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7 Benefits of Outsourcing Accounting and Bookkeeping Services

Updated: Oct 10, 2022

1. Cost-Saving Accounting Services

In general, most businesses consider outsourcing to be additional, and unnecessary cost for their business. It is not the right perception at all. In fact, it is the opposite.

Our clients who are outsourcing accounting are willing to reduce their expenses, but most importantly without reducing the quality.

The savings that outsourcing usually provides can be quite considerable as most companies can offer their services at lower cost rates (typically due to lower labor costs at their location).

Besides, by outsourcing, you save money on paying salaries, taxes, office supplies and benefits for the full-time or part-time employee. You only pay for what you need. There is no loss in productivity costs that come along with hiring full-time employees.

2. Eliminate Time and Costs of Hiring Processes

If you look at the picture, the recruitment process is a rigorous job. It takes resources to manage it, from creating a recruitment strategy to selecting applicants to interviewing them. The recruitment process takes your business time, it costs, and you will need to dedicate the time either for yourself or the employee.

Many companies do not consider the time they spend looking for a professional Accountant. And time is equally correlating with costs. It must be accounted for savings of outsourcing business processes.

3. Saving your Time

As your business grows, you will find yourself spending more time managing your money and less time scaling the business. Therefore, outsourcing administrative tasks like bookkeeping and accounting helps you to focus your time, energy and resources on creating business strategies. It will bring in more revenue, as well as networking and building relationships with your customers.

4. Expert Accountants and Bookkeepers

Outsourcing may offer you the possibility to hire a professional with a higher level of expertise at an affordable price.

Outsourced bookkeeping and accounting service firms continuously have to improve their skills and qualifications to stay competitive in the market. Imagine, 50 people working in the same office. They can easily share the new accounting trends, solutions and tools. To add to that, great accounting companies have more extensive access to training courses, and they participate on a regular basis

Moreover, outsourcing to an accounting firm gives you access to a team of accountants. For example, at Baltic Assist, for the fixed price the company gets a team of accountants. It Is not merely one person to deal with different kinds of tasks.

By choosing the outsourcing company wisely, you can be sure that your accounting is in the hands of a reliable and knowledgeable company.

5. Scaling Accounting Easily

The accounting service providers have the amount of availability to scale your services significantly without any lag. For example, if you're bookkeeping and accounting tasks exceed the number of functions for 1 employee, you can easily be enforced with the extra workforce. Without the need to go through a rigorous recruitment process.

Moreover, accounting and bookkeeping service providers charge on an hourly basis. It means you can scale up or scale down the hours without any interruption.

6. Automation technologies

Most businesses use accounting automation software to save time. It will save time, but more importantly, it reduces risks. Automating accounting minimizes human errors. Secondly, in automation software, accountants get real-time reports. They assist in catching potential problems and resolving them at an early stage. Thirdly, it will reduce the probability of internal fraud.

Most of the accounting service providers are highly qualified in automation tools such as QuickBooks, Sage, Visma, Xero, Microsoft Dynamics, SAP and more.

If your accountants are still using only Excel sheets – you are wasting your time and money.

7. An accountant is your advisor

A good accountant will always provide advice on how to make accounting more efficient. Sometimes he might work with a couple of companies and propose an excellent experience from another client. Whether it is about taxation, accounting software or even providing financial advice.

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