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Glossary
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Outsourced bookkeeping

What is outsourced bookkeeping?

Outsourced bookkeeping is when a company hires an external service provider to handle its bookkeeping tasks. This can be a cost-effective way for small and medium businesses to manage their financial records, allowing them to focus more on their core business.

Outsourced bookkeeping services typically include tracking of income and expenses, reconciliation of accounts, preparation of financial statements, and often even tax preparation. By outsourcing, companies can tap into a team of experts with diverse skills and knowledge, potentially reducing errors and improving compliance. However, this option requires trust, as the company will be sharing sensitive financial data with an external party.

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