DIY Bookkeeping - 64% of US Business Owners Risk Financial Disaster: IBN Technologies' Outsourced Bookkeeping is a Solution
PUNE, INDIA, 26th June - A recent survey , showed an alarming statistic 64% of business owners in the United States handle their own bookkeeping. This do-it-yourself (DIY) financial management method exposes these businesses to immense risks of financial disaster.
Many business owners argue that handling their own bookkeeping is an effective way to save money. This misperception, however, ignores the ongoing expenses and possible dangers connected with the do-it-yourself method. Businesses that handle bookkeeping on their own run the danger of financial repercussions as well as tax challenges, costly fines, and cash flow challenges. Furthermore, the lack of accurate and up-to-date accounting records limits their financing options and restricts their growth potential.
Due to the magnitude of challenges associated with DIY bookkeeping, IBN Technologies, one of the leading outsourcing providers, offers a compelling solution to mitigate those risks. The offshore outsourced bookkeeping services provided by IBN Technologies ensure accuracy, efficiency, financial success and, ultimately, results in huge cost-savings for businesses in the USA and UK.
Ajay Mehta, the visionary CEO of IBN Technologies, highlights the inherent pitfalls of the DIY approach, "Businesses cannot afford to undervalue the significance of accurate bookkeeping in the highly competitive business environment of today. While taking on this task may appear cost-effective at first, it often leads to costly errors, delays, and missed growth opportunities. Business owners must recognize that bookkeeping is not just an administrative task but a vital component of running a successful enterprise. It requires the expertise and dedication of professionals who can provide accurate financial insights."
While some business owners feel that depending simply on technology would suffice, this ignores the fact that mastering accounting tools requires time and practice. The accuracy of accounting software depends entirely on the information entered, and without proper bookkeeping knowledge, mistakes are likely. Inaccuracies can compound without oversight, potentially causing issues worse than having no bookkeeping at all. Businesses are recommended to seek expert guidance from companies like IBN Technologies in order to prevent wasting time, money, and perhaps their business.
IBN Technologies' success in the outsourcing sector is a result of its dedication to providing top-notch service and cultivating lasting relationships with clients. The company's expertise extends beyond bookkeeping to include a wide range of financial services, such as cash flow management, payroll processing, and financial analysis. This comprehensive suite of services enables businesses to streamline their financial operations and achieve sustainable growth.
Key Benefits of IBN Technologies' Offshore Bookkeeping Services:
1. Mitigate financial risks: By leveraging specialized expertise (120+ certified, US GAAP experienced bookkeepers), businesses can minimize financial risks associated with bookkeeping and ensure compliance with regulations, safeguarding their financial stability.
2. Save money, time, and resources: Offloading bookkeeping responsibilities allows business owners to focus on core operations and strategic initiatives, driving business growth. This also leads to cost savings of up to 50% on overhead expenses.
3. Enhance financial operations: By streamlining financial processes, businesses can improve cash flow management, payroll efficiency, and overall financial performance.
4. Ensure data security: IBN Technologies prioritizes data security in bookkeeping, implementing robust measures to safeguard sensitive financial information and maintain client confidentiality.
Ajay Mehta emphasizes the benefits of offshore outsourcing, stating, "Outsourcing bookkeeping activities not only saves businesses important time, but it also gives them access to a team of professionals who are proficient about international accounting standards and laws. Business owners can reduce the burden of managing their finances by delegating bookkeeping duties to qualified experts and dedicate their time and resources to driving growth and innovation."
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2013 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
