10 Signs You Need to Outsource Bookkeeping for Small Business

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 Outdated Records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

6 Benefits of Outsourcing
Bookkeeping
Services for Small Businesses
1. Cost savings
2.
3.
4.
5.
6.
Expertise
Time savings
Improved accuracy
Scalability
Better compliance
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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Outdated Records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.
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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.
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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.
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6 Benefits of Outsourced Bookkeeping Services for Small
1.Cost savings:
Businesses
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.
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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.
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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

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