When you outsource your bookkeeping, you will have to grant your vendor full access to your company’s financial information. Some companies prefer to grant vendors a “read-only” access to ensure no external parties have access to company’s funds. In general, outsourced bookkeeping should be digitalized for ease of convenience.
Outsourcing your bookkeeping can look different depending on your business’s size and needs. Smaller businesses typically outsource their bookkeeping to a local Certified Public Accountant (“CPA”), while larger corporations outsource their accounting to larger firms like BoardRoom. When you outsource your bookkeeping the firm you have outsourced to will typically handle all your taxation requirements such as tax strategy, tax preparation and tax filing.