced financial clarity.
Transparency over client profitability.
Increased efficiency and informed decision-making.
Overall business growth attributed to their support
2. XXXX Client:
Challenges: A Large number of accounts payable (more than 800 vendor bills per month).
Missing out on vendor discounts (net 2%).
Solutions:
- Implemented tracking and reporting for net 2% bills.
- Maximized cost savings by utilizing discounts.
Results:
- Thousands are saved per month.
3. YXZ Stone:
- Challenge: YXZ Plumbing had a problem managing their human resource,
particularly when it came to the bookkeeping positions. - Solution: They chose to outsource the bookkeeping function to Bottcher.
- Results:
Lead to immediate annual cost savings equivalent to twenty days of
work per year per employee.
Reduced costs as they are not required to pay employees for statutory
holidays or mandatory sick days.
