Outsourcing Your Accounting And Bookkeeping Function.

Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff.

When should you consider outsourcing accounting and bookkeeping services?

  • Cases of a small business which doesn’t require a full-time bookkeeper but needs a person with more skills than the office manager, or receptionist
  • Cases where a company of any size cannot find a full-time employee with suitable abilities at affordable costs
  • Cases where temporary services are needed, e.g., extra help with end of the year reports or if a full-time employee is going on holiday, maternity leave, etc.
  • Cases of automation

WHAT FACTORS DO YOU CONSIDER BEFORE YOU DECIDE TO OUTSOURCE SUCH SERVICES?

  • Cost factors
  • Availability of such service providers ( outsourcing companies)
  • The specific services that you need
  • Data security

What are the advantages of outsourcing accounting services?

  • More Cost Effective- It saves cost of recruiting and hiring accounting staff
  • Access to finance and accounting expertise
  • Avoid turnover and time-off issues
  • It allows you to plan your budget efficiently
  • It helps you to ensure the compliance of your business
  • It increases efficiency
  • It allows you to plan your budget efficiently

What types of business and financial tasks can you outsource?

  • Bookkeeping and reconciliation
  • Payroll processing services
  • Accounts payable management
  • Accounst receivables management
  • Tax returns filing and remittance
  • Statutory deductions filing and remittance

In conclusion,when outsourcing accounting services it is important to make sure that you do your research.

Working with experts in the field assures you that your finances and being taken care of appropriately.

When used properly, outsourcing is an effective strategy to reduce cost.

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