Working With an Outsourced Bookkeeping Service – What You Need to Know

January 31, 2022 by OSYB Staff

Bookkeeping isn’t exactly the first thing on their minds for busy business owners. After all, they’ve got enough on their plates as it is. 

However, bookkeeping is crucial for running an efficient and profitable business. You need to make sure that your books are being handled properly.

The solution? Outsourced bookkeeping services.

We’ve talked about the benefits of outsourcing your bookkeeping. From additional flexibility to better opportunities for scaling your business, you can’t go wrong with outsourced bookkeeping services. 

In some cases, it can even save you some money. 

But what’s it actually like to work with an outsourced bookkeeping service? How do they handle your books? How do you stay in contact with them?

We’ve got the answers to these questions. Here’s what you need to know about working with an outsourced bookkeeping service. 

Giving The Outsourced Bookkeeping Service Access to Your Books

When you start working with an outsourced bookkeeping service, one of the first things they need is access to your books. 

This process starts by granting the bookkeeping service access to the client’s bookkeeping software of choice. Once this is done, the bookkeeping service will perform the actions and processes necessary to keep on top of the client’s bookkeeping. 

Some clients may require new bookkeeping software. If this is the case, the bookkeeping service will help select the appropriate software, set it up, and train the client on how it works. For example, at OSYB, our software of choice is QuickBooks. 

The next step is for the outsourced bookkeeping service to acquire the right information to handle your books properly. Clients will have to grant the bookkeeping service access to various systems, such as banking information, credit card information, payroll, and other pertinent information. 

It’s important to note that clients should be granting view-only access to these systems. View-only prevents the outsourced bookkeeping service from performing any type of transaction or unwanted activity, giving the client peace of mind and total control.

All bookkeeping services are shared in real-time between the outsourced bookkeeping service and the client. There’s client access, service access, and access for any other parties that the client allows. Control is 100% in the client’s hands. 

Staying in Contact With Your Outsourced Bookkeeping Service

Unfortunately, talking to your outsourced bookkeeping service isn’t quite as simple as walking to their corner office in your building and striking up a conversation. 

However, there are plenty of ways to keep your outsourced bookkeeping service at arm’s length. These communication methods include:

• Email
• Text
• Phone calls
• Microsoft Teams
• Zoom
• Google Hangouts

The digital world has made it easier than ever to stay in contact with your bookkeeping service—even though they aren’t in the same building anymore. 

At OSYB, when our clients need to reach us (or we need to reach them), we prefer phone calls and emails. 

Important Reports to Review

Just like working with an in-house bookkeeper, there are important reports for you to review when working with an outsourced bookkeeping service. These reports can be viewed monthly, quarterly, or annually, depending on the report and your specific needs.

Some of the reports you should be reviewing include:

• Profit loss
• Balance sheets
• Monthly trends
• KPIs
• Cash flow reports
• Budgets

Working with an outsourced bookkeeping service can help you keep track of these reports and ensure that the information you need is right at your fingertips. 

Getting Ready for Tax Season

While it’s true that an outsourced bookkeeping service won’t actually do your taxes for you, they can help you prepare for tax season.

An outsourced bookkeeping service can coordinate a smooth tax preparation process between the business owner and an external tax advisor or CPA. This process helps free up the business owner and saves them time that they can use on other projects. It also helps relieve some of the stress that comes with tax time.

Working With An Outsourced Bookkeeping Service is Easy

If you’ve spent most of your life working with an in-house bookkeeper, don’t worry: Outsourced bookkeeping services can provide you with a stress-free and simple bookkeeping experience.

From granting access to documents to tax season preparation, the process of working with an outsourced bookkeeping service is seamless—so long as you’re working with the right one. 

At OSYB, we ensure that experts handle your books while you maintain full control over your data. Our service allows you to free up your own time to spend on the important tasks. 

If you’re looking for more information about working with an outsourced bookkeeping service or how OSYB can help your business, reach out to us. We’ve got the answers.