You’ve launched a business, made a few purchases, recorded sales, and now it’s time to record everything. If the idea of keeping track of all your transactions makes you cringe, we wouldn’t blame you. However, if you outsource bookkeeping duties, you’ll never have to worry about it. Who would you hire to complete it for you is the million-dollar issue right now.
Hiring local bookkeepers or virtual bookkeepers are your two primary options. The third alternative is to hire an internal bookkeeper to handle it for you, but the cost will be significantly more than with bookkeeping.
Let’s examine the advantages and disadvantages of outsourcing bookkeeping so you may give up using spreadsheets for DIY bookkeeping and choose someone else to handle it instead.
Facts
Our client needed additional team members for bookkeeping services as well as the design and implementation of an efficient online web portal that would allow their in-house team members, the additional team members in Bangladesh, and all clients full-time access from anywhere. This was necessary because their own client list was growing and new projects were starting faster than their team could handle them.
The Client – Fisher Business Management
Fisher Business Management, a reputable bookkeeping firm with its headquarters in Portland, Oregon, helps local and international businesses with a range of financial and administrative needs.
This group of financial professionals has grown rapidly in recent years, and their expertise ranges from project management and auditing to record balancing and support for smaller businesses.
They offer a variety of precise and in-depth services in collaboration with their clients to guarantee that all quotas can be successfully met, notwithstanding any difficulties involved.
Requirements For The Project
Our staff at Mr. Rashed received a referral from the client for help with workload management and timeline adherence. They tried employing financial experts from their local area as their customer list grew and new projects started more quickly than their team could handle them.
However, due to the poor response rate and the exorbitant requests for compensation from the few individuals who did answer, this was unsuccessful. Our experts were needed to help with designing and implementing a successful online web portal that would allow their internal team members, the additional team members in Bangladesh, and all clients full-time access from anywhere, as well as providing outsourced project relief through the addition of additional team members.
Team Challenges
The biggest difficulties our team had while working on these projects for Barbra were caused by the vast amount of data that needed to be transferred onto a functional web site.
The challenges encountered were also greatly exacerbated by the time zone variations between Portland and Bangladesh and the vast number of jobs that needed to be finished quickly and precisely.
We held a detailed meeting to identify precisely what was required to deal with these issues. Regardless of the varied time zones, we chose our most skilled outsourced professionals and made priority lists to make sure the most important jobs were completed first.
Our Solution
Our staff at Mr. Rashed takes pride in providing proactive support to ensure a clear financial picture, allowing for better-informed decisions. This includes monitoring cash flow, creating timely investor reports, and helping with auditing needs.
As a step-by-step process, we did the following:
1. Hosting the discussion and coming up with a plan of action that would best fulfill Barbra’s needs was how we started this procedure.
2. For any client emails that were clogging up the company email account, our staff offered email vetting and response services.
3. In order to receive prompt response, we developed a report on outstanding bills. Our group created a cash flow forecasts spreadsheet utilizing our financial know-how.
4. We created a loan tracking report based on the aggregated data from Fisher Financial Management.
5. We created a daily sales record for her restaurant clientele by categorizing their things by beverages, snacks, and more, focusing on all the expected statistics.
6. Finally, in response to a request, we created and launched an online web site that could connect the entire team with clients for more efficient working conditions.
Results & ROI
Because of the time zone variations, Fisher Financial Management was able to provide 20 hours of labor every day, which is double the industry standard, and improved task help as a result of choosing to work with us.
Compared to recruiting costs for local workers, our services are reasonably priced and offer a significant improvement. Additionally more available to focus on profitable business growth is their internal staff today.
The customer has decided to hire more remote workers since she is so pleased with the results of her collaboration with us. Contact us right away if you notice that your business is experiencing rapid development and potential, or if your internal professionals are having trouble finishing the tasks at hand.
Mr. Rashed is a pioneer in the field of remote team services and, through expert outsourcing, can give clients access to professionals with skills in a variety of fields, including finance, administration, operations, marketing, research, and recruitment.
