Time and again, we’ve tried our best to establish the wonderful things outsourced bookkeepers can bring to your company. However, we want to give you a better look at what happens beyond spreadsheets and accounting software. In this blog post, the fast-growing American-owned BPO company in the Philippines, MCVO Talent Outsourcing Services, will share with you some of the challenges outsourced bookkeepers are set and trained to conquer. Read on!
Inaccurate reporting
Incorrect reporting, even just on a single data, has a domino effect on business decisions and relationships with investors and stakeholders. The IRS fines inaccurate financial reports, even when they are not done on purpose.
Some companies, usually the smaller ones, try to streamline their operations and overburden their staff with reports. But this comes at a cost when they start reporting inaccuracies because they’re spread too thinly.
The solution is to dedicate resources to accurate reporting of finances. This simply cannot be underestimated, even if it seems mundane.
Dedicating resources means relieving some of your people of their tasks so that they can check the quality of financial reports or simply tap outsourced bookkeepers to have fresh eyes on your financial reports.
Cyberthreats
Have you ever been told that cybersecurity is a growing concern among businesses? That’s simply an understatement. It has grown so much already, and not even the smallest businesses are spared. Neither is your accounting department too.
The accounting department keeps the most confidential information cyber attackers can use against your company – ledgers, social security numbers, financial statements, etc. It is not just your bookkeeper’s job to reconcile data. It’s also their job to protect it.
But what about your IT department? TechRepublic reports that 67 percent of all security breaches are caused by human error, not an IT issue. Your IT department can set up the most sophisticated cybersecurity systems but if your bookkeeper doesn’t understand the magnitude of the cybersecurity problem, this may be useless.
Collaboration
The collaborative style of working is here to stay, but not many have embraced it. There is no shortage of collaboration software, but in the State of Accounting Firms Trends Report 2022, 57 percent of those that were surveyed revealed that they weren’t able to use the software to its full potential. Some also reported having colleagues that were resistant to new tools.
Outsourced bookkeepers to the rescue
Outsourced bookkeepers help curb the risks bookkeepers normally face for a number of reasons:
- Unlike in-house bookkeepers to whom you easily assign other internal non-bookkeeping tasks, your service with outsourced bookkeepers is strictly limited to bookkeeping functions. This clear-cut agreement makes it easier for them to focus on their job and commit fewer mistakes, especially in the data processing.
- If you tap outsourced bookkeepers from a professional outsourcing company, they are most likely well-trained to handle cybersecurity concerns already. In the case of MCVO Talent, they have a separate cybersecurity team that can collaborate with the bookkeeping team.
- MCVO bookkeepers are up to date with the latest accounting trends, including accounting software. You don’t have to worry about training them to adapt anymore.
Book a call with MCVO and let outsourced bookkeepers tackle the challenges of bookkeeping for your company!
