Outsourcing Bookkeeping Service

Outsourcing bookkeeping services comes with many added advantages. The main thing is that a record is made for every single transaction; accountability and efficiency are given equal prominence. Small businesses and in particular self employed business have a choice in how the financial accounts are prepared and produced. Some simply do nothing but the best option is to make a finite decision regarding the path to take. Bookkeeping software comes in many different formats from simple spreadsheets to more complex data based accounting software.

Absence of a professional hinders the flow of financial transactions and gradually hampers the growth of a business. At the same time, you cannot contribute a big share of time and amount just to solve this problem. Situations like this prove outsourcing bookkeeping services as an economical alternative. This allows you to keep track of every single transaction while keeping the cost factor to the minimum.

For a non profit bookkeeping, some of the reports may be required to produce are:

- Statement of Financial Position - balances of your assets and liabilities as of a specific date.

- Statement of Financial Income and Expense - reports how much money brought in versus money spent within a specific period.

- Statement of Functional Expense - Detailed listing of expenses within a specific period.

- Budget vs Actual by Program/Project - Comparison of funds spent to budget plan.

If a manual bookkeeping system is adopted then disciplined recording of the financial information on a regular basis should be enforced and regarded as an essential function and not an administrative burden. E.g. New auditing guidelines from the Defense Contract Audit Agency (DCAA) could pose substantial risks for federal contractors, according to a federal contracting expert.

The DCAA issued the guidance on Dec. 19, 2008. The guidance specified how field auditors should handle the reporting of “significant deficiency” and “material weakness” in contractors’ internal controls.

So if you are looking for dcaa bookkeeper or - dcaa quickbooks, you too can outsource.


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