Bookkeeping Options: In-House, Outsourced and Everything In Between

Accurate record keeping at the most basic level provides the financial foundation for running a thriving business. When your financials are not accurate, even the most successful companies become a house of cards built on a faulty premise. Often times, this is not intentional but a result of someone performing a function in which they have little or no expertise and training. There are various options for managing your bookkeeping, but only you can determine which model works best for your company's needs.

1. Manage Bookkeeping in House - This provides you with the most control over your bookkeeping functions, as they are performed by an employee of the company. This option works best for large companies when there is enough work to keep a full-time bookkeeper busy, 100% of the time.

2. Hire a "Freelance" Bookkeeper - This option involves a temporary bookkeeper visiting your company on a regular basis to perform bookkeeping functions. This is more appropriate for small to mid-sized companies that do not have enough work to fund this position full-time.

3. Outsource Accounting and Bookkeeping to Third Party - Under this model, a company relinquishes all accounting and bookkeeping functions to a third party to fully manage. This model works best for smaller companies that do not require a full-time employee but do require skills and expertise in this area. It is also appropriate for companies that need these skills but can't afford to hire a full-time employee.

4. Hybrid Model of Partnering with an Outsourced Bookkeeping Service Provider - This option is most appropriate for those companies that do not want to relinquish complete control over their books but want to outsource non-core tasks. They partner with a bookkeeping service provider and consider them a remote extension of their team.

We are currently offering a free analysis of your accounting system and other business processes. If you would like to learn more on how outsourcing your bookkeeping and accounting can improve your profitability, please call me directly at 781.503.9004 or email me at sales@aixsol.com.

Satish Patel, CPA
President, Analytix Solutions
Satish Patel, Founder-CEO of Analytix Solutions, has more than two decades of experience as a CPA. He has also advised small and mid-sized businesses on diverse matters such as valuation, accounting, and finance. His experience extends to raising capital and arranging for finance from angel investors.