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.