Outsourced finance & accounting
Numerous businesses and entrepreneurs have opted for outsourcing multiple business functions comprising finance and accounting. Now, the question is, why should business owners consider finance & accounting in their businesses and how will the outsourcing benefits aid businesses in gaining maximum credibility in the industry?
With the rapid advancement of technology, the way a business is operated today is far different from the way it used to be done in the good old days, especially, in the case of finance and accounting. Often, it can be difficult to keep up with the technology, which is constantly getting updated, and accounting policies, which are getting modified regularly.
Accounting can be outsourced in different ways, like getting a freelance accountant, hiring an accounting agency, and outsourcing business processes. Depending on their services, each option fits with specific criteria for hiring.
Businesses can hire a freelance accountant or bookkeeper for one-off or annual consolidation of their accounts and tax filing. Accounting firms can be hired for quarterly auditing and compliance of tax returns. A BPO company, meanwhile, is ideal for monthly regular accounting duties. Narith is providing finance and accounting outsourcing services in Atlanta, Georgia.
Key Benefits of Outsourced Finance & Accounting Functions
- Businesses outsourced finance and accounting to external service providers due to multiple reasons. One of the primary reasons is the affordability and quality outputs external service providers offer. Outsourcing accounting personnel for any particular job turns out to be more cost-efficient compared to hiring employees and building an in-house accounting
- Service providers always have established processes available, which makes them efficient and dependable. This is why, outsourcing, today, is gaining rapid popularity, when it comes to finance and accounting. Besides providing personnel, the service provider offer tried and tested accounting processes like invoicing, paying bills, and reconciling accounts that can make the entire process faster and more accurate. Hence, business owners can now do away with regular hassle of meticulously operating business accounts to make sure they are error-free.
- Accounting involves a lot of organization from all processes and documents that come with it. Sorting everything out, efficiently, is an arduous and time-consuming affair. However, when the function is outsourced, one can relax and invest more time on focusing on the improvement of the other core business functions.
- When it comes to the accounting documents of a business, a CPA is always beneficial. It helps in sorting out and reconciling every data. On the other hand, hiring an in-house employee can be financially burdensome. However, one can outsource the task to an external accountant to ensure smooth work flow and desirable output. Outsourcing a CPA can greatly make accounting issues considerably easier.
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Finance And Accounting FAQ's
You can consider outsourcing accounting and finance services when you have a fluctuating need for a bookkeeper, accountant and CFO. Outsourcing accounting and finance will allow you to receive services and high-quality outputs from skilled personnel with a considerable experience in the particular field. Also, outsourcing will give you access to better tools, help you save a lot of time and money, and allow you to avoid turnover problems or staff time off.
No, you do not need to worry about the accuracy of the services the outsourcing providers delivers, because, outsourcing companies are generally equipped with highly skilled and experienced personnel, who can do the job with utmost accuracy.
Outsourced teams, comprised of skilled accountants and experienced finance executives, are often reliable.
Outsourcing finance and accounting services or sharing your company’s financial information with a third-party vendor can lead to data breaches. But, you can secure the data by examining your data generation, collection and storage systems to plug potential leaks. Also, before outsourcing, you should conduct thorough research on the outsourcing firm’s security practices.
Monthly and weekly financial statements are regulatory requirement and immensely helps in decision-making. When you feel that your in-house accountant cannot meet the requirements of the business and is unable to prepare regular financial statements on time, it is a sign that your business requires accounting and finance outsourcing.
Large and reputed finance and accounting service outsourcing companies are generally equipped with the most latest and efficient accounting software to offer their clients error-free timely financial reports. Also, they follow different data security measures.
Outsourcing accounting services will cost you somewhere between $1000 to $5000 a month(approximately).