Outsourcing your accounting functions can be a great strategic choice, especially for small businesses: by focusing resources on core competencies and handing off administrative tasks (like accounting and bookkeeping) to outside experts, you improve your company’s efficiency and cost-effectiveness.
Full outsourcing can be more cost-effective
Before fretting about the cost of outsourcing your accounting functions, remember that doing so will reduce your staffing needs by one or more employees – each of whom requires a salary, paid time off, payroll taxes, health insurance and pension benefits. Next, think of how much you’ll save on office space and furniture, supplies, computers and software, and frequent retraining to keep your staff accountants up to speed on the latest reporting standards and government regulations.
Unlike your company, an external accounting firm has developed a core competency in business accounting. Outsourced accounting companies live and breathe reporting standards, they know tax legislation backwards and forwards, and daily exposure to financial data from small businesses like yours provides historical knowledge and intuitive understanding of auditing, tax and financial matters that you will never develop in-house. These (most likely) chartered, certified accountants will always have sharp pencils and the latest software. Outsourced accounting firms can do the work better, faster and more efficiently than you can. So why would you devote precious resources to a function that generates costs but no income for your business?
Outsourced accounting services
Below are some of the services we offer
- Credit control
- Payroll processing
- Management accounting
- VAT and corporate tax filings
- Year-end statement preparation
- Purchase ledger management
- Cash flow and treasury management