Outsourcing Accounting for Small Businesses: A Step-by-Step Guide

One of the many goals for any small business owner is for their business to grow. And while it takes time, growth is dependent on taking small, smart steps. One such step is knowing when to enlist the help of an outsourcing provider.

These outsourcing providers often offer roles across all departments, from Information Technology (IT) to Customer Support and Sales & Marketing. Another role is Accounting. Outsourcing this role is a smart business move as accounting tasks such as bookkeeping services and financial management can prove tedious and time-consuming, with specialist skills required to ensure everything is done above board.

But what does outsourced accounting entail, and why should you consider it?
Here, we look at outsourced accounting and why it may be beneficial for small businesses to make the move.

What is Outsourced Accounting?

The Breakthrough Office defines outsourced accounting as “when a business hires a third party (outside of their company) to complete the accounting function and finance function of the organization.”
Outsourced accounting is a move that gives small businesses access to a broad skillset, with services tending to cover:

• Bookkeeping
• Payroll
• Accounts Payable and Accounts Receivable
• Financial reports and tax calculations/submissions

When businesses outsource roles such as accounting, they free up time to focus on accomplishing greater business objectives. This is a key attraction as day-to-day tasks are replaced by big picture projects.
The knock-on effect, of course, is that startups can hire for essential roles, those that dictate the direction of the business and cover key responsibilities.
This way, business are able to streamline strategies and unlock pathways that lead to growth down the line. 

Why Outsource Accounting Services?

As a leading global outsourcing service provider, the Philippines is one of Emapta’s most important locations. With its track record of skilled workers and cost-effective wages, small businesses can tap into premium talent that they otherwise wouldn’t have access to at home. This gives these small businesses the opportunity to fill a role, such as a finance and accounting position, without having to break the bank or settle for lesser experienced talent.

Accounting services for small businesses are beneficial for several reasons.
First and foremost, rates of pay in regions such as the Philippines, Sri Lanka, and Colombia are lower than, for example, those in the U.S.
Right from the moment you decide to hire, you also save on expenses such as recruitment, training, and equipment as your outsourcing provider takes care of everything.
Not only that, but you won’t need to worry about finding a larger office space or setting employees up to work from home. These can prove costly when you have rent, insurance, and risk assessments to consider. 

When you hire one or a team of small business accountants, your offshore staff will align with internal processes and your culture. This makes your off-site team a true extension of your in-house team and ensures seamless communication and an understanding of company goals. These employees can produce cash flow statements, undertake tax preparation, and meet any Key Performance Indicators (KPIs) you set.

But what about the tasks your outsourced accounting team will manage?
Finance and accounting outsourcing companies such as Emapta only work with the best talent. In fact, we source the top 1% of talent across the following roles so your accounting processes are in safe, experienced hands:

• Financial Accounting
• Managerial Accounting
• Cost Accounting
• Auditing
• Tax Accounting
• Accounting Information Systems
• Fiduciary Accounting
• Forensic Accounting
• Public Accounting
• Government Accounting

Furthermore, you will never have to worry about compliance again as your outsourced staff will ensure everything aligns with rules and regulations within your jurisdiction.
We also utilize back-grade security measures to ensure complete data security.

Lastly, small businesses can easily scale up their outsourced team at any time to meet their business needs.
And just like when you initially partnered with an outsourcing provider, they will find employees who match your desired criteria and possess the skills and drive to contribute to your accounting needs and business growth.

How to Outsource Accounting Services as a Small Business with Emapta

If you’re an accounting firm looking for the best outsourced accounting services, you’ve come to the right place.
At Emapta, we have specialized outsourcing accounting services for small businesses.
So, whether you need one accountant to manage your financial data or an entire team to take on bookkeeping tasks, we can help you with the following roles:

• Certified Public Accountant (CPA)
• Junior Accountant
• Staff Accountant
• Senior Accountant
• Project Accountant
• Cost Accountant
• General Accountant
• Tax Accountant
• Financial Analyst
• Financial Accountant
• Controller
• Internal Auditor
• Tax Accountant
• Finance/Accounting Manager

We also offer institutional and vendor-related accreditations, including:

• Certified Public Accountant (CPA)
• Certified Financial Analyst (CFA)
• Certified Management Accountant (CMA)
• Certified Financial Services Auditor (CFSA) 
• SAP Certifications

So, what are you waiting for?
Piece together your outsourced accounting team to ensure accurate financial reporting by booking an Emapta consultation today.

About Emapta
Founded in 2010, Emapta is a top-tier global outsourcing company with a strong presence in 19 offices across the Philippines, Colombia, Macedonia, Sri Lanka, the United States, and Malaysia. We build high-performing teams as a seamless extension of our clients’ onshore operations and offer tailored solutions with expertise in Customer Experience, Accounting & Finance, Mortgage & Financial Services, Tech and Retail. With over 9,000 employees globally, we build and operate global teams efficiently, transparently and equitably for our clients and talent team members.