10 Signs You Need to Outsource Bookkeeping for Small Business

1
10 SIGNS YOU NEED TO OUTSOURCE BOOKKEEPING FOR
SMALL BUSINESS
www.ibntech.com
2
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 90012015 / 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.
www.ibntech.com
3
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.
www.ibntech.com
4
Table of Contents

• 10 Signs of Outsourcing Bookkeeping for Small
  Business
• Outdated Records
• Lack of Time
• Year-End Bookkeeping
• Missing Tax Deductions
• Difficulty in Focusing on Core Business
  Activities
• Unpredictable Cash Flow
• Lack of Bookkeeping Knowledge
• Focus More on Competitive Areas
• High In-House Accountant Cost

www.ibntech.com
10. Employee Fraud
5
6 Benefits of Outsourcing Bookkeeping
Services for Small Businesses

• Cost savings
• Expertise
• Time savings
• Improved accuracy
• Scalability
• Better compliance
• www.ibntech.com

6
10 Signs of Outsourcing Bookkeeping for Small
Business

• Outdated Records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.
• 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.
• 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.

www.ibntech.com
7
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 didnt know were tax deductible.

• 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.
• 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.

www.ibntech.com
8
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.
• 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.
• 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.
www.ibntech.com
9
6 Benefits of Outsourced Bookkeeping Services for
Small
Businesses

• Cost savings
• 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.
• 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.
• 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.
• www.ibntech.com

10
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.
www.ibntech.com
11
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
12
Phone [phone] website
https//www.ibntech.com/ email-
sales_at_ibntech.com Address 66 West
Flagler Street Suite 900 Miami, FL 33130
www.ibntech.com