Top Benefits of Outsourcing Your Accounting Operations
By Nadine Flores | Sep 10, 2018
Every business, no matter the size, needs a reliable accounting department to sort out any financial matter. However, since the demand for highly qualified accountants is constant, hiring a team can get very expensive depending on your home country’s wage rates. This can put a strain on your budget, especially for startups and smaller enterprises. Luckily, the business process outsourcing industry makes it easier for companies of any scale to hire an offshore staff to render their accounting services needs. We’ve compiled for you a short list of reasons on how your business can benefit from outsourcing your accounting services!
Virtually risk-free service, made affordable for you
Accounting outsourcing has made great strides in improving business systems around the world. Having professional accountants do your bookkeeping and whatnot also increases the efficiency of risk management and reduces the probability of errors. This includes fraud checks as well, as your service providers will be held responsible for the processing of every transaction making accuracy control stricter compared to a more relaxed in-house staff. Today, most offshore back office services have achieved a 99.95% accuracy level. Since highly-skilled experts are handling your data processing, data encoding, and other accounting services, you can rest assured that your data is in safe and capable hands. In Australia alone, a regular accountant can cost you around $4,600 AUD per month on average, that’s twice or even thrice the wages an offshore accountant usually charges for the same quality of output. Not only will you get security, you also get to save your hard-earned money.
Access the latest technology, trends, and accounting standards
One of the best advantages you can get when you outsource is that competent BPO services are always up to date with their systems and staff training. When you hire an offshore staff, seat fees and set-up fees are already integrated into the billing. These added expenses are well worth it because it is what a BPO company uses to equip your staff with the latest tools they need to perform their job. BPO companies also encourage their employees to regularly upskill themselves through sponsored training or boot camps. This gives outsourced accountants an edge over in-house hiring.
Allows you to focus on your core operations
Smaller tasks under accounting services such as data encoding and data processing can get very tedious due to the nature of the job. Smaller enterprises tend to bypass this problem by having their staff multitask and handle several responsibilities. To avoid overworking your in-house team, outsourcing your back office accounting work can free your staff and help you save time. Another thing to consider is that most back office functions do not drive revenue. Spending more on labour fees for non-profiting posts, especially when you’re only working with a limited budget, is pretty unwise. Outsourcing will help you direct more funding on aspects of your business that will increase your revenue, thus effectively improving your cash flow.
These are only a few of the many benefits you can reap from outsourcing your accounting operations. Smarter solutions don’t necessarily need to be expensive. Hiring an offshore staff can help you further grow your business through efficient services, and it starts with finding the right BPO company to partner with.
Interested in outsourcing? Check out our services to see which options fit your business best. You might even find what you’ve been looking for all this time!