Bookkeeping Services: Useful For Business Growth?

accounting outsourcing services

How many times have you been informed you need bookkeeping services in the months or years when you first started your business?

Bookkeeping services play a crucial role in business growth by providing accurate financial records, enabling informed decision-making, and identifying opportunities for cost savings and revenue growth.

With reliable bookkeeping support, businesses can focus on strategic initiatives and optimize their financial management for long-term success.

Which means that every company requires a bookkeeping service at some point. However,  A serious question remains here: “Is Bookkeeping Service Truly Useful For Business Growth?”

A full-service bookkeeper can also handle payroll, deposits, financial reports, and the ever-shifting world of sales taxes, as well as half – yearly taxes as well as withholding. As a result, we understand how important a bookkeeping service is to a business.

Let’s get started without further ado.

Why Would It Be A Good Idea To Outsource Bookkeeping Services?

It takes a lot of time for owners and staff members to run a small firm. You endeavor to uphold the company’s objectives when engaging with clients and suppliers on a regular basis.

It doesn’t matter if you sell goods or services; occasionally, administrative and accounting responsibilities can be tiresome and time-consuming.

When a small business needs assistance with handling their accounts, outsourced accounting services offer a solution.

What Does Outsourced Bookkeeping Services Entail?

A third-party organization that offers staff members with accounting and bookkeeping experience is known as an outsourcing bookkeeping service.

They manage accounts payable and receivable tasks, monitor cash flow, reconcile bank accounts, create financial reports, and prepare tasks. Depending on how complicated your company’s finances are, they might also offer you more employment.

Bookkeepers do not offer financial or investment advice or strategic business planning, in contrast to accountants. Instead, they help your team and handle your daily financial tasks on your behalf.

Why Would Your Company Want to Outsource Bookkeeping?

Businesses may save money and gain time by using bookkeeping services. You don’t need to have an employee on your payroll to use outsourced booking services.

In other words, you don’t have to take into account their pay, perks, work schedules, paid time off, or vacation. Additionally, you won’t be bothered with bookkeeper training.

From the very beginning and throughout the life of your company, you benefit from an experienced outsourced bookkeeping team.

Outsourced bookkeepers stay current on the newest technologies and have years of financial experience and knowledge. By integrating these technologies within your company, they help you avoid having to pay for the software outright.

Additionally, since the outsourced company handles those responsibilities on their end, you don’t need to upgrade outdated software or move to newer technologies.

The ability to immediately increase business operations is another benefit of outsourcing bookkeeping. You won’t need to bring on more staff if your company expands to handle the added workload.

When the time comes to scale back or consolidate, you can easily switch to doing the work yourself or checking to see if the bookkeeping firm offers more affordable service packages.

Some Important Accounting Facts and Statistics


1. Prior to the pandemic, 85% of accounting and finance professionals worked in offices.
2. In 2022, 66% of accountants worked full-time in an office.
3. In 2019–2020, 72,923 students earned an accounting bachelor’s or master’s degree.
4. In the US, there are 1.3 million accountants and auditors working.
5. 64 % of business owners manage their own books.
6. There are 5.5 million QuickBooks Online users globally.

Key takeaway: Bookkeepers undertake the daily chores of recording financial transactions, and accountants provide insight and analysis of that data as well as produce accounting reports..

Major Differences Between Accounting and Bookkeeping

The idea that bookkeeping and accounting are the same profession is a common fallacy. Despite their apparent similarity, the two have numerous glaring variances. Here are the distinctions between accounting and bookkeeping to help clear up any confusion:

Bookkeeping Accounting
The primary goals of bookkeeping are to recognize, quantify, and record financial transactions. Accounting is the process of gathering, analyzing, and sharing information about financial transactions that were recorded in ledger accounts.
The information offered by bookkeeping cannot be used by management to make a decision. The management can make crucial company decisions based on the data provided by the accountants.
The goal of bookkeeping is to maintain accurate and organized records of all financial activities. Accounting seeks to assess the financial status and further disseminate information to the appropriate authorities.
Accounting outsourcing

When Ought One to Use an Outside Bookkeeper?

When dealing with mistakes or abnormalities in financial statements and seeking a better approach to monitor cash flow, you might choose to hire an outside bookkeeper. Too many mistakes or inconsistencies may be present in your operations, which could be a sign of major security or financial problems. Your financial transactions and records can be corrected by a hired bookkeeper, which will enable you to identify the problems’ root causes.

Bottom Line

We think that accounting and bookkeeping are crucial components of every business. With over 18 years of experience in this field, NetworkBD has helped numerous clients all around the world. We have certified, experienced accountants on our staff, and we offer the best services in the business. Our bookkeepers and accountants are knowledgeable about the shifting market conditions and have the technical know-how to deal with cutting-edge tools and technology. You can cut your expenditures by around 50% by outsourcing your requirements to us, allowing you to focus more on your core strengths.

Feel free to write to us or speak with one of our agents if you have any accounting or bookkeeping needs. We will respond to you within 24/7 hours.