Maximize ROI with Cost-Saving Bookkeeping Services in Atlanta

Atlanta, Georgia, is known for its bustling business environment, featuring well-established companies and promising startups across a diverse range of industries. Notably, accounting and bookkeeping aren’t core activities for most of these businesses. Therefore, many favor hiring external bookkeeping services in Atlanta.

This blog provides an overview of the various factors driving this trend and explains why outsourced bookkeeping makes more sense than in-house operations.

Cost-Savings Via Bookkeeping Services in Atlanta and US

No matter if you’re an Atlanta-based business or operating from another US city, outsourcing can help you cut back on your bookkeeping expenses. Interestingly, you can save up to 50-60% by hiring an offshore bookkeeping firm.

Offshore service providers source a skilled workforce from global financial and accounting BPO hubs, such as India, the Philippines, and others. This enables them to provide quality services while being more cost-effective!

Notably, the average annual salary of an in-house bookkeeper in the US is about $45,000, significantly more than what an outsourced or offshore bookkeeper with comparable skills would charge.

Furthermore, hiring costs in the US continue to rise, with a serious talent shortage adding to business owners’ challenges—not to mention the overall operating costs, including infrastructure.

Maximizing ROI with Outsourced Bookkeeping

Multiple factors may work together to help businesses maximize the ROI of their outsourced bookkeeping. Let’s take a look at some key factors:

1. Lower Overhead Costs: Eliminate the expenses associated with hiring and training in-house staff, along with the cost of creating an office space for them.

2. Enhanced Efficiency: Expert outside bookkeepers bring the skills and experience needed to optimize their clients’ financial processes using advanced tools, saving both time and resources.

3. Reduced Errors: Outsourced specialists help businesses ensure accuracy and prevent financial losses and non-compliance penalties.

4. Scalable Solutions: Such bookkeeping services firms can effortlessly adjust to a business’s needs, whether it be growth, seasonal fluctuation, or time-bound special projects.

So, a well-equipped bookkeeping services can drive significant cost savings for their clients.

Other Common Yet Crucial Benefits of Third-Party Bookkeeping

The following are, by no means, less important benefits of outsourcing to a bookkeeping service from Atlanta or elsewhere. Let’s explore:

1. Access to Expertise: Service providers with a good market reputation hire well-trained staff to maintain service quality. They also offer diverse and specialized expertise through sector-specialist bookkeepers or those who are deft in particular software.

2. Improved Cash Flow: Accurate recording of daily transactions, timely reconciliations, and updates enable seamless cash flow tracking. Improved cash flow management helps enhance a business’s financial health and long-term sustainability.

3. Informed Decision-Making: Up-to-date books of accounts and error-free financial statements facilitate in-depth analysis. As a result, businesses are able to spot valuable financial insights and trends that guide their decisions to move forward in the right direction.

4. Regulatory Compliance Assurance: Bookkeeping experts hired by service providers help clients comply with relevant accounting regulations and standards, reducing the risk of penalties.

5. Better Risk Management: A professional service provider helps their client lower the risks of financial errors and fraud. They prioritize data security and integrity, ensuring the client’s confidentiality.

6. More Time for Core Operations: Outsourcing bookkeeping tasks allows a business to reallocate freed-up resources and time to other critical areas. This enhanced focus on core activities fuels growth and increases earnings.

Outsource End-to-End Bookkeeping or Offload Specific Tasks

Many bookkeeping services restrict themselves to specific tasks or types of businesses. However, some offer a comprehensive range of bookkeeping solutions and expertise.

All in all, the scope of general bookkeeping solutions includes:

• Journal Entries: Documenting financial transactions in the order they occur, specifying the accounts involved, the amounts, and a brief explanation.

• Posting: Moving journal entries from the general journal to the corresponding ledger accounts, such as the general ledger, accounts receivable, or accounts payable.

• Trial Balance: Compiling a list of all ledger accounts and the balances to confirm that total debits match total credits.

• Adjustments: Recording transactions at the close of an accounting period to capture unrecorded events or adjust existing account balances.

• Book Closing: Shifting the balances of temporary accounts (such as revenue and expenses) to the retained earnings account at the end of the accounting period.

General Bookkeeping	Specific Tasks
Journal Entries	Bank Reconciliations
Posting	Accounts Payable & Receivable
Trial Balance	Payroll Accounting
Adjustments	Tax Fillings/Returns
Book Closing	Financial Analysis
Financial Statements	Custom Reports

Beyond these, the specific bookkeeping tasks may include:

• Bank Reconciliations: Ensuring accuracy by comparing the bank statement with the business’s financial records.

• Financial Reporting: Creating financial documents, such as income statements, balance sheets, and cash flow reports.

• Accounts Receivable: Monitoring and managing the funds owed to the business by its customers.

• Accounts Payable: Overseeing and managing the business’s obligations to suppliers and vendors.

• Payroll Processing: Handling the processing of employee pay-checks, including wage calculations, taxes, and deductions.

• Inventory Management: Keeping track of inventory levels and values.

• Sales Tax Management: Calculating, collecting, and submitting sales tax to the appropriate government authorities.

Finding the Best Bookkeeping Services in Atlanta or Other US Cities

There are numerous providers bookkeeping services in Atlanta and nationwide. Their service areas may range from their home city to multiple cities or even across states.

However, a business should partner with a bookkeeping service with proven expertise, and aligns with their goals—and, of course, its budget.

So, here are a few things keep in mind:

1. Proper research is the first step. Check online reviews and get references to narrow down your search.

2. Ask your potential service partner about previous clients and how they’ve helped them.

3. Can they handle your business’s unique needs (if any) and tailor their services to cater them?

Are you operating out of the United States and looking to outsource your bookkeeping? Reach out to our experts for US GAAP bookkeeping services in Atlanta office and learn how our cost-saving, industry-specific solutions can support your business growth. Email us to schedule a free consultation now.

4. They should give assurance of timely deliveries without compromising service quality.

5. Nature of the business is another deciding factor. Bookkeeping for a manufacturing company, a hotel business, a CPA firm, or an online seller differs in so many respects.

6. Notably, requirements and scope of small business accounting are different from that of a large enterprise.

7. Last but not the least, your bookkeeping service should match your scale of operations.

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