What Are The Benefits Of Outsourced Accounting?
Businesses are continuously exploring new ways to reduce their operational costs, without compromising the integrity of their business. If anything, Covid-19 has shown us that we need to be prepared for anything that life may throw at us. Many companies were negatively affected by the hard lockdowns and the work from home strategies, as they were not prepared for them. Some companies have since realised that they no longer require certain in-house staff and have opted to outsource them. Accounting is one of the most common areas where businesses are choosing to outsource.
Having an in-house accounting team was the traditional way to handle a businesses accounting needs, however, this is no longer the case. Nowadays, businesses are choosing to rather outsource their accounting needs so they can reduce their operational costs and focus on their core business.
This is why many companies, both small and large are turning to outsourcing to solve all of their accounting needs. We explore the various benefits associated with outsourced accounting.
The Benefits of Outsourcing your Accounting Functions
- Reducing business costs
If you choose to outsource your accounting functions, you will benefit by saving a large amount of money. You will be able to save on the costs associated with employing a full time accounting team, your business will no longer need to devote valuable time or money to training, equipment and other costs such as salaries and employee benefits. Some accounting firms that offer outsourced accounting services have a variety of payment structures, some services are offered on a pay per head basis, whilst others are offered on a time based structure. Either way, you will only pay for the services you need.
- Improving productivity within your business
Outsourcing your accounting functions will allow you to invest more time and money into the revenue generating activities of your business. Allowing a team of trained professionals to handle all of your accounting needs will ensure that all accounting tasks are completed on time, with the highest level of accuracy. Outsourcing your accounting needs will further benefit your business as all suspicious activity is immediately reported to the business owner, which will eliminate the risk of internal fraud.
- Adhering to compliance requirements
If you decide to outsource your accounting functions, you will no longer need to worry about the ever-changing regulatory requirements. Your outsourced accounting partners are in tune with all of the relevant laws across the industry. They are constantly monitoring the relevant regulations to ensure that you are compliant. You will have peace of mind in knowing that all of your accounting needs are being completed by a qualified expert, adhering to all the relevant laws and regulations.
- Experience with leading software
Outsourced accounting firms have access to, and experience with a variety of the leading accounting software and cloud-based solutions on the market. By outsourcing your accounting needs, you won’t need to purchase your own software, which can often be quite costly. Additionally, there will be no need to spend an excessive amount of time or money on training your in-house staff, as outsourced staff will already have been trained and will have experience using the software.
How Can OpenBooks Help?
Outsourcing your accounting functions may seem quite intimidating, but when you choose the right partner, the benefits will be endless. At Open Books, we are proud to offer our clients services and support that follow country-specific accounting and tax requirements. Our team of dedicated professionals have experience in providing services across multiple industries and sectors, they also have extensive experience across multiple accounting, payroll and financial systems. Please feel free to contact us regarding any of your accounting needs, our team of professionals are ready to assist you.