The pros of outsourcing your accounting services
It’s cost effective
Depending on the geographical location of your outsourced accounting team, most times, you’ll find accountants and bookkeepers cost significantly less to hire through an outsourcing provider. Many factors can play into this, such as the economic standing of the offshore country and what types of tasks they are assigned.
But, it’s not just salary that plays a huge part in reducing costs, but also a reduction in fixed overheads. Think of all the components that are required for your business to operate, like computers or desk chairs. Then you pile on the expense to rent office space required for your accounting team, or facilities like a kitchen area, toilets, internet, air-conditioning and security. These costs can add up for an organisation. Now, imagine if you had an opportunity to just completely remove them. Usually, with outsourcing providers, some, if not all, of these costs are managed for you. This is also the same with the operational and human resources or recruitment costs of sourcing, managing and retaining accounting staff.
Expert advice
Much more than just 'an extra pair of hands', your chosen outsourcing provider have highly trained professionals who can offer insights, advice and add value to each stage of the accounting outsourcing process. From recruitment and onboarding, through to training and ongoing management, they are an extension of your business through a partnership agreement.
From an accounting perspective, outsourcing providers hire accountants and bookkeepers who are up-to-date with new local accounting laws and legislation, making it easier for organisations to adapt to changes and stay compliant.
Save on time and foster growth opportunities
By outsourcing the transactional, time-consuming tasks to your offshore accounting team, you can free up time for your onshore staff to focus on tasks that foster organisational growth and drive revenue generation. From a management perspective, less time is spent overseeing financial functions and organising financial statements, reconciliations and payables.
Just as you free up time for your organisation to grow, you are freeing up the time for your onshore staff to grow. By relieving them of repetitive tasks, they can focus on what they were hired to do, which, in turn, can also lead to higher employee satisfaction rates.
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