17 Jul 7 Reasons to Outsource Accounting and Bookkeeping
Is your business’s Accounting and Bookkeeping up to date? Are you confused between accrual and cash methods of accounting, for VAT? Do you require professional support to gain better financial control over your growing business?
Accountants help in overcoming these barriers and act as an invaluable asset to the company. In addition, timely and accurate update of books of accounts is necessary for a detailed analysis of the financial health of a business.
However, the next confusion that arises is whether to hire an in-house accountant or outsource the same.
Outsourcing drastically reduces the cost of maintaining the books of accounts which is very efficient and effective for Small and Medium Businesses.Also, they can focus their resources more on the core business.
The Top 7 reasons to Outsource Accounting and Bookkeeping Services
1. TIME IS SO PRECIOUS. SO, UTILISE IT WISELY!
If you are not in the business of doing accounting, eliminate the time spent on managing the administrative staff by outsourcing the accounting services. This reduces your workload on non-core functions and helps you focus on your core business.
2. REDUCE THE COSTS AND SAVE BIG!
Avoid hiring full time or part time in-house staff.This helps to save various costs such as hiring ,training, salary, employee benefit and infrastructure. The Accounting and Bookkeeping can be done at a fraction of the price through outsourcing
3. FOCUS MORE ON THE CLIENTS:
The quality of your core business will suffer if more time and focus is given on the non core functions such as accounting and bookkeeping services. Instead, outsource the same and shift the entire staff’s focus on what your clients need.
4. GET ACCESS TO THE EXPERTS OF ACCOUNTING AND BOOKKEEPING:
The group of Accountants in the outsourcing company are highly skilled with a vast load of knowledge to stay competitive in the market. Relax and sit back as you are handing it over to reliable and trustworthy persons at an affordable price who provide relevant dashboards and metrics that can help you gain better financial control over the business.
5. A BETTER WAY TO MANAGE RISK:
A group of professional accountants is always better than an in-house accountant. By outsourcing the accounting and bookkeeping services, the risk involved in having the same task done by an in-house accountant who may not have adequate knowledge about that field than a group of experts reduces. Also, loopholes, errors are better found by a group than by one.
6. CONSULTING BECOMES AN ADD-ON
Accounting service providers can provide you valuable feedback and suggestions, regarding the long-term goals or the financial affairs of your business that will help you cut down your spending and increase your profits. This will result in an overall growth in your business. There is no need to hire anyone additional for this purpose.
7. SAY NO TO ERRORS AND FRAUDS:
While no system of internal control system can eliminate frauds, it can be minimized. One of the best practices to reduce the same is ‘Outsourcing’. The Accounting and Bookkeeping process might be one of the non-core functions for the business but for the outsourcing company, this is the major function. Hence, the quality and accuracy checks involved will be more and better. This will help in reducing the errors and frauds of any kind.