Every business owner faces the challenge of managing finances on his own. Handling money and operations becomes a daunting task. This takes away valuable time and head space of an entrepreneur. Outsourced accounting will ease the burden on founders. In this blog, we will explore how outsourced accounting can help you.
What is Outsourced Accounting?
Put simply, outsourced accounting means hiring a third party to handle all or some of your accounting functions for you.
Why outsource your accounting?
Outsourced accounting services can:
1.Save Time:
This is most obvious benefit for a business. Having an accountant handle the books will enable the founders to concentrate on operations.
2.Cost Savings:
An outsourced accountant will be any day be more cost effective than an in house accountant. Employee costs include not just salary but other benefits plus a share in overheads like office expenses etc.
3.Attain Scale:
The accounting department has to match the scale of operations. This is often not the case, as there might not be flexibility in skill set of accountants. An outsourced party will provide the flexibility required to match the business growth.
To outsource or not to outsource?
Ultimately, the best route for you will depend on several factors. Be sure to consider all of the following:
1. Your Budget:
Your budgets often determine the service provider you choose. The budget that you allot for accounting must be commensurate with size and scale of your organization.
2. Define Clear Scope of Work:
It is vital a scope of work is agreed with the outsourced accountant. The scope should define:
- The areas of responsibility-output the accountant is expected to put out
- How inputs are provided-this is essential for the accountant to do his job
- Timelines-covering both input and output
3. Size & Scale of the Outsourced Accountant:
An accounting partner must have all the resources i.e., manpower & tools, required to handle your needs. His flexibility to adapt his processes to handle your business needs will be vital.
4.Comprehensive Solutions:
An ideal accounting partner is the one who provides a full range of solutions. If not, you will expend a lot of effort to gets pieces of work done from diverse solution providers.
How Integra Books can help?
Integra Books combines technology and human expertise to ensure a beneficial experience out of the decision to outsource accounting services. We are a modern and effective way of managing your finance as a business.
We offer a full range of corporate and financial services starting from registering a company to managing everyday accounts and payroll. Backed by over 20 years of founders experience and skilled team, we are here to help you. Drop us a line here.