Outsourcing Accounting: Why you Need it?
By gkkedia Dt. June 17th, 2020
In this era, most of the organisation are outsourcing their accounting work to professional accounting firms, but some organisations are still using in-house accounting. This could be suitable to few organisations but in most of the cases, outsourcing of accounting operations proves to be much beneficial.
There are numerous benefits of outsourcing accounting work, lets have a look on few of such benefits.
- Better Use of Time: Outsourcing your accounting work will result in saving you the time which could be spent elsewhere. You can use this time on tasks you are good at and thereby resulting in proper utilisation of company’s precious time.
- Reduction in cost: By outsourcing the accounting work, you can save money compared to which would have spent as salary of the employee, on his training and other benefits which are needed to be given to him. Statistics have revealed that one can save up to 40% of cost by outsourcing accounts compared to cost of in-house bookkeeping.
- Reduce Fraud: Employee frauds are unavoidable in any organisation, especially in case of small firms. So, outsourcing the accounting work will help the organisation to detect for any sign of fraud and implementing proper protection controls in place.
- Team of Experts: When you outsource accounting work to a professional accounting firm, you are actually hiring a team of experts. Being their job, these professional experts have great knowledge of tax laws prevailing, so, your books are kept keeping in mind the latest tax information.
- Scalability: When you have an in-house employee to maintain your books of accounts, then scalability becomes a big challenge. In case of expanding your business when you require employee to maintain books, it will be a huge hassle to get a compatible employee for the same and will also require time. Moreover, that employee will also take time to properly understand his work and reach his maximum potential. This will ultimately result in loss to the organisation. Outsourcing your accounting work will help you to solve this problem.
- Use of Best Software: When you outsource your accounting work you can get rid of selecting the software for your organisation which is a really very time-consuming task. Also, you can save your money which would be spent on trial of such software. The accounting firm would have the knowledge of all such software and would be using the best software.
- Peace of Mind: When you outsource accounting work, you know that your financials are being handled by an expert. So, you are assured that financials are accurate and presentable. There would be less chances of error.
Outsourcing the accounting work to a professional accounting firm will help the organisation regarding cost, quality of work and what not. In a nutshell, you get a full-time coverage for just a part-time pay.
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