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
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).
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.
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.