May 18, 2020
Undoubtedly, accounting is a manual process. Therefore, business owners who try doing accounting themselves end up losing their valuable time. Outsourcing accounts services can surprisingly free up your time and reduce cost plus ensure better growth for your business.
Many accountants and business owners feel that by outsourcing accounting work they lose control over the books which is not 100% right. This concern can be eliminated with effective communication and system in place. In the current highly competitive market, hiring experienced and skilled staff is becoming more challenging. Therefore, many accountants prefer taking the outsourcing route to save cost and time.
What can you do to outsource the whole accounting process? The ideal method is that you can outsource the accounting work until the Trial balance or Draft stage. This way you can ensure that accounts finalisation is done completely under your control. This method is no more a new strategy; many accounts outsourcing firms are offering this service.
Benefits of Outsourced Accounts:
1. Reduced Cost
Employee salaries are one of the major costs for a firm or business. Hiring a qualified & experienced staff is a challenging process nowadays. Here outsourcing will help you to get a skilled employee at less cost. It also ensures you don’t have to worry about the holiday pay, sick pay or no arrangements to make when staff goes on leave.
2. Save Time
The firm will be completing the jobs till trial balance or draft stage as per your requirement; so this means they will be doing all the manual work which can take a lot of time. You will save a considerable amount of time that can be invested in the growth plans of your business.
3. Expand Service Offerings
You will get access to a pool of expert professionals of your outsourced services vendor. This will enable you to cater to the different needs of your clients. You can start rendering services that you normally do not offer to your clients.
4. Work Efficiency
This is one of the most important aspects of outsourcing accountancy work. You know that without proper training and experience, it is difficult to get accuracy and efficiency from a staff. By outsourcing, this can be taken care as your work will be done by well-trained and skilled accountants. You will be getting complete and accurate reports, schedules and drafts. This significantly reduces review time before you communicate with your clients.
5. Access to the Latest Technology and Tools
Outsourcing your accounting jobs until draft stage can be a brilliant idea if you do not want to invest in upgrading your systems. Your outsourcing partner can do the jobs for you using the latest software and tool.
6. Quick Turnaround Time
With the help of a skilled workforce, an outsourcing firm can offer quick turnaround time. This helps in keeping clients happy as you can serve them faster and ensure that they do not miss any statutory payment or filing deadlines.
7. Data Safety and Security
Undeniably the data safety and security of clients is of topmost importance. Further, it has become more essential and vital after the implementation of new GDPR in the UK. However, an outsourcing service provider with an encrypted database and ISO standards can safeguard the security of client’s data.
These are the key advantages of outsourcing accounts until the trial balance or draft stage. You can scan and email your data, work via VPN, remote access or on cloud-based systems. So, you are just a few minutes away from starting a successful outsourcing journey.