Introduction
In the world of small businesses, financial management is a critical aspect that can determine the success or failure of the enterprise. QuickBooks, a renowned accounting software, has become a go-to solution for many small businesses. However, the question arises – who should handle the bookkeeping? This article explores the concept of bookkeeping, QuickBooks, and what to look for when choosing a QuickBooks bookkeeping service.
1. What is Bookkeeping?
Bookkeeping is the practice of recording and tracking the daily financial transactions of a business [1,2,3]. It involves organising, classifying, and maintaining a business’s financial records [1].
Bookkeepers have specialised skills and experience that enable them to use accounting software to maintain the financial transactions of a business. This enables business owners and managers to make timely financial decisions for their business and monitor the financial performance and profitability of their operations.
2. What is QuickBooks?
QuickBooks is an accounting software package developed and marketed by Intuit [4]. It offers solutions for managing personal, business, and tax finances [5,6,7,8].
QuickBooks is one of the most popular accounting software packages in Australia due to its cost, functionality and the fact that it is cloud based.
3. I use QuickBooks, who should do my Bookkeeping?
Most small businesses will benefit from having an accountant even if they use QuickBooks [9,10,11,12]. Working with an accountant has many benefits as they bring years of experience and knowledge to your business allowing you time to concentrate on what you do best [9].
An accountant can assist with high-level advice and the preparation of annual and quarterly tax obligations. Due to their costs, accountants typically are not utilised for regular bookkeeping work. Small businesses can save money by engaging a bookkeeper to maintain the daily transactions for their business.
Bookkeepers that are experienced in QuickBooks are the best fit for businesses using QuickBooks. They will be able to perform their role more efficiently and therefore more cost effectively than a bookkeeper who has general knowledge only.
4. What should I look for in a QuickBooks Bookkeeping Service?
When looking for a QuickBooks Bookkeeping Service, consider the following factors [13,14,15]:
- Expertise: Ensure the service provider has experience with QuickBooks.
- Experience: Check if they have experience in your particular industry.
- Services Offered: Make sure they offer the services you need.
- Cost: Compare the cost of their services with other providers.
- Reviews: Look at their Google reviews and ensure they are well regarded.
5. How much does Bookkeeping cost?
The cost of bookkeeping services depends on various factors, such as the size of the business, the complexity of transactions, and the services required.
Hiring an on-site employee to handle your bookkeeping is always an option. However, in addition to their salary, there will also be extra costs such as superannuation, leave entitlements, recruitment costs, training costs, general overhead expenses and equipment to name a few.
6. Can I outsource my QuickBooks Bookkeeping?
Yes, outsourcing your QuickBooks bookkeeping can be a cost-effective solution for small businesses [21,22,23,24,25]. It allows you to save money on salaries, benefits, and other overhead costs associated with an in-house bookkeeping department [21,23].
Outsourcing can work out as much as 40% cheaper than hiring an on-site bookkeeping employee. Many service providers allow flexibility around the hours that are needed, allowing business to change their hours month-to-month depending on their needs.
As QuickBooks is a cloud-based accounting software, bookkeeping can easily be done 100% remotely. This means that you can select a provider anywhere in your country which opens a lot more possibilities and options for your business.
7. Do I need a QuickBooks Bookkeeper near me?
While having a local bookkeeper can be beneficial for face-to-face interactions, it’s not a necessity [26,27,28,29]. With advancements in technology, virtual bookkeeping services have become increasingly popular and efficient, allowing you to work with skilled bookkeepers regardless of their location [27,28].
Face-to-face interactions can be done via video conferencing tools like Microsoft Teams or Zoom. Any paper-based information can easily be scanned and accessed by the remote bookkeeper and QuickBooks is a cloud-based program which allows access to your bookkeeper from anywhere in the country.
Gone are the days when you needed a bookkeeper near you or a local bookkeeper.
8. What are the benefits of outsourcing my Bookkeeping?
Outsourcing bookkeeping can provide many benefits for businesses — from freeing up time to focus on your business’s growth to ensuring accurate financial records, staying up to date with tax laws, and identifying potential business savings [30,31,32,33].
More importantly, outsourcing your bookkeeping is easy. It’s now mainstream for businesses to outsource their bookkeeping remotely. Businesses can save money and get a better outcome.
9. Conclusion
In conclusion, QuickBooks is a powerful tool for small businesses, and choosing the right bookkeeping service can make a significant difference in your business’s financial management. By considering the factors outlined in this article, you can make an informed decision that best suits your business needs.
10. About Us
International Outsourcing Group provides outsourced remote Bookkeeping, Marketing & Administration Services to businesses across Australia.
Our Bookkeeping Services are perfect for small businesses. You can select the number of hours of bookkeeping you need from as little as 2 hours a week.
All of the work done by our team members is managed and reviewed by our Chartered Accountant Managers so you can be sure you will receive top quality bookkeeping services.
Consider using us for your QuickBooks bookkeeping needs.
For more information, visit our website internationaloutsourcinggroup.com.
References
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- https://www.remotebooksonline.com/blog/outsourcing-quickbooks-bookkeeping-is-it-the-right-choice-for-your-business
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- https://wilkinsonaccountingsolutions.co.uk/outsourcing-bookkeeping-benefits/
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