Effectively outsourcing accounting and bookkeeping requires a significant amount of transitioning to electronic and cloud-based systems. If you've been heavily reliant on paper reporting, hand-keyed entry and snail mail invoicing, making the transition to outsourced accounting and bookkeeping will change all of this. In part because it is simply more effective to automate your accounting systems and also because engaging with an outsourced provider is a fundamental part of improving business processes, embracing accounting technology is an important step. Rest assured however, that technological innovations across the board have gone to great lengths to support outsourced accounting and bookkeeping.
1. Expense Tracking Apps
Whether you're already outsourcing your bookkeeping and accounting or still just considering options, utilizing an expense management application is an important part of streamlining your processes. From bypassing issues with retaining and managing paper receipts to reducing approval and payment times, a good expense management app will support your company's daily business functions. It will also integrate with your accounting software and, once you start working with outsourced bookkeeping services, dramatically improve your efficiencies in management and reporting since you won't be tasked with getting paper receipts and scanned reports out.
2. Cloud-based Accounting Software
We are the first to acknowledge that not every client is well-suited for a cloud-based accounting solution... Yet. However, for those that are, cloud-based accounting programs make transitioning from internal accounting to outsourced accounting as seamless as possible. Without needing to upload files or download data, granted access and creating user profiles is simple. Plus, the myriad of third party integrations available can do the heavy lifting for just about any reporting or function you require. Professional accounting and bookkeeping services will likely end up being your first stop for recommendations and integration management.
3. Hosted Applications
For systems that cannot yet be cloud-based, hosting applications on dedicated, secure servers is an ideal solution to support outsourcing your bookkeeping. Virtual file rooms, remote access and paperless environments all work together to ensure your company and your outsourced accounting provider sync harmoniously.
4. Virtual Meetings
With the rise of the virtual workforce, finding a top accounting and bookkeeping service is easier than ever. No longer are companies forced to choose between hiring a local on-site company or outsourcing data entry overseas. Instead, by using strict secure servers and policies, virtual companies can provide full accounting services by dedicated professionals from anywhere in the United States. Utilizing new mediums such as video chat, video conferencing, text messaging and instant messaging, you can meet with your bookkeeper or controller just as you would have met "face-to-face" in your conference room. The only difference is now your bookkeeper or controller has been sourced and trained from the best available in the country and has access to top training and tools.
5. Custom Reports & Dashboards
One of the biggest complaints we hear is that business owners aren't getting the reports they need. The data is there but it isn't being processed into any insightful format that improves the bottom line. However, with plenty of dashboard providers in the accounting technology space and third party applications and advanced reporting, these issues can easily be alleviated by combining outsourced bookkeeping services with new accounting technology. In fact, accounting technology innovations have created a bit of a "data utopia" for business owners.