Outsourced bookkeeping refers to the practice of hiring external bookkeeping professionals or firms to handle the day-to-day recording and organization of financial transactions for a business. This arrangement allows businesses to focus on their core activities while benefiting from the expertise and efficiency of external bookkeepers. Outsourced bookkeeping services typically include recording financial transactions, reconciling bank statements, managing accounts payable and accounts receivable, and producing financial reports. By outsourcing these tasks, businesses can reduce costs, improve accuracy, and ensure compliance with accounting standards.
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