Getting ready for tax season can be a daunting time for any small business owner. It’s a period filled with complexities and a need for meticulous accuracy. This is where an outsourced bookkeeper can become an invaluable asset. In this blog post, we’ll explore how an outsourced bookkeeper can help you navigate tax season with ease and efficiency.
What do outsourced bookkeepers do?
An outsourced bookkeeper does more than just manage your financial accounts and transactions; they play a crucial role in preparing your business for tax season. They ensure that all financial transactions are accurately recorded, categorized, and ready for when tax time rolls around. This level of detailed bookkeeping is essential for accurate tax filings.
The Philippines, in particular, has emerged as a leading destination for finding excellent outsourced bookkeepers for US small businesses.
Why should I hire an outsourced bookkeeper service?
1. Keep your Financial Records Accurate & Organized
One of the primary benefits of having an outsourced bookkeeper is the assurance of accurate financial records. They keep track of all transactions, big or small, ensuring that every entry is correctly logged. This meticulous attention to detail means that when tax season arrives, your financial records will be organized and up-to-date, minimizing the risk of errors in your tax filings.
2. Stay Compliant with Tax Laws
Tax laws are complex and often subject to change. An outsourced bookkeeper stays abreast of these changes, ensuring that your business remains compliant. They understand the nuances of tax regulations, which can vary significantly depending on your business structure and industry. Their expertise in these areas is invaluable in avoiding costly penalties associated with non-compliance.
3. Save Your Time
Outsourcing your bookkeeping means you can focus on running your business rather than getting bogged down by the intricacies of financial record-keeping. It’s an efficient use of time, freeing you up to concentrate on growth and strategy, rather than spreadsheets and receipts.
4. Save a Ton on Cost
Outsourcing bookkeeping can lead to significant cost savings. It eliminates the need for a full-time in-house bookkeeper, including the associated overhead costs. Additionally, the efficiency and accuracy provided by a professional can help avoid costly mistakes that could arise from handling it in-house.
At Global Hola, our typical outsourced bookkeeping services cost $13-15 USD/hour.
5. Get Expert Advice & Insights
An outsourced bookkeeper can provide more than just bookkeeping services. They often offer valuable financial insights and advice. Based on their understanding of your financial records, they can help identify trends, potential areas of cost savings, and offer advice on financial planning. This is something that your small business can use every day for planning and determining how to maximize your managerial decisions.
6. Get Ready For Taxes Far Ahead of Schedule
With an outsourced bookkeeper, preparing for tax season starts well before the deadline looms. They ensure that all financial statements, such as the balance sheet and income statement, are prepared in time. This proactive approach allows for a smoother tax filing process with fewer surprises.
Outsourced bookkeepers from countries like the Philippines are great at Quickbooks, Xero, and other popular accounting softwares. When we vet bookkeeping talents at Global Hola, we also make sure that they’re experts in advanced Excel techniques and financial problem solving methods.
7. Reduce Your Audit Risk
Accurate and detailed bookkeeping reduces the likelihood of discrepancies that could trigger a tax audit. An outsourced bookkeeper ensures that all financial transactions are correctly documented, providing a clear audit trail. This thoroughness offers peace of mind and reduces the risk of encountering issues with tax authorities.
Our Bookkeeping Success @ Global Hola
At Global Hola, we’ve placed a lot of accountants and bookkeepers with small businesses in the United States. Take for example Lion Bookkeeping LLC and MSV Financial Services.
MSV Financial Services,
Lion Bookkeeping LLC,
Should I Hire an Outsourcing Agency to find my outsourced bookkeeper?
In short, yes, unless you have significant experience navigating foreign talent markets outside the US. Maximizing your benefits with outsourcing requires a strategic and proactive approach and a deep knowledge of how to find talent from around the globe. By picking an outsourcing agency, you can reduce your hiring risk and find great talent quickly to start realizing the cost benefits of outsourcing your accounting needs.
Embrace a mindset of outsourcing as more than a cost-cutting tactic, and recognize its potential to enhance the overall performance of your business. With thoughtful planning, collaboration, and the right outsourcing partner, businesses can harness the full cost savings of outsourcing.
Find your small business bookkeeper
Contact us at Global Hola to see how outsourcing your bookkeeping to the Philippines with an expert bookkeeper can be a great opportunity for your business.