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Outsourced bookkeeping services

Outsourced bookkeeping services

What are outsourced bookkeeping services?

Outsourced bookkeeping is bookkeeping that is performed by someone who is not a salaried employee of the company, who performs the bookkeeping to the extent that is needed for the company, in accordance with its size. Outsourced bookkeeping is performed by an external bookkeeper who works for an accounting office.

Who is outsourced bookkeeping intended for?

Outsourced bookkeeping is intended for companies and businesses that do not need or are not interested in employing a bookkeeper as a salaried employee in the Company, but rather they prefer to use an external person who will do the bookkeeping for them. For the most part, in these cases, the extent of the work is limited and does not justify employing a full time bookkeeper.

Where is the outsourced bookkeeping performed?

The outsourced bookkeeping services can be performed on the business' own premises using bookkeeping software that is installed on the computers that the business uses in the routine management of its business (invoices, receipts, deposits, orders and dispatch notes).

An additional possibility is for the outsourced bookkeeping to be performed in a bookkeeping office on bookkeeping software that is installed there.

How does it work?

Bookkeeping on the business' premises:

The extent of the work and the days that are required to do the work are defined in accordance with the company's needs (once a week, once every two weeks and etc). A bookkeeper from our office comes to you and does the bookkeeping in your offices, on your software and the accounting records are kept on your premises, including the data that have been input on the accounting software and the invoices will be filed and stored in files. At the end of the month, the reports are produced and presented to management for the purpose of the routine management of the business.

Bookkeeping in our offices:

Once or twice a month, all of the accounting material is sent to our offices (invoices, receipts, deposits, expenses, bank statements and etc) and a bookkeeper from our office inputs the material into the accounting software in our office, we perform the bank reconciliations, reconcile accounts and produce the VAT report. We then produce reports as necessary (trial balance, ledger print-outs) and send them to you by e-mail.

What are the advantages of outsourced bookkeeping?

The advantages of outsourced bookkeeping:

Lower costs – the bookkeeping is performed on a more reduced scale.

There is no need to employ a full-time bookkeeper.

The work is performed under the supervision of a Certified Public Accountant.

Flexibility – it is always possible to increase or decrease the volume of the work in accordance with the company's needs.

Is outsourced bookkeeping also appropriate for large businesses?

There are many cases in which outsourced bookkeeping is also appropriate for large businesses that have an internal bookkeeping team, for example, where arrears have built up for various reasons.

Replacing a bookkeeper who is on maternity leave.

In time where there is considerable pressure and the internal team cannot perform all of the work.

Special projects: the purchase of subsidiary company, an increase in a particular activity, the embedding of new software.

Authorized positions – where there is no authorized position in the company for an internal bookkeeper, outsourcing can be used.

Is outsourced bookkeeping different from internal bookkeeping?

Outsourced bookkeeping is performed on the business' premises and is identical to the bookkeeping that is performed by the internal bookkeeper, it is just that the bookkeeper is not present in the business every day.

What is right for me?

The decision about whether to perform the bookkeeping by using outsourcing or to hire a bookkeeper who will work inside the business  depends upon the volume of work that the Company has and its economic resources. Each company will make the decision of what is appropriate for it in accordance with the array of considerations that have been mentioned here and at the end of the day, it will consult with its accountant about what is best and correct for it.

What do we offer?

Our office has rich experience gained over many years in performing outsourced bookkeeping services, for many companies and in wide range of spheres using bookkeeping software and setting up and embedding bookkeeping systems inside companies. We have acquired skills and know-how in the provision of bookkeeping services for international hi-tech companies, manufacturers, trading companies, providers of services and others.

We offer outsourced bookkeeping services in accordance with your company's needs, under the supervision of a Certified Public Accountant, professionally and reliably, providing full bookkeeping services.