Outsourced Bookkeeping

What is outsourcing?

Outsourcing is a business practice in which services or job functions are farmed out to a third party. In information technology, an outsourcing initiative with a technology provider can involve a range of operations, from the entirety of the IT function to discrete, easily defined components, such as disaster recovery, network services, software development or QA testing.

Companies may choose to outsource IT services onshore (within their own country), nearshore (to a neighboring country or one in the same time zone), or offshore (to a more distant country). Nearshore and offshore outsourcing have traditionally been pursued to save costs.

Outsourcing benefits and costs

The business case for outsourcing varies by situation, but the benefits of outsourcing often include one or more of the following:

  • Lower costs (due to economies of scale or lower labor rates)
  • Increased efficiency
  • Variable capacity
  • Increased focus on strategy/core competencies
  • Access to skills or resources
  • Increased flexibility to meet changing business and commercial conditions
  • Accelerated time to market
  • Lower ongoing investment in internal infrastructure
  • Access to innovation, intellectual property, and thought leadership
  • Possible cash influx resulting from transfer of assets to the new provider

Some of the risks of outsourcing include:

  • Slower turnaround time
  • Lack of business or domain knowledge
  • Language and cultural barriers
  • Time zone differences
  • Lack of control

Outsourcing services

Business process outsourcing (BPO) is an overarching term for the outsourcing of a specific business process task, such as payroll. BPO is often divided into two categories: back-office BPO, which includes internal business functions such as billing or purchasing, and front-office BPO, which includes customer-related services such as marketing or tech support. Information technology outsourcing (ITO), therefore, is a subset of business process outsourcing.

While most business process outsourcing involves executing standardized processes for a company, knowledge process outsourcing (KPO) involves processes that demand advanced research and analytical, technical and decision-making skills such as pharmaceutical R&D or patent research.

IT outsourcing clearly falls under the domain of the CIO. However, CIOs often will be asked to be involved in — or even oversee — non-ITO business process and knowledge process outsourcing efforts as well. CIOs are tapped not only because they often have developed skill in outsourcing, but also because business and knowledge process work being outsourced often goes hand in hand with IT systems and support.

Trusted Expert! Guaranteed Accurate Books!

Get matched with an online bookkeeper who understands your business. They’ll manage and maintain your books with guaranteed accuracy.

  • Get a free consultation
  • Focus on your business, not your books
  • With a virtual bookkeeper in your corner, you can do what you do best

Save time: Take every day bookkeeping tasks off your list with the help of a QuickBooks-certified expert.

Peace of mind: Rely on a certified online bookkeeper to accurately categorize transactions and reconcile your accounts.

Year-round confidence: Your bookkeeper makes sure your books are accurately closed each month so you’re ready for tax time.

How it works

For the best bookkeeping experience, we’ll get to know your business and match you with a team of International and Local-based bookkeepers.

Count on ongoing bookkeeping help, get accurate monthly reports, and connect with your virtual bookkeeper when you need them. 

What to expect from Outsourced Bookkeeper?

  • Professional and Customized Setup
  • Our experts set up your chart of accounts
  • With Low cost you can hire a professional team
  • Legal Taxation Advisory 
  • Developing your business internal control policy  

Essential reports: Each month, receive key reports for vital business decisions.

Fearless tax filing: With accurate books, you can face tax time with confidence.

A team of experts you can trust

Our experts average over 15 years of experience working with small businesses across a wide array of industries. They’re certified QuickBooks ProAdvisor, and many are accounting professional. 

To know more about our outsourcing services you can download our outsourcing guide from here.