Many small business owners come to a point in the growth of their company when they realize they simply cannot manage their own books any longer. Instead, they want to focus on bringing more revenue into the company, training their employees, and keeping internal processes successfully running. They would like to outsource bookkeeping to third party provider and get that off their plate but they are often afraid to do so.
Excellent bookkeeping needs to remain at the top of any company’s list of priorities, but hiring an in-house bookkeeper can be pretty costly, especially if you only need an accountant for a few hours a week. Besides that, the accounts in your company might be the last thing on your mind as you negotiate with key partners in your industry, for example.
Maxim Liberty understands that as a business owner, your attention is focused elsewhere because you are invested in your company. We at Maxim Liberty know this feeling all too well, which is why we have been the go-to online accountancy outsourcing services that small businesses call in order to help them sort out their accounts. We are proud to be serving clients all across North America since 2005.
Accounting is a maintenance activity and does not add any revenue to your business, so you want to keep the cost of bookkeeping as low as possible. You also want to make sure that you have a specialist who is proficient in their duties. Maxim Liberty works by using outsourced bookkeepers who provide their services remotely. They all have significant skill in using QuickBooks and work at a fraction of the cost of hiring even a part-time employee. Below you will discover some of the many benefits of using outsourced bookkeepers.
Below are some reasons why you should Outsource Bookkeeping & Accounting operations
Save company time, money, and resources
When Maxim Liberty works on your books, your small business will be able to free itself from this tedious but necessary task in order to concentrate on more important matters. For instance, you would be able to give your full attention to your primary tasks in order to generate profits from an expanding customer base. Your organization also does not have to invest time that could have been more wisely spent working on networking and growing the company.
Efficiency is the keyword here. Businesses love to run as efficiently as possible, and this is a very important principle that small businesses need to stress all the more. In fact, if you are a small business that does not currently have a professional team to handle their finances, your company may suffer from the consequences of doing bookkeeping incorrectly.
Instead, why not leave the financials in the hands of experts? Maxim Liberty’s experienced team of financial controllers do have the know-how in managing all of your statutory accounts, tax returns, payroll documents, and management accounts using our advanced software. Our bookkeepers’ availability ranges from Mondays to Saturdays, and all of the work done will be updated daily, charging our clients only for hours required.
In fact, outsourced bookkeeping services will be able to help you slash your annual operating budget, freeing up your company’s cash flow for other uses. Research has shown that a small business can save up to 40% in monthly operational costs upon engaging an outsourced accountancy service compared to in-house bookkeeping in a cost-benefit analysis.
When you work with Maxim Liberty, you are allowing your small business to enjoy complete accounting coverage at a fraction of the cost. With bookkeeping outsourcing services, you also save on the resources in your own office, including the time spent interviewing, hiring, and training brand new accounting staff. You no longer have to worry about juggling the cost and benefit packages of both full-time and part-time employees who use up your company’s resources. This also means you also do not need to go through the potential pitfall of hiring and firing the wrong person for the job.
Because our staff works remotely, you are also saving on rent, since we do not take up any cubicles in your office. You are only paying for the hours spent on your bookkeeping so that you can devote your financial resources elsewhere.
Professional, trusted accountancy outsourcing services
Maxim Liberty operates on the principles of reliability and collaborative accounting. Our work is constantly reviewed in order to deliver accurate work to your company. When you engage with Maxim Liberty, you can be sure that your organization’s books will remain intact.
When a company outsources their bookkeeping operations to us, they have essentially placed their accounting into the hands of experts. After all, as professional accountants, we have the necessary experience to navigate through the various types of tax codes and specific laws that are in place in your area. Maxim Liberty strongly values the trust that has been built between ourselves and our clients over the last decade. We ensure that each client we receive will remain in utmost confidentiality – we do not share your information with anyone.
In fact, we address any of the concerns you may have about security with a confidentiality agreement and non-disclosure agreement signed by us and the accountant who is working on your bookkeeping. Every member of Maxim Liberty’s staff is thoroughly screened beforehand and is hired only through referrals from trusted professionals.
