In-House or Outsource? How Outsourcing Finance & Accounting Saves Time and Money

All too often, businesses find themselves buried in a seemingly endless pile of paperwork, trying to collect payments from clients, make payments to providers, or deal with all sorts of other financial aspects of the company such as budgeting and forecasting. But even if a company’s finances are an expensive and time-consuming process, they are, nevertheless, a necessary part of a business organization.

By outsourcing your accounting department, company leadership can again begin to focus on the core elements of their organization. Today’s business environment is no longer confined between the four walls of a company and is instead spread throughout the world. Many customers could be based in one country while the product developers are in another. What’s more, most of the internal communication happens on various digital platforms such as Slack and Zoom. Cloud based finance & accounting platforms such as SageIntacct, Bill.com and Tally make accessibility easier than ever.

This means that a lot of the work that revolves around running a business can be done remotely– and finance & accounting is no exception. Here are some of the benefits that will accompany your decision to outsource your finance & accounting department.

Focusing on Core Objectives

Like we said before, many small business owners have to multitask a lot of the day-to-day activities of their companies – including accounting. By outsourcing this time-consuming and energy-intensive activity to professionals, they will have more time to focus on other core objectives like scale-up activities, meeting with potential clients and partners, etc.

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Cost-Effectiveness

Since the outsourcing of finance & accounting services can be delivered at a fixed cost, businesses have a much higher return on investment. An in-house accounting staff will attract additional costs: taxes, insurance benefits, training, rehiring, etc. Then there’s the cost for office space, supplies, hardware, software, etc. With outsourced accounting service models like Finance as a Service (FaaS), most of these these costs do not exist.

A considerable part of those savings in operational costs can be channelled toward other projects or core business processes. What’s more, your business will now have access to an experienced team of specialists which will handle more complex accounting problems or challenges.

Standardization

Typically, outsourced accounting firms have ready-made templates and frameworks that can be easily customized to fit with every company’s needs, meaning fewer mistakes, more timely returns, fewer to no financial or legal penalties for accounting delays, etc. In other words, all deadlines will be met adequately, resulting in a more cohesive operation. When a company has an in-house accounting department, it will need to build and maintain that framework on its own.

Access to the Best Technology

Outsourced accounting service providers make use of some of the most high-tech technology in the industry sothey can provide their remote services with higher accuracy and efficiency. Contrary to the traditional way of doing things, artificial intelligence, data, and automation are quickly phasing out the need for managing large amounts of paperwork and files.

Conclusion

By employing the services of an outsourced accounting firm, you will save a lot of time and energy that you can use on other projects or core business operations. It’s always important to remember that these firms have experience in their field and make use of the most advanced technology available, offering you more knowledge, accuracy, and expertise to develop your business’ financial strength. And if this is what OA can do this much for a business, just imagine what Consero Financial Solution can do for you!

 


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