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Proven Value: Online Bookkeeping in the Time of COVID-19

July 7, 2020 / by Diane Denholm

With cloud-based technology and remote-work best practices, online bookkeeping services will help you strengthen your business as you prepare for the future.

Computer-and-financial-papers-on-deskFor many businesses that had relied on onsite employees and desktop applications, remote work and cloud-based technology have become the new normal during the pandemic. Now that you've seen what's possible with remote work … what's holding you back from outsourcing your bookkeeping?

With outsourced bookkeeping, you can not only help ensure business continuity, but also gain expertise and financial insight you didn't know you were missing.

Stop By Your Bookkeeper's Desk — Online
You may have appreciated the ability to stop by your bookkeeper's desk to ask a question — back when your bookkeeper actually had a desk. But once the pandemic hit, many businesses had to transition instantly to a remote workforce. Any company that still relied on an in-house bookkeeper, and a desktop system that required them to physically be onsite to get access, was caught unprepared.

Outsourced bookkeeping services, on the other hand, use cloud-based online systems that are accessible from anywhere at any time and 100% safe to use because they require no face-to-face interaction. And you can still "stop by your bookkeeper's desk" by using online collaboration and communication tools.

Protect Your Business With a Team-based Approach
COVID-19 has created a disruption in the American workforce unlike anything in living memory. The pandemic has forced some employees (including bookkeepers) to juggle the demands of working from home with caring for children who are no longer in school or for family members who are sick or under quarantine. One survey found that a significant percentage of workers were considering quitting their jobs to focus on their added demands as caregivers.

In short, the pandemic has underscored the importance of having a workable business continuity plan in place for times of crisis. The plan should include cross-training employees to ensure all key roles have backup, which is part of the package with an outsourced bookkeeping services provider.

Cut Costs and Gain Value
Actually, many businesses have already discovered during the pandemic that they no longer need a full-size office space or even any office space at all. Outsourced bookkeeping services enable you to enjoy additional benefits of streamlined operations because you no longer need to budget for onboarding and HR functions associated with full-time employees.

But the value of outsourced bookkeeping services extends beyond what you save. There's also tremendous value in what you get. For example, a capable bookkeeping services provider can give you financial insights to help you weed out underperforming product lines and double down on the ones that are working best.

Focus on Your Business
Even if you had a knack for keeping your company's books, chances are you lost your taste for it when confronted with the complexities of navigating the CARES Act or the urgent need for an on-the-fly budget revision. At this point, wouldn't you prefer to devote all your energy and attention to adapting your business model for a post-pandemic environment?

Honestly, this is one of the biggest benefits of outsourced bookkeeping services, and one of the most underrated. Time and again, we hear from clients who are amazed at how much more time and energy they're able to devote to business development once they're freed from the burden of bookkeeping.

Get Real-Time Data With Cloud-based Technology
If you've been struggling with the demands of setting up things like videoconferencing during the transition, it's understandable that you might not want to add online bookkeeping tools to the mix. But they're not as complicated to learn as you might think.

In fact, once you explain to your outsourced booking services provider what your key performance indicators are, they can set up an easy-to-read dashboard. This dashboard will provide an up-to-date snapshot of how your business is performing, along with alerts on areas of concern that might need immediate attention.

Outsourced Bookkeeping Provides a Long-Term Solution
The COVID-19 pandemic has exposed vulnerabilities in every type of business. The businesses that emerge intact will be the ones that take steps to address and resolve those vulnerabilities — including making the switch to outsourced bookkeeping services.

Topics: Northeast Florida, Bookkeeping Services, Business Continuity

Diane Denholm

Written by Diane Denholm

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