Onsite Bookkeeping vs Offsite Bookkeeping
Bookkeeping is a general term used for the recording of information. In accounting, bookkeeping is when you keep records on financial transactions on the corresponding entities. In layman terms, bookkeeping is actually keeping records of purchases, sales, loans, capitals and owed obligations. Financial transactions basically involves money. There are two kinds of bookkeeping, namely onsite and offsite.
Onsite bookkeeping is when an accountant or a team of accountant goes to the company to get the financial information needed for the bookkeeping work. Besides looking at figures, accountants also sits the owner and staffs down to understand what information and format are most suitable for the analysis of the company’s performance. This builds a sense of trust between the customer and client.
Since financial information are sensitive and should be confidential, security is the key. Since most onsite bookkeepers keep the files on the company’s own premise, the financial information would be safe from the prying eyes of others seeking to destroy their competitions. Also, by keeping the files in the premise of the company, there will not be any time wasted to send the files back and forth. Source documents and files are safer this way.
With onsite bookkeeping, comprehensive analysis can be provided. In a suitable interval as set by the company, either weekly, monthly or annually, accountants can come over and review financial reports such as profit and loss, cash flow and even help companies to plan their budget.
Offsite bookkeeping is another form of keeping records on financial information. Offsite bookkeeping make use of computer software and servers for this very purpose. Examples of software used are like Quickbook Online and Nolapro. There are various options to use this sorts of service. Either by sending the raw information to a virtual bookkeeper or by having the software yourself and make use of the server.
The edge that offsite bookkeeping has over onsite bookkeeping is that offsite bookkeeping can get updates in real time. Things can be done quicker and there is no time waste to wait for the accountant or bookkeeper to come in, interview the owner and staff. Since much time is saved, productivity can be improved.
So both bookkeeping options have its benefits. Of what is chosen depends on the criteria of what the company is looking for. If you have trouble going digital, go with an onsite bookkeeper. If you would like to be more productive, go with an offsite one.
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