Outsource Bookkeeping to India?

When many people launch a business, it is because the idea of freedom – of being their own boss – appeals to them. They like the idea of being in control of their own schedules. They want to help others solve problems or fulfill a need. Being independent and self-reliant is fun. They enjoy feeling like they are in control of their own destinies.  Why should I outsource bookkeeping to India, deal with third party providers in another country and ruin this joy?

Of course, there are also some challenges that come with running your own business. Getting started can be overwhelming. Finding marketing support may be easy, but you need to make sure the advice you choose will work. Other entrepreneurs will help you create a sales funnel. Virtual customer service representatives can offer support when you can’t be online.

While you’re excited and getting started, it can be easy to focus all your energy on growing your business. That’s where the fun is: learning more about marketing, improving social media use, helping customers.

It’s harder to dedicate your time to learning accounting and thinking about your company’s finances. Even with a healthy balance in your business bank account, you might lose track of payments due. It may be difficult to stay on top of invoicing for work completed or sales made. Following up on invoices for late payment sometimes gets put off because it’s uncomfortable. Receipts for travel or conferences or professional memberships get lost.

And all those challenges? They can seem insignificant when the time comes to pay quarterly and annual taxes.
But there are ways to take control of your finances. You just need to do understand your options.
The more research you do into learning about keeping your financial books in order, the more often you will read about tools like QuickBooks. It does not matter what type of business you have. Freelance writers and designers, small firms, affiliate businesses, importers, or those hoping to open a restaurant or service business will all find that there is one tool recommended more than the rest. A great tool will make it easier to operate.

The challenge is that, like any tool, the more you understand QuickBooks, the more effectively that you can use it. Learning to use it well takes time and energy.
That’s the reason why many business owners look into outsourcing bookkeeping. By turning the process over to those who are experts at using the tool, you can take advantage of all the benefits without the steep learning curve. But where do you turn?
One option, of course, is to hire a local accountant. Another is to bring on someone local to you who can keep up with your company’s finances part time. Still another option is to outsource bookkeeping to India.

For some business owners that sounds frightening. If you’ve never thought about outsourcing parts of your business, it can be feel like an uncomfortable, unnecessary risk. It may feel like you’re giving up control.

In business, though, the calculated risks that you take often pay off. If you are looking to save money and take control of your company’s finances, there are benefits:

• Bookkeeping support you receive can be the same or better than what a local company provides.
• Cost of services provided are often far lower than through domestic companies.
• Workers handling your bookkeeping are proficient in English.
• Indian workers will have an understanding of science, technology, and math – as well as knowledge of specialized tools.

You can partner with a company that provides exactly the services that you need for your business. You can make sure that you have access to all your data and information. And you can have reports prepared and get the advice you need when you need it.

Whenever you choose to pursue outsourcing bookkeeping, take some time to ask questions – whether or not the company you’re interviewing is in India. Research the company online. Ask about security and what steps will be taken to protect your data. Learn about the costs of using the service, and understand what you will receive in return. Make sure you will be able to access your information when you need to – from wherever you are.But also take the time to learn more about the company who will be handling your financial data.

• What education do the staff have?
• Are they experts at using QuickBooks and similar tools?
• How long have they been providing these services?
• How happy are their existing clients?

Asking the right questions up front helps to ensure that you’re making the best choices for you and your business.  Outsourcing to another company that provides bookkeeping support can free up your resources. It can give you time to focus on product development, marketing, or simply making sales. But more importantly, it can give you the peace of mind you need to know that your finances are in order and your business is on track.