Many Business Owners/ Clients do know when they should be outsourcing their Bookkeeping Function. The Top 3 reasons they do not outsource their accounts are due to the following:
✓ Data Confidentiality- Most of the business owners think that they will lose their data, or there can be data confidentiality breach
✓ Loosing Control- Business Owners feel that they would lose control on their accounting process and hence they do not outsource to Accounting Specialist
✓ Costs- Business Owners feel that outsourcing Accounts to Accounting Specialist will increase their costs and hence are not able to outsource bookkeeping
All the above 3 reasons are Myth and Specialist Accounting Agencies have put several safeguards to overcome above notions. Below are some of the best practices deployed by Specialist Accounting Agencies like Corient:
✓ Data Security- Offices and Servers of Specialist Agencies are certified for ISO 27001, Cyber Essentials and IASME standards. These are gold standards for Data Security throughout the world. Further, most of the agencies would have taken GDPR impact assessment on each set of data. As compared to most of the Business Owners Organisation, there is heightened level of data security. There are no USBs, email flow is monitored, each and every corner of office is covered through CCTV, severs and computers have best in class Anti Virus System, no data storage is allowed on local machines. Due to the above factors, data is extremely secured and confidential.
✓ Control– By Outsourcing, you gain more control on your Bookkeeping Function rather than loosing it. Any outsourcing company will work on Service Level Agreements such as Turnaround Time for Raising, Processing Invoices, undertaking Bank Reconciliation, producing Management Reports and Analytics. Your accounts are maintained on Real Time basis and all work is completed on time. Further, a full visibility is given about the status of each transaction. This way there is no backlog. Further, you get full control not only on accounts but also company by way of Management Accounts
✓ Costs– Many business owners think outsourcing bookkeeping to specialist company will be expensive but this is not true. There are economies of Scale and significant amount of time is spent on Automation by Outsourcing Agencies. Further, they have specialist team to handle special work. This makes the process faster and reduces time involvement. This way the costs of bookkeeping is generally lower than what you would incur by keeping inhouse
Outsourcing has been considered as one of the best way to focus on your business and grow it.
You can outsource bookkeeping to companies like Corient and put all your efforts to manage your personal life better and at the same time grow business multi-fold.