The top 3 accounting tasks your business should outsource

A person explaining the top 3 accounting tasks that businesses should outsource

The top 3 accounting tasks your business should outsource

As a business grows, things start to change and it often becomes more difficult for business owners to keep up with all the necessary things that need to be done on a daily, weekly and monthly basis.

When it comes to accounting, there are easier ways to make sure that your internal accounting functions are always up to date – By taking advantage of outsourced accounting, you’ll have more time on your hands to focus on your core business activities without having to worry about your accounting tasks.

Top 3 accounting tasks business should outsource

Bookkeeping

Bookkeeping is an essential part of accounting which can often seem like a simple and straightforward task, however, it can easily become overly time consuming and technical. Bookkeeping is largely one of the most popular outsourced accounting tasks simply because of its time consuming nature. What also makes it a great choice to outsource is that bookkeeping doesn’t require comprehensive knowledge of a business. By outsourcing your bookkeeping, your business has the potential to save time, money and resources whilst adding value to your business.

At Open Books, we have a team of skilled bookkeepers who are equipped to handle your bookkeeping and VAT tasks of varying volumes.

Payroll

Processing your businesses payroll in-house can often be a stressful, time-consuming and costly process, especially if there is a shortage of resources. Payroll is not only a core function for a business, but it’s also vital for maintaining employee morale and confidence. If your employees are not paid correctly and on time, it will likely negatively impact employee retention.

Outsourced payroll has a number of benefits, including:

Cost savings:
Your business can drastically reduce operational costs associated with hiring an in-house staff member, including salary, training, hardware and software costs.

Access to the latest tech:
Technological limitations are among some of the top reasons why companies are choosing to outsource.

Outsourced payroll partners like Open Books use robust technology and cloud-based solutions which enable employees to access their information with ease.

Access to payroll expertise:
At Open Books, we have a team of payroll experts who have extensive knowledge in payroll and payroll software. Our payroll experts are extremely skilled in what they do, and by utilising an outsourced payroll partner, your payroll will be seamless.

Preparation of statements/reports

Another accounting function that is often outsourced is the preparation of financial statements and reports. These documents are extremely important as they offer incredible value to a business in the form of statistical data and future forecasts. Outsourced accounting firms can prepare monthly, quarterly and annual financial statements and reports which offer great insights and an edge over competitors.

How Can OpenBooks Help?

At Open Books, we have a team of experienced professionals and financial experts who can help you with all your accounting needs. We are proud to offer our clients services and support that follow country-specific accounting and tax requirements. Outsourcing with Open Books can help you save money whilst scaling your business at the same time.

Don’t hesitate, contact us today regarding any of your accounting needs, our team of professionals are ready to assist you.

Why are Companies Switching to Outsourced Accounting?

Why are Companies Switching to Outsourced Accounting?

The business landscape is continuously transforming year-on-year, and businesses need to adapt to the new challenges brought about by this transformation. With a myriad of new concerns brought about by increased targets, ever-changing regulatory compliance and increasing pressure from competitors, companies need more efficient business strategies. 

In response to the ever changing business landscape, many companies are incorporating outsourcing into their business strategies, and by outsourcing their accounting function, businesses are reducing their overheads and increasing their bottom line in several ways. Read on to find out how.

The top reasons why companies are outsourcing their accounting function

 

Saving money

Businesses typically spend a substantial amount of their revenue to properly train internal accounting staff. By outsourcing your accounting functions, you can lower the costs associated with employee expenses such as employee benefits, training, hardware and even office space. South Africa, as a BPO destination, offers major cost savings to source destinations such as the UK, US, and Australia of at least 40%– 45% on a steady-state operating basis (including overheads).

Saving time

Outsourcing your accounting function could present you with an incredible time saving opportunity, allowing you to focus on growing your business. Accounting tasks are generally admin-intensive and time consuming, however, through outsourcing, a business owner can re-focus their time and resources on revenue generating aspects of the business.

Access to Expertise

Small businesses often can’t afford to hire an experienced in-house accountant and often tend to hire someone who is less skilled. By outsourcing your accounting functions, however, you will gain access to a highly qualified team of professionals with a wide range of experience and expertise, ensuring that your accounting needs are always taken care of on time, whilst adhering to all relevant regulations.

Scalability 

Whether your business is small or large, you’re going to want to have the flexibility to scale up or down without suffering from a loss of profit. This is where having in-house accounting staff could be a problem, as a sudden drop in revenue may force you to lay off staff. Through outsourcing your accounting functions, you can scale up (or down) in a heartbeat, without impacting your employees.

Ready to start outsourcing?

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. Feel free to contact us regarding any of your accounting needs, our team of professionals are ready to assist you.

5 Tips to Manage your Payroll Effectively

Tips to help you manage payroll

5 Tips to Manage your Payroll Effectively

Payroll is a core function of any business, no matter the size. If you are not effectively managing your businesses payroll, it can cause some major issues. Payroll is not only a core function for a business, but it’s also vital for maintaining employee morale and confidence. If your employees are not paid correctly and on time, it will likely negatively impact employee retention.

