Thanks to the invention of cloud based accounting solutions, online bookkeeping has become a popular solution for many small businesses. Though there are many benefits to outsourcing this mundane responsibility, issues can arise if the firm you choose does not have their processes down pat.
Drawn Out Onboarding Process
Getting a client onboarded in a smooth and efficient manner is one of the bigger challenges online bookkeeping firms face. When you are moving your business' accounting duties to an online firm, there is a lot to get done in a short amount of time. If the company you choose does not have a strong onboarding process, things could become drawn out and more of a hassle than keeping the books in-house.
Communication Is Key
In the past, when you've had a question or needed a task done, you'd simply walk down the hall to your bookkeeper or do it yourself. That's no longer possible with online bookkeeping. When selecting an online bookkeeping firm, select one that makes communication a top priority. We at Still Water Financial Operations, suggest using virtual meetings on a weekly basis if not more frequently. By using zoom to meet with all of our clients on a regular basis, tasks don't slip through the crack.
Online Bookkeeping Expectations
Depending on the industry you're in, there may or may not be tasks that your online bookkeeping firm can't perform for you. For example, periodic inventory counts are out of reach for an online firm. As long as the firm is upfront on the tasks they can reasonably take over and list the deliverables, you will be fine!
Benefits of Online Bookkeeping
The largest reason clients outsource their books, is because of time saved, stress reduced and increased productivity by focusing on higher value activities. By having a certified QuickBooks Pro Advisor handle your books, you can rest easy at night knowing your accounting is in good hands. The benefits far outweigh the risk. Select a solid firm and you will be upset you didn't do it sooner!!
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