What is Outsourced Accounting and How Can it Help Your Business?

The time saving benefits of outsourcing your accounting

What is Outsourced Accounting and How Can it Help Your Business?

Outsourcing is by no means a new concept, especially to the accounting industry. Many businesses both small and large have been outsourcing their accounting functions for a number of years. Currently, accounting is regarded as the most outsourced industry sector. Many small businesses often turn to outsourcing when it comes to their accounting needs as these tasks require a specific skill set that they might not possess in-house. As of April 2021, 37% of small businesses outsource their accounting functions.

What is Outsourced Accounting?

Outsourced accounting is when a business hires a third party (an outsourced partner) to complete accounting tasks and functions for their business instead of completing these tasks in-house. Accounting firms like, Open Books, who offer outsourced accounting services usually handle a variety of tasks including: payroll, bookkeeping, taxation, financial reporting, business advisory, capturing and processing services, ect.

Outsourced accounting is an extremely popular choice for many businesses, including accounting firms, who want to reduce their overhead expenses without compromising efficiency. For accounting firms, outsourced accounting gives them the opportunity to have an offshore extension of their internal team, which can be used to soften the workload.

How Can it Benefit Your Business?

  • Save Money

By hiring an outsourced accounting partner to handle your accounting needs, you are likely to save a large amount of money as outsourcing is generally much more cost-effective than hiring in-house staff. In-house accountants can often be very costly when you consider factors such as office space, equipment and employee benefits.

  • Improved Productivity 

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.

  • Access to Expertise

By outsourcing your accounting functions, you will gain access to a highly qualified team of professionals with a wide range of expertise. This will ensure that your accounting needs are always taken care of on time whilst adhering to all relevant regulations.

  • Enhance Scalability Opportunity 

If you are looking to grow your business, then having an outsourced accounting partner will benefit you. Accounting functions can often be extremely difficult and time consuming, distracting you from your core business. By outsourcing you will be able to focus solely on the revenue generating activities of your business which will in turn, help your business grow.

Ready to Get Started?

If you’re ready to save time and money whilst you grow your business, then you should seriously consider outsourcing your accounting needs to a professional outsourced accounting partner like Open Books. 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.

What Are The Benefits Of Outsourced Accounting?

A clock which emphasises the time saving benefits of outsourced accounting

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.