Did you know that “the most commonly outsourced services within accounting are payroll accounting, accounts payable, and accounts receivable”? According this article from Forbes, “they [companies] are looking to move from relatively basic transactional processes, such as accounts payable to more strategic functions, like budgets, forecasts and internal audits.” As time goes on, it’s becoming more and more possible to outsource low-level as well as high-level accounting and bookkeeping functions.
Reduce HR and Management Woes
When you outsource accounting and bookkeeping services, you’re eliminating a whole department from your company. This means you free up space in your offices which can be better used for something else. It also means that you no longer need to engage your HR department to hire and train your accounting and bookkeeping staff. You no longer need managers to make sure that your accounting and bookkeeping department is functioning the way you want it to.
- Finding and Managing the Right People Is Difficult. HR functions have to be performed with care. People who are hired have to be vetted thoroughly before they’re invited to become a part of the organization. Their mindset has to reflect the company’s mindset. And once they’ve been hired, they need to learn the ins and outs of working within your organization. They have to be trained and managed to maintain the required levels of professionalism and productivity. Finding and retaining people who can fulfill all these needs of an organization can be difficult.
- Outsourcing Eliminates the Need to Hire and Manage People. When you outsource accounting and bookkeeping services, it’s as though you’re annexing a whole readymade department. The people working on your outsourced accounting have already been screened. They’re performing at the level expected of them. So it’s no longer your task to hire them, train them and keep them happy while making sure they do their jobs right. Most CEOs breathe a sigh of relief when they have fewer people to manage. And if the outsourced accountants can perform high level as well as low level jobs, so much the better.
Working with Experienced Professionals
Another advantage of outsourced accounting services is that you get to work with professionals who have a great deal of experience. They’ve worked with other companies of various types and they understand that different companies require different approaches.
- Different Companies Have Different Mindsets. You might be running a company that produces a certain product or provides a certain service. You might be engaged in the beauty, fashion, fitness, healthcare or automotive fields. Each company has its own particular signature, its own way of working, its own mindset. This is why Dixie Gillaspie of Entrepreneur writes, “As a consultant, I knew that I could propose a solid strategy, backed up with a detailed action plan, and no matter how much lip service I got from my client and their team, I wasn’t going to get results. Because if the mindset ran counter to the strategy, they wouldn’t put the energy into the action plan.”
- Adapting the Stategy. When you outsource accounting services, you’re working with professionals who are used to adapting their strategy to fit the needs of various companies. So you won’t be confronted with any strategy that goes against your company mindset. You’ll receive services that your company needs—no more and no less.
- Outsourced Services Can Fit Your Company’s Mindset…Immediately. Every company deserves to have accounting and bookkeeping services that are tailored to their requirements. And coming up with such services in-house can be a long-term, laborious task. But this task is simplified and speeded up when you outsource accounting services. Setting up an in-house accounting department that meets your organization’s every need can take years but when you outsource these services, your needs are immediately fulfilled.
Contact us for outsourced accounting services which will result in greater efficiency within your organization.