When you outsource your bookkeeping to us, you also minimize the chance of fraud. The Association of Certified Fraud Examiner released a study citing that the most common victims of fraud happen to be small businesses that have less than 100 people on their payroll. The fraud in such situations amounts to $147,000 on average, which is an astounding amount. This occurred because many small businesses either do not see the need or are unable to afford a financial controller or CFO (Chief Financial Officer). The financial controller or CFO will be able to measure the KPI (Key Performance Indicators) as well as metrics that have been set in place, using those as a yardstick against any possible abnormalities found in billing activity and transactions.
Well-versed with top systems
Maxim Liberty’s staff are all experts in QuickBooks, so you do not have to put your employees through training and hope that they will be able to master the software in quickly and efficiently. When your bookkeeping operations are outsourced to us, you save even more since you do not have to purchase yet another financial tool. QuickBooks boasts of relevant features and functions that work within any company, allowing us to keep track of your bookkeeping requirements without missing out on a single detail.
What services do we cover?
No matter your industry, Maxim Liberty’s outsourced team of experts are proficient in a number of fields. This covers bank reconciliations, accounts payable (A/P) and receivable (A/R), sales tax filings, escrow to operating transfers, payroll services, and reporting. Maxim Liberty’s detailed and custom Excel or PDF reports are offered to you on a weekly or more frequent basis so that you can better understand where your cash is being spent and where it is coming from. In essence, we help you improve your business!
Maxim Liberty will also help you determine which of your clients still owe you money, which vendors you need to pay and ensure that all of your accounts, such as credit card and merchant accounts, are reconciled to reduce the chance of errors.
How do we work?
In principle, an outsourced bookkeeping service is no different from that of having a permanent bookkeeper on your payroll. However, when you engage with Maxim Liberty’s outsourced bookkeeping services, we leverage current technology and work remotely. Email is the most popular choice of communication, while other viable options include using an instant messaging program or the old school method of a phone call. No matter what your preferences are, we are able to work with you. Our virtual bookkeeper will use their personal computer that has QuickBooks running in order to perform all of the necessary updates. There are three options to choose from: Local, Remote-Access, and Online.
When small businesses outsource their accounting to Maxim Liberty, they will send an initial copy of their QuickBooks file to us. Invoices, receipts, and other relevant documents that come our way will be reflected in the QuickBooks file before being backed up on the shared folder as proof that work has been done. Your business will be able to receive bookkeeping reports at a specified time each month (choose from either Excel or PDF format) so that you are also up to speed with the latest transactions in a quick and easy manner.
Why not let QuickBooks bookkeeping outsourcing services complete its task on your organization’s computers instead? A secure and consistent Internet connection with Remote Desktop enabled would allow us to work on your company’s QuickBooks file as long as the relevant source documents are provided. Of course, once the necessary updates have been done for the day, we will log out for added security.
When you are furnished with the necessary invoices and documents, we will proceed by logging into your QuickBooks online account. All of the required changes and amendments will be performed by our dedicated team of QuickBooks specialists before we log out.
Of course, if you have any questions about these processes along the way, Maxim Liberty is happy to walk you through each step to see which option works best for you.
Getting Started with Maxim Liberty
How long does it take to set up?
The length of a particular outsourced bookkeeping service depends on the amount of work required. After a brief consultation, our qualified team will be able to understand the right type of service required while listing down areas where the bookkeeping process can be improved.
If everything is more or less in order before you contact us, then you would pay only the minimal amount in man hours worked as there would be very little to shape up and prepare your accounts. This would put your organization in good stead for the future. Otherwise, it will take more time to put everything in order.
Hiring Maxim Liberty would be a step in the right direction even if your business setup is in its infancy. Having the correct failsafe and systems in place would allow your company to chart its path to a brighter and more stable future minus the encumbrances of undesirable distractions.
Headquartered in Great Falls, Virginia, Maxim Liberty is proud to provide you with a blend of professionalism, expertise, and affordable prices as our bookkeeping operations are based in India. This gives us the advantage of complying with the entirety of US laws and regulations without breaking the bank. You will be able to contact us via email, an online form or simply drop us a line at 703-957-6938 and let us chat about your needs today.
“In the long run, outsourcing is another form of trade that benefits the US economy by giving us cheaper ways to do things.”
– Janet Yellen
Chief Economist to President Bill Clinton, Wall Street Journal