Bookkeeping is all about recording your company’s daily financial transactions in an organised way. At SAS KPO Services, we manage this process for you, using different techniques to keep everything accurate and up to date. Our outsourced bookkeeping services are essential because they allow you to generate precise financial reports that measure your business’s performance effectively. By keeping your records updated, we also help ensure your accounting process runs smoothly and efficiently.

What is Bookkeeping Outsourcing Services

Outsourced bookkeeping services is when a business hires an outside person or company to manage its bookkeeping tasks. This includes recording all financial transactions and preparing important financial statements like balance sheets and profit and loss statements. So, if you’re an accountant who wants to focus more on growing your business and collaborating with clients, outsourcing your bookkeeping can be a great option.

By outsourcing, you save time and money because you don’t need to hire full-time employees for these tasks. Plus, outsourced bookkeepers often bring specialised skills, like expertise in QuickBooks, and they can integrate reports directly into tax software. You can hire outsourced bookkeepers on a contract basis or as full-time staff, depending on your needs. This approach not only reduces your workload but also enhances the accuracy and efficiency of your financial management.

Why Outsource your Bookkeeping to SAS

1. Lower Costs

Outsourcing your bookkeeping to a professional firm like SAS can save you money compared to hiring in-house staff. You only pay for the services you need, without the additional costs of employing full-time employees, such as NI contributions, taxes, and benefits. Plus, you save on infrastructure costs like office supplies and computer hardware.

2. Save Time

Bookkeeping can be very time-consuming, especially for small business owners who have many other responsibilities. By hiring an accounting service, you may free up important time to concentrate on developing your company, closing deals, and broadening your product offers. Instead of bookkeeping being a burden, it has become a source of useful business insights.

3. Expertise on Demand

Professionals at SAS have years of training and experience across various industries. Outsourcing gives you access to this expertise without the cost of hiring a full-time acc5ountant. You also get professional advice and support tailored to your business needs, without the expense of recruiting and training an in-house expert.

4. Accurate Results

Inaccurate bookkeeping can lead to costly mistakes. SAS ensures your accounts are accurate from the start, reducing errors in tax calculations and financial reports. Our team of professionals is skilled in using various accounting tools and software, ensuring efficiency and accuracy. We also use automated systems to give you real-time insights into your cash flow.

5. Detailed Financial Reports

Outsourced bookkeeping services often include access to cloud-based portals where you can view real-time financial records and then generate custom reports. Moreover this allows you to review profit and loss, balance sheets, and cash flow histories, and make informed decisions based on up-to-date financial data.

6. Informed Decision-Making

Having accurate and current financial information is crucial for making smart business decisions. So, outsourcing to SAS provides you with detailed insights and professional advice, helping you invest wisely, launch new products, and make strategic hiring decisions.

7. Stress-Free Tax Compliance

Managing tax and HMRC reporting can be stressful and time-consuming. An experienced accountancy partner can manage your VAT returns, company tax returns, and ensure compliance with regulations like Making Tax Digital (MTD). This reduces the risk of penalties and frees you from last-minute tax filing stress.

8. Avoid Staffing Issues

Small businesses often face staffing challenges, especially during busy periods or when key staff are absent. Outsourcing bookkeeping helps you manage these challenges by ensuring that crucial accounting tasks are managed efficiently, reducing stress and the risk of errors, and helping you maintain smooth operations even during staff shortages.

Key Services commonly included in Outsourced Bookkeeping 

1. Accurate Recording of Financial Transactions

We ensure accurate logging of all your financial transactions, also providing a meticulous record of your business’s financial activities.

2. Reconciliation of Bank Statements

First our team ensures that your bank statements match your internal financial records, then helping to identify differences and maintain financial accuracy.

3. Payroll Management

We manage all aspects of payroll, including processing employee salaries, managing benefits, and also calculating tax deductions, ensuring your payroll operations run smoothly.

4. Financial Reporting

SAS prepares essential financial reports such as income statements, balance sheets, and cash flow statements, providing you with a clear picture of your business’s financial health.

5. Tax Calculation and Compliance

Our experts calculate your tax liabilities accurately and ensure timely and compliant filing, moreover helping you avoid penalties and maintain tax compliance.

6. Cash Flow Monitoring and Analysis

We monitor and then analyse the inflow and outflow of cash in your business to optimise financial health and make informed decisions to support your business growth.

Our outsourced bookkeeping services offer the benefits of a virtual bookkeeper, performing all the functions of a traditional in-house bookkeeper with added efficiency and expertise. So, with SAS, you can rely on a dedicated team to manage your financial records, ensure compliance, and provide valuable insights to support your business success.

What are the costs of Outsourcing Bookkeeping Services

Understanding the cost of outsourced bookkeeping services can be complex, as it varies depending on your business’s specific needs. However, the main expense of outsourcing bookkeeping is the fee you pay for the service. Here is a breakdown to help you take the costs associated with outsourcing bookkeeping:

Factors Affecting Costs:

1. Business Size and Type:

• Large Businesses: Companies with many employees and complex accounting needs may pay more for outsourced bookkeeping.
• Small Businesses: Smaller businesses that need tax preparation and basic bookkeeping services might find more affordable options.

2. Experience and Qualifications:

• Expertise: A qualified accountant or bookkeeper with relevant experience in your industry may charge higher fees compared to a less experienced professional.

Estimated Costs:

• Hourly Rate: Typically, outsourcing bookkeeping from SAS may cost between £11 to £14 per hour, depending on the complexity of the tasks.
• Monthly Charges: The regular monthly fee can range from £1,100 to £1,800, depending on the volume and complexity of transactions.

Conclusion 

Outsourced bookkeeping services from SAS can bring numerous benefits to your business, including cost savings, time efficiency, and access to professional expertise. With our comprehensive bookkeeping outsourcing services, you can rest assured that your financial records are accurately maintained, tax compliance is ensured, and detailed financial insights are also readily available. To streamline your financial management and unlock the full potential of your business, get in touch with us today.

Shivani Soni (HR and Digital Marketing Specialist, Top Marketing Voice) writes this blog