 

If you are unsure of how to manage payroll effectively, you are not alone. Many businesses struggle with this function and are unsure of the best ways to manage their payroll. Here are 5 tips to help you manage your payroll:

 

1. Get organised

When it comes to payroll, organisation is key. The more organised you are with your payroll documents, the easier your payroll tasks will be to complete. This is where a payroll calendar can come in handy. A payroll calendar will help you keep track of all important dates, reminding you of all your deadlines. An effective payroll calendar will help plan and reduce stress.

 

2. Ensure payroll staff are trained

Effectively managing payroll is not as simple as you may think, it can often be an extremely difficult task and there is a certain level of skill and knowledge that is required. It is, therefore, essential that your payroll team have undergone the necessary training. Furthermore, new technologies are constantly being developed, so it’s important that your payroll staff are keeping up to date with the relevant technology. It’s also important for payroll staff to attend regular conferences or training sessions so they can learn about improving your company’s payroll process.

 

3. Stay up to date with the relevant payroll regulation

Legislation relating to payroll is constantly evolving, and in order to avoid any penalties or legal issues, you should always ensure that you are up to date with all payroll legislation. Penalties and other non-compliance issues have the potential to hamper the growth of your business and become an enormous headache for a business owner.

 

4. Get the right software

Technology has made payroll processing easier to manage. The advances in technology have made payroll much easier to manage. Nowadays, payroll software can handle anything from time-tracking, forms, employee time off, and much more. The trick is, however, to choose the right software for your business.

 

5. Outsource your payroll

Managing your own payroll can be stressful. If handling your own payroll is not working for you, then you can also try outsourcing your payroll. By outsourcing this function to a trusted outsourced partner like Open Books, you will gain access to payroll experts who have extensive knowledge in payroll and payroll software. Check out our blog to discover the benefits of outsourcing your payroll.

By utilising an outsourced payroll partner, your payroll will be seamless. Ready to start outsourcing your payroll? Get in touch with Open Books today!

5 Benefits of Outsourced Bookkeeping

5 Benefits of Outsourced Bookkeeping

The expansion of modern technology specifically, cloud computing, has made outsourced accounting more accessible to business owners around the globe. It’s brought us closer to people who can help us with the day to day operations and other business needs, helping our businesses run smoothly and generate more profit. 

Many business owners confess to not having the necessary time or skill to carry out bookkeeping tasks themselves, which often result in neglected financial accounts. As a business owner, ensuring that your business is financially healthy should be a top priority. If your goal is to expand your business, then you should explore the possibility of outsourcing your bookkeeping services to a professional outsourced accounting partner like Open Books. We explore 5 benefits of outsourcing your bookkeeping:

1. Saving time and money

Outsourcing your admin-intensive tasks, like bookkeeping, can save you an immeasurable amount of precious time and money. Back-end office functions can be incredibly time consuming, distracting you from your core business functions. Furthermore, by outsourcing your bookkeeping, you can save on the costs associated with hiring a full-time employee. By outsourcing your bookkeeping, you will only pay for what you need, when you need it.

2. Access to a team of experts

Outsourcing your bookkeeping to a professional accounting firm will give you access to a team of highly skilled individuals who are at your disposal. When you outsource your bookkeeping, a team will be handling it, but when you in-house this function, then it is usually handled by an individual. Just as you are an expert in the particular field of business that you operate, you need an expert to manage your financial information, and who better to do this than the team of experts at Open Books.

3. Access to the latest software

Outsourcing your bookkeeping and other accounting functions gives you access to the most advanced accounting software and tools, without personally having to pay for them. Cloud-based accounting software is often expensive and most small businesses cannot afford to pay their fees. By outsourcing, you will be able to benefit from the latest software, without having to absorb the expenses related to it.

4. Reduced errors

When hiring an in-house bookkeeper, you will usually only hire one person for the job. This makes you solely reliant on that one specific person to do your bookkeeping. Not only does this create more room for error as there is only one person to manage your books, but it also has the potential to hinder your business. If this person is sick or on leave, there is no one to manage your books. When you make use of an outsourced bookkeeping partner, you gain access to a whole team of bookkeepers, which means that there is less room for errors as more than one person will be making sure your books are correct and up to date.

5. Adaptability and scalability 

Whether your business is small or large, you’re going to want to have the flexibility to scale up or down without suffering from a loss of profit. This is where having in-house bookkeepers could be a problem, as a sudden drop in revenue may force you to lay off staff. By having an outsourced bookkeeping partner, you can scale up (or down) in a heartbeat, without impacting your employees.

At Open Books, we offer our clients services and support that follow country-specific accounting and tax requirements. Our team of dedicated professionals have extensive experience in providing quality outsourced accounting services across multiple accounting functions. Contact us regarding any of your outsourced accounting needs.

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.