Before getting to the benefits of white-label bookkeeping, one might wonder about the meaning of bookkeeping. Bookkeeping, in the traditional sense, refers to the act of identifying and recording the financial transactions of a client or business. Large CPA firms usually hire bookkeepers to help ease the burden off the accountants.

What is White Label Bookkeeping?

White-label bookkeeping involves outsourcing bookkeeping services from an established firm. In fact, white labeling of a wide range of services and products is possible where a third party rebrands the authentic product or utilizes the service at a rate much less than doing it in-house. CPAs usually engage in white-label bookkeeping, as the process of outsourcing a field expert is far more advantageous than hiring a trainee employee, or a contracted employee. The field expert usually maintains transaction data, income reports, and financial information.

Outsourcing bookkeeping services usually prove to be the best for small and large CPA firms with limited time and resources.

Benefits of White Label Bookkeeping

White labeling of products or services usually proves far more advantageous than the hiring of contractors and freelancers. White labeling usually involves much less fee or production cost than in-house rates. Similarly, white-label bookkeeping also has a few potential benefits discussed below,

• Increased revenue stream- Outsourcing bookkeeping services at affordable and reasonable rates will allow the cost-cutting of hiring an employee that needs to be trained. Along with that, a reduction in tax bills and retention of office supplies will facilitate efficiency in revenue. The production of bookkeeping services in CPA firms will also attract potential clients. It will all lead to an increased revenue stream without adding significant overhead.
• Productivity Boost– With the engagement of white-label bookkeeping services, there will be time for the training of the in-house employees and the betterment of services in CPA firms. A shift in the workload of bookkeeping to a third party will also make time for the prioritizing of the internal productivity of corporations.
• Professional Team– Having outsourced bookkeeping services would mean the temporary employment of experts in the services of bookkeeping. The experts pay attention to accuracy and would be a lot more professional than hiring minimum-wage trainees.
• Professional Advancement– Outsourcing bookkeeping services is time-efficient. The time can be focused and invested into bigger goals and future plans like the expansion of the business or focus on the refitment of other skills.
• Efficient Performance– Accountants in firms are occupied and don’t always have time for minor revisions and updates of audits. The white-label bookkeeping services, on the other hand, provide much more efficient performance in the recording of financial transactions. Bookkeepers work accurately and efficiently, whilst being aware of all updates.

With all these benefits in mind, it is crucial to note that it is not necessary for all the activities to be carried out within the same organization. It is a smart decision for large or small accountant firms to outsource bookkeeping services from third parties.

Contact us today for more on how we can provide efficient white-labelled bookkeeping services.