How Does Outsourced Bookkeeping At Monily Work?

Wajiha Danish | August 25 2022

Small and medium businesses have limited resources. Often the owners have to do a million things at once. Besides running day-to-day business operations, they even have to do their own bookkeeping. What’s the harm in it? Put simply, it steals your focus from things that need your utmost attention.

Managing books isn’t the most complicated task, however, it consumes lots of time that you could have spent on accelerating growth and taking your business to the next level. You don’t want your time divided among things others can do better than you and distracted from ones nobody can do but you.

The Benefits of Outsourcing Your Books

1. Extra Time

You can free up the hours you invest in tracking transactions and balancing books to focus more on business growth and productivity. Outsourcing bookkeeping frees up time and energy and can help you attain the work-life balance you long desire.

2. Minimize Costs

Virtual bookkeepers do everything an in-house resource does at a lesser cost. Outsourcing bookkeeping implies you only have to pay for services you need and when you need them, which means it is more cost-effective.

3. More Flexibility

Virtual means flexible, and flexibility goes a long way in ensuring your business gets work done efficiently. Business sales go up and down with seasons, and it is pivotal to ensure you have adequate resources during busy months and save some at down times. Outsourced bookkeeping allows you to do just that.

4. Easy Transition

Bookkeeping is required on a day-to-day basis. You can’t afford to fall weeks behind searching for the right bookkeeper. Outsourcing helps you evade the hassle and seamlessly adopt the service you need when you need it.

In-House VS Outsourced Bookkeeping Annual Costs

With all the benefits and compensations added, an in-house bookkeeper in 2022 costs on average $50K/year. Once you add other overhead expenses to the mix, the number goes further up.

In contrast, an outsourced bookkeeper, on average, costs anything between $30-35K/year. This number comes after factoring that the virtual resource does your business bookkeeping for 8 hours a day, 5 days a week, and 12 months a year. No holidays or sick days!

That makes outsourced bookkeeping 100% cost-efficient. Every buck you pay is paid for the service, not for holidays, benefits, etc. You don’t have to cover your bookkeeper’s expenses if they call in sick.

Check out the infographic below to better understand the cost benefits of outsourced bookkeeping:

Cost benefits of outsourced bookkeeping infographics

How Does Outsourced Bookkeeping Work?

Outsourced or virtual bookkeepers do the same chores an in-house resource does; they attend to your financial matters, keep your books balanced, manage your cash flow, and provide you with the financial clarity you need to make informed decisions.

Often, virtual bookkeepers work as an extension of your in-house team, helping them manage the workload efficiently. Many small and medium businesses opt to outsource because it saves money, provides more flexibility, and is equally efficient.

Outsourcing bookkeeping implies delegating the complete financial work of your business to virtual experts who work dedicatedly with you 8 hours a day, 5 days a week, and 12 months a year. In addition, you even get to save extra on benefits, insurance, training, and equipment costs.

How Does Outsourced Bookkeeping Work at Monily?

Monily is your trusted financial partner who lets you delegate your accounting work or a fraction of your accounting work to virtual experts. Unlike freelance platforms where you pay for bookkeeping services. Here you pay to hire a team who works dedicatedly with you.

Through Monily’s virtual bookkeepers, you can cut costs by 50% and get more work done in less time. We offer affordable bookkeeping services to small and medium businesses that want quality work and have a limited budget. Here’s how you can outsource your books to Monily:

Step 1 – Place An Order/Book A Free 30-Minute Consultation

You can either visit Monily.Com to hire bookkeeping services with a few clicks or schedule a consultation to know more about us. Monily offers new clients free 30-minute consultation with a certified expert to discuss your business financial needs and find solutions perfect for you.

Step 2 – Provide The Required Information

Next up, you need to provide Monily with access to your bookkeeping software, reports, and documents required for balancing your books. Our team shares proficiency across all popular bookkeeping software and can offer virtual services on a platform of your choice.

Step 3 – Quality Inspection Pre-Delivery

Our virtual bookkeepers are experts at balancing books, managing cash flow, and perfecting finances. However, to ensure maximum quality, their work also gets inspected by our certified experts pre-delivery.

Why Do You Need To Outsource Your Books?

Outsourcing bookkeeping is a sure-fire way to reduce costs, get more time, and enjoy the flexibility needed to level up. So, if you are fed up with the discrepancies in the book, the high costs of in-house resources, and the lack of financial clarity, you need to consider outsourcing your books now.

The boost in productivity and growth delegating work brings to the table is matchless, and this boost comes at a lesser cost if you choose to outsource. So, head to Monily.Com today to delegate your books to virtual bookkeepers who do more at a lesser cost.

Still can’t decide whether outsourced bookkeeping is best for you? let’s connect now

Author Bio

Wajiha is a Brampton-based CPA, CGA, and Controller with 17+ years of experience in the financial services industry. She holds a Bachelor of Science Degree in Applied Accounting from Oxford Brookes University and is a Chartered Certified Accountant. Wajiha spearheads Monily as its Director and is a leader who excels in helping teams achieve excellence. She talks about business financial health, innovative accounting, and all things finances.