The contribution of the various divisions of the organization such as marketing, finance, accounting, administration, human resource is the key to success, each employee in various divisions plays a crucial role in determining the future of the organization. So if you are planning to set up a new business or even if you are an owner of a successful venture you need to ascertain that each division is functioning in a proper and accurate manner. Finance and accounting is one such division where accuracy is of utmost importance, where you simple cannot make any mistakes as it will create major confusions and disturb the entire functioning of the organization. Hence for businesses which do not have experienced and qualified resource to do the job accounting outsourcing services can be of great help.
Accounting and bookkeeping outsourcing refers to outsourcing of activities pertaining to accounting and bookkeeping functions. It includes outsourcing of activities such as accounts payable, accounts receivable, credit and collection, bank and other reconciliation, general ledger maintenance and financial analysis among others. Accounting and bookkeeping outsourcing has become a key element of outsourcing. Businesses can either outsource their entire accounting functions or parts of the accounting functions such as accounts payable and accounts receivable.
Why Accounting and Bookkeeping Outsourcing makes sense:
- Substantial costs savings, savings anywhere between 40%-50%. Cost cutting can play a vital role in today’s tough economic slowdown.
- Flexibility in staffing, you do not need to retain or pay for a staffing if you do not have enough workload. In other words pay for only what your needs are.
- Favorable time difference, between India and USA ensures that work gets done faster
- Flexibility to grow without huge investments in Human Resource and infrastructure
- Accounting outsourcing services also gives you the added advantage of having instant access to updated accounts at any point of time. This comes in handy when you need to review the accounts during important decision making period or during the tax filing.
- Priority on other core divisions of the business such as sales, marketing, client relations
Accounting and bookkeeping outsourcing services of a reputed and reliable vendor (properly research before selecting the vendor) ensures that the financial records of the business are available at a short notice hence there is no requirement to adjust accounts once the tax season approaches or during important decision making. Having accurately maintained accounts of every business transaction is very helpful during the tax season. In addition, the instant accessibility of the records enables the company’s officials to take decisions regarding the future growth of the business. Any expansion or diversification can be well planned only when you know you actual standing in the market and the accounts are the only source for such information.
In today’s technology led world businesses are looking at new means to run their businesses successfully. Accounting outsourcing is the concept which combines the technology and business into deriving fruitful results.