Accounting in an enterprise is a serious and responsible task. Loss of necessary information, errors in accounting, inaccurate reflection, and untimely preparation of financial statements entail many risks. At the same time, reducing costs and increasing efficiency are now more relevant to business than ever. This can be achieved through the introduction of electronic systems into everyday work, the automation of paper processes, and the reduction of routine work that requires a presence in the office.
Another way to reduce costs is to use outsource bookkeeping solutions. In fact, with outsourcing, you can save up to 40% on accounting services. Outsourcing of accounting functions allows a business to forget about bookkeeping and accounting issues: who should go on vacation when, who should calculate and pay the salary, taking into account sick leave, overtime, and numerous deductions, how to pay tax, and so on. All you need is to outsource bookkeeping solutions.
With an outsourcing company that will take on bookkeeping, payroll, and other HR functions, full accounting support, tax accounting, including preparation of tax returns, financial consulting, and other bookkeeping and accounting-related functions, the business is usually much better off.
Many companies prefer not to spend money on their own accounting department and not invest in business processes that are not core to them. It is more profitable and easier to use outsource bookkeeping solutions from a professional provider. More and more companies are realizing the benefits of outsourcing and are ready to outsource more and more processes.
Although bookkeeping outsourcing is often seen as a way to optimize ongoing accounting costs, now companies also turn to it in order to achieve competitive advantages and reduce financial risks. Most importantly, outsourced accounting allows business owners to focus on the business.
Small and medium companies are more likely to outsource bookkeeping. However, these solutions can be very valuable for start-ups as well. It is obvious that at the very beginning of its activity, during the period of rapid development of the company, one must fully devote oneself to the development of the business. Bookkeeping outsourcing gives you the opportunity to devote yourself to business processes without spreading yourself thin trying to do everything yourself. At the same time, startup owners can rest assured about the quality of work.
Outsourced comprehensive accounting support includes:
- restoration of bookkeeping records
- assistance with choosing the optimal accounting and tax strategy
- accounting audit
- assistance with calculating the salaries of employees and sending paychecks
- work with banking operations
- formation and submission of accounting and tax reports
- consulting during a conflict situation with the tax authorities.
You can choose one of the convenient service options by getting full accounting services or partial accounting support, that is, one of the services listed above separately. The client of an accounting outsourcing firm always clearly understands what service they request, how much it costs, and what they will receive in the end.
By working with an outsourcing company, you will feel all the benefits of such cooperation because you can significantly increase the efficiency of the accounting department, thereby ensuring the stability of your business.
Entrepreneurs who notice that their in-house accountants are not doing their job or understand that the maintenance of accounting staff is too expensive for the company often think about outsourcing bookkeeping and accounting. Here are some of the reasons many find it reasonable to choose outsourcing over in-house bookkeeping.
First of all, accounting outsourcing provided by specialists from reputable accounting companies guarantee the high quality of performed work. After all, you entrust the accounting of your enterprise or organization not to one accountant, but to a whole team of highly qualified specialists who are well familiar with accounting rules, principles, and laws. In other words, instead of one full-time employee, you get a universal specialist.
Another big reason why you need an outsourced accountant is the monetary benefit. By contacting an accounting company, you will not have to worry about paying the monthly salary for staff personnel and other expenses that will be spent on renting office space, equipping a workplace and purchasing licensed programs with their subsequent renewal, and so on.
Among other things, a full-time employee can get sick, take a vacation or quit altogether. A good outsourced accounting firm will never let its client and their business down! Even if one of the specialists gets sick, they can be replaced by another, no less professional employee.
Criteria for selecting the best outsourced accounting services
If your company decided that outsourcing of accounting services is the best way to go, then you should research potential companies that can provide these services to you. It is important to evaluate all companies that offer their accounting services through the media according to the following criteria:
- What is the reputation of the company and its leading specialists?
- How many negative reviews are left by the company’s clients on the forums, the company’s website, and other public sources?
- How long has the company been on the market? Do bookkeepers and accountants have a sufficient level of knowledge and experience?
- How transparent will the pricing of the service be? Often, the low price determines the cost of only the basic service, and additional functions in the future have to be paid for separately.
- How convenient it is to work with an outsourced accountant? This includes communication means and time as well as the ability to explain complicated matters in simple words.
- The accountant’s willingness to provide a list of document templates.
- The accountant’s attitude to the prerequisites and filling out all the necessary documents.
- How quickly the accountant is able to get down to work, meet with the client, what is the level of his business communication.
If the chosen accounting company meets these criteria, there is no need to doubt the quality of the accounting support. It is not easy to make a choice, but with a balanced approach to assessment, you will definitely find the right specialists.
Author: Charles Lutwidge