How Outsourced Bookkeeping Can Amplify Your In-House Accounting Team

Outsourced bookkeeping services, such as Decimal’s, offer a cost-effective solution for outsourcing traditional data entry and reporting, freeing up critical bandwidth so that your in-house bookkeeper can do more with your financial data. Join us as we discuss how outsourced bookkeeping can amplify your in-house accounting team.

Do I need outsourced accounting if I already have an employee who manages bookkeeping services in-house?

If you’re like many small business owners in the United States, your current financial operations may consist of DIY-style online accounting software and someone who helps keep the books and financials up to date. While this configuration works in the short term, DIY online accounting software isn’t optimal if you’re looking to scale – or even maintain – your business for decades to come. If your bookkeeper constantly has their hands full with data entry then they aren’t spending time helping you analyze and grow the business. Fortunately, outsourced bookkeeping services offer a cost-effective solution for outsourcing traditional data entry and reporting, freeing up critical bandwidth so that your in-house bookkeeper can do more with your financial data.

Here’s how outsourced bookkeeping can empower your in-house accounting resources to deliver even more for your business:

Outsourced Accounting Frees up Time for Valuable Analysis

Most bookkeepers spend a lot of time on the day-to-day management of DIY accounting software that keeps your books current. They spend time entering and organizing expenses, managing accounts payable, and preparing reports required to run your business. All of these tasks are crucial for managing your business, but they can be time-consuming and expensive. While traditional DIY online bookkeeping software requires ample time and attention from your bookkeeper, managed accounting takes things a step further. Machine learning and artificial intelligence automate expense categorization and other data entry so your bookkeeper doesn’t waste time manually entering every detail. What’s more, a dedicated Decimal Accounting Manager to make sure everything stays on track, ensuring that any nuances are addressed. They will proactively reach out to address any issues, so your books are kept up to date without requiring tons of additional hours.

It is true that the Decimal accounting operations system can replace the need for an in-house bookkeeper entirely. But for those companies who already have in-house help, outsourced bookkeeping frees up valuable time for your employees to approach your business’ financial data as a strategist, rather than a tactician. With the day-to-day financial reporting taken care of, your bookkeeper can assume the role of Controller, taking time to analyze opportunities and lessons that you can use to make your business more efficient and scaleable.

Outsourced Bookkeeping in Action: Case Study

For example, say you own a regional business with multiple locations and have plans to scale the brand into a national chain. You’ve had great success with most of your locations so far. However, over the years, a couple of your new locations didn’t pan out as you had hoped. With your day-to-day financial reporting taken care of with outsourced bookkeeping, your in-house bookkeeper has time to analyze the financial data and figure out why some of your locations have thrived, and others haven’t. They can go through the numbers and identify patterns among the successful locations, as well as with the historically unsuccessful ones. They can then spend their time working on ways to help grow and expand the business.

Take Bookkeeping to the Next Level

For a growing business, strategic accounting can mean the difference between long-term success or failure. If your in-house bookkeeper is consumed with managing the day-to-day financials, there simply isn’t enough time to create financial models and uncover other findings that can directly impact when and how you make critical investments in your business. This is exactly why most larger enterprises hire Controllers. Thanks to the powers of outsourced bookkeeping, smaller businesses can now access similar benefits without expanding their staff, simply by freeing up their staffs’ valuable time.   

Want to find out how Decimal can help your business? Talk to us to learn more!