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?

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.