KPMG Spark Blog
Outsourced bookkeeping services, such as KPMG Spark’s, offer a cost-effective solution for outsourcing traditional data entry and reporting, freeing up critical bandwidth so that your in-house bookkeeper can do more with your financial data. Join us as we discuss how outsourced bookkeeping can amplify your in-house accounting team.
If you’re like many small business owners in the United States, your current financial operations may consist of DIY-style online accounting software, and someone who helps keep the books and financials up to date. While this configuration works in the short term, DIY online accounting software isn’t optimal if you’re looking to scale – or even maintain – your business for decades to come. If your bookkeeper constantly has their hands full with the data entry then they aren’t spending time helping you analyze and grow the business. Fortunately, outsourced bookkeeping services (such as KPMG Spark’s managed accounting software) offer a cost-effective solution for outsourcing traditional data entry and reporting, freeing up critical bandwidth so that your in-house bookkeeper can do more with your financial data.
Most bookkeepers spend a lot of time on the day-to-day management of DIY accounting software that keeps your books current. They spend time entering and organizing expenses, managing accounts payable, and preparing reports required to run your business. All of these tasks are crucial for managing your business, but they can be time consuming and expensive. While traditional DIY online bookkeeping software requires ample time and attention from your bookkeeper, managed accounting takes things a step further. Machine learning and artificial intelligence automates expense categorization and other data entry so your bookkeeper doesn’t waste time manually entering every detail. What’s more, a dedicated KPMG Spark bookkeeper monitors your account to make sure everything stays on track, ensuring that any nuances are addressed. He or she will proactively reach out to your in-house bookkeeper to address any issues, so your books are kept up to date without requiring tons of additional hours.
It is true that the KPMG Spark managed accounting system can replace the need for an in-house bookkeeper entirely. But for those companies who already have in-house help, outsourced bookkeeping frees up valuable time for your employees to approach your business’ financial data as a strategist, rather than a tactician. With the day-to-day financial reporting taken care of, your bookkeeper can assume the role of Controller, taking time to analyze opportunities and lessons that you can use to make your business more efficient and scale-able.
For example, say you own a regional business with multiple locations and have plans to scale the brand into a national chain. You’ve had great success with most of your locations so far. However, over the years, a couple of your new locations didn’t pan out as you had hoped. With your day-to-day financial reporting taken care of with outsourced bookkeeping, your in-house bookkeeper has time to analyze the financial data and figure out why some of your locations have thrived, and others haven’t. They can go through the numbers and identify patterns among the successful locations, as well as with the historically unsuccessful ones. They can then spend their time working on ways to help grow and expand the business.
For a growing business, strategic accounting can mean the difference between long term success or failure. If your in-house bookkeeper is consumed with managing the day-to-day financials, there simply isn’t enough time to create financial models and uncover other findings that can directly impact when and how you make critical investments in your business. This is exactly why most larger enterprises hire Controllers. Thanks to the powers of outsourced bookkeeping, smaller businesses can now access similar benefits without expanding their staff, simply by freeing up their staffs’ valuable time.
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The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.
This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.
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