4 Reasons Why Smart Business Leaders Outsource Accounting Services
Many rising organisations find themselves spending more time on managing their finances than scaling their business, leading to costly setbacks and delays in growth.
Handling financial reports, balance sheets, accruals, audits, taxes, and other accounting tasks require a high level of experience and expertise, which can be hard to find at an affordable rate.
While many are still hesitant, modern business leaders are certain that the smart and strategic choice is to outsource accounting services to an offshore provider.
Outsourcing can give businesses huge cost savings, allowing them to hire an entire team of qualified accounting professionals and experts at a much lower rate.
But the benefits of outsourcing a whole team of finance and accounting professionals go way beyond huge cost savings, which can be crucial for organisations that want to break through the market.
1. You save time and resources
Hiring accountants on your own can be a tedious process that takes a lot of valuable time from your business. But an outsourcing partner can do the whole process end-to-end.
Outsourcing providers already have an established strategy and process to give you the talent that matches your exact needs, eliminating overhead costs in the process.
Moreover, with a global network of talent, outsourcing providers can find professionals that are otherwise difficult to find in your own region, especially during this time of global talent shortage.
Aside from time, your business can also decrease labour costs up to 72 percent as providers source their talent in regions with a lower cost of living and lower wage rates.
2. You get experience and expertise
Low costs do not mean low quality of service or subpar skills. On the contrary, outsourcing partners provide certified professionals specific to the roles you need.
In the Philippines for instance, one of the top outsourcing destinations in the world, providers source talent from a labour force that adds over 175,000 certified public accountants each year.
Outsourcing providers implement a rigorous recruitment process that sifts through the diverse talent pool to find the talent that matches your company’s vision and your skill requirements.
3. You can maximise flexibility
Flexibility can mean two things when it comes to outsourcing finance and accounting services.
First, organisations gain flexibility on the size of their teams through outsourcing. Providers allow organisations to hire specific accounting responsibilities, functions, or even an entire team, depending on what they need – no cookie-cutter solutions.
Outsourcing allows organisations to scale up or down as needed without any lags or hiccups in the workflow. This is important during peak seasons when demands sharply increase and businesses need an extra set of hands to do all the accounting work.
Second, outsourcing also gives organisations the much-needed flexibility with their internal finances. In a bad financial quarter, for instance, businesses can outsource a team for a lower price, instead of hiring new specialists that will require salary and benefits per head.
4. You grow with focus and improved efficiency
With all certified professionals onboard, organisations can devote all their time and energy to doing high-value business.
Some companies choose to outsource menial accounting tasks and leave the analysis to their local team, while others outsource an entire finance team.
Either way, leaving accounting work to the hands of experienced professionals will give you more time to strategise, find new revenue streams, and explore new markets.
Focus on core business only leads to improved efficiency, satisfied customers, more profits, and more investments.
Next step: Finding the right partner
Many organisations in various industries have found success by offshoring key functions of their business, but outsourcing is not a cure-all solution.
The first step in making the most out of outsourcing is to find the right partner that can help you meet your business goals.
The best outsourcing partners do not only provide quality talent, but also give you enough flexibility and control to integrate your brand, identity, and vision into your offshore team.
By outsourcing accounting services, your business can take off and realise its true potential.
And because accounting is more than just crunching numbers, organisations can leverage outsourcing to hire junior up to senior accountants to do both menial and core business tasks.
Where the job is about payables, expenses, financial reporting, analysis, client billing, maintaining records, or tax work, outsourced accountants can do the work for you.