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The Future of Finance: Current Trends in Outsourced Bookkeeping Services

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The Future of Finance: Current Trends in Outsourced Bookkeeping Services

Introduction 

Bookkeeping and accounting are two critical financial aspects when operating a business. Now that several companies are opting for outsourced bookkeeping services, it is worth exploring the current trends in outsourced bookkeeping. This will help us understand the impact of outsourcing on businesses embracing this approach. Here is an outline of the current trends in outsourced bookkeeping services and how they will impact the future of finance: 

Cost effective service packages:

Outsourcing firms are improving at offering customized bookkeeping services packages. The days of providing ready-made packages stashed with unnecessary services are long gone. Therefore, your company can get what it needs and avoid redundant options. Some companies may need a basic bookkeeping package, but others may require more comprehensive solutions tailored to their specific industry, size, and financial needs. Here at KMK Ventures, we have two primary pricing models to assist businesses with outsourcing needs. Our team of skilled accountants specializes in various industries and comprehensively understands the distinct financial hurdles businesses encounter within each sector. 

Tier-based Pricing Model:

This pricing structure is determined by monthly expenses or revenue, whichever is higher. If you’re unsure which staffing model suits your company best, the mid-market staffing model is recommended for companies generating over $4 million in annual revenue. Conversely, the tier-based model is ideal for pre-revenue startups. 

Dedicated Staffing Model:

Under this model, dedicated staff members are assigned to your tasks for either 20 or 40 hours per week. Pricing is based on their experience and qualifications. KMK Ventures provides staff at three levels starting at just $15 per hour. 

Real-Time Bookkeeping:

It has now become possible for outsourcing companies to provide real-time services due to advancements in related technologies. The outsourced bookkeeping services industry is now going digital. It’s much easier to perform bookkeeping tasks digitally. The embrace of digitalization within the outsourced bookkeeping services industry has simplified tasks and significantly streamlined processes. At KMK Ventures, our real-time bookkeeping encompasses bookkeeping services periodically, viz. daily, weekly, monthly, or on rare occasions, quarterly basis, depending upon the size and complexity of the business.  

Enhanced Tax Expertise and Compliance: 

Tax regulations are continually evolving. So, businesses must stay informed to maximize benefits and minimize liabilities. Now, outsourced bookkeeping services offer specialized tax expertise. Thus, clients are updated on crucial changes like qualified business income deductions. By outsourcing bookkeeping, businesses can ensure compliance with the latest tax laws. This leads to potential cost savings and operational efficiency gains. At KMK Ventures, we offer quarterly calculation and payment of estimated taxes so businesses can file estimated taxes quarterly with ease.  

Advanced Financial Forecasting and Reporting: 

Today’s outsourced bookkeeping services leverage cutting-edge technology and sophisticated software tools. Hence, clients are provided with highly accurate financial modeling and reporting. This trend enables businesses to make informed decisions, avoid cash flow pitfalls, and maintain economic stability. Thus, companies can access superior financial insights and optimize their strategic planning processes by partnering with outsourced bookkeeping firms. We offer Power BI reporting solutions integrated with third-party applications such as Fathom, among others, for comprehensive financial analysis, management reporting, KPI tracking, and cash flow forecasting. Our solutions seamlessly integrate with QuickBooks, Xero, MYOB, and Excel. This enables organizations to make data-driven decisions with ease. 

Increased Demand for Specialized Bookkeeping:

The demand for specialized bookkeeping services tailored to specific industries is rising sharply. Businesses recognize the importance of industry-specific expertise in optimizing financial operations. They are seeking firms and professionals with specialized skills. This shift reflects a move away from generic accounting and bookkeeping proficiency towards targeted industry knowledge. At KMK Ventures, we are an industry agnostic company and our accountants are proficient in using industry-leading software.  

How KMK Ventures Can Help 

Given the trend in outsourced bookkeeping services shifting towards the abovementioned preferences, KMK Ventures can assist you reliably. Outsourcing your bookkeeping needs to KMK offers a dependable and cost-efficient solution for managing your financial records. Our team of seasoned professionals is dedicated to handling tasks such as ledger maintenance, financial statement preparation, and bank account reconciliation, ensuring the accuracy and timeliness of your financial records. Here’s what we can offer: 

  • Daily transactional work and general ledger upkeep 
  • Periodic closing and the preparation of US GAAP-compliant financial statements 
  • Bank reconciliation with comprehensive treasury management support 
  • Management of sales tax and ensuring compliance 
  • Maintenance of prepaid items, accruals, depreciation, and amortization schedules monthly 
  • Provision of management reporting services 

At KMK, we take pride in delivering personalized services tailored to each client’s needs. Our experts can guide and advise on financial matters, offering you peace of mind knowing that your finances are well-managed. Outsourcing to KMK can save your business valuable time and money compared to hiring an in-house bookkeeper. With us, you can access top-notch bookkeeping services without the overhead costs of maintaining an internal team. 

Start saving time with our outsourced bookkeeping. Contact us!

Closing Thoughts: 

Outsourced bookkeeping services have come a long way since they were introduced a few decades ago. At the same time, staying informed about the evolving trends in accounting and bookkeeping outsourcing is essential. Companies that will integrate cutting-edge technologies like automation and AI will drive success in the future. Besides, businesses need to prioritize data security and compliance. Companies that adapt to these trends can unlock the full potential of outsourced bookkeeping services. AT KMK Ventures, we understand that outsourced bookkeeping can be the key to your success. With our services, you can streamline finances, improve efficiency, and gain valuable insights that will allow you to focus on your core strengths and achieve growth. Contact us today! 

About KMK

In the outsourced domain, KMK is a beacon of precision and reliability. With a robust team of over 475+ seasoned professionals, KMK ensures meticulousness and adherence to global standards in every task. This commitment to excellence allows CPA firms to navigate intricate landscapes with ease. KMK empowers firms to focus on their core functions by managing complex facets, ensuring optimal growth and efficiency. Their unwavering dedication to quality, timeliness, and accuracy positions them as a preferred partner for CPA firms, underscoring KMK’s significant presence and expertise in the industry.