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Bookkeeping is an essential function in any business, responsible for accurately documenting and maintaining financial information. It involves various tasks such as payroll processing, bank reconciliations, and accounts payable and receivable activities. The accounting industry is expected to grow significantly by 2025, with a compound annual growth rate of 6%. However, businesses face challenges in sourcing quality bookkeeping staff. Outsourcing bookkeeping services is a viable solution, offering cost savings, increased efficiency, and opportunities for business growth.
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Bookkeeping is an essential function in any business, responsible for accurately documenting and maintaining financial information. It involves various tasks such as payroll processing, bank reconciliations, and accounts payable and receivable activities. The accounting industry is expected to grow significantly by 2025, with a compound annual growth rate of 6%. However, businesses face challenges in sourcing quality bookkeeping staff. Outsourcing bookkeeping services is a viable solution, offering cost savings, increased efficiency, and opportunities for business growth.
Outsourcing bookkeeping tasks to an offshore team can save up to 70% of costs when compared to hiring locally. It also allows the onshore team to focus on higher value, strategic work, increasing productivity levels across the department. Additionally, sending time-consuming tasks to offshore bookkeepers frees up resources for businesses to grow and develop sustainably.
Successful bookkeepers should possess strong problem-solving skills, high attention to detail, and an affinity for mathematics and numbers. They must be methodical in recording financial information accurately and have familiarity with popular accounting software. While some organizations train bookkeepers from the ground up, experienced bookkeepers often have certificates or relevant higher education in bookkeeping or accounting.
Bookkeepers often rely on accounting software that is universally used in the industry. It is essential to ensure that bookkeepers have the necessary knowledge of the business's systems and software to provide the best level of support.
Communicating effectively with talent acquisition teams is key to streamlining the recruitment process and sourcing the right talent for businesses' bookkeeping needs. Businesses can recruit as many bookkeepers as required for projects, including senior bookkeepers to manage offshore teams, ensuring streamlined communication and effective project updates.
Outsourcing bookkeeping services is a cost-effective solution for businesses to maintain accurate financial records while allowing onshore teams to focus on higher value tasks. Successful bookkeepers possess strong problem-solving skills, high attention to detail, and familiarity with popular accounting software. Employing effective communication with talent acquisition teams streamlines the recruitment process and sources the right talent for businesses' bookkeeping needs.