Outsourcing

 

What is Outsourcing?

Outsourcing is a business practice in which services or job functions are hired out to a third party.

Companies choose to outsource its services and job functions to save costs and resources.

Outsource Accounting

Often times businesses don't see or understand the need to outsource an accountant, bookkeeper or even a payroll specialist because they see outsourcing as an expense and not an investment. Business owners who take this approach tend to fail or burn through their cash due to the fact that they have large overheads, to which they can't avoid.

Outsourcing Strategy

The strategy of outsourcing should be seen as a return on investment to the company and not seen as just another expense. Businesses that outsource its Accounting and Bookkeeping, will indeed save valuable time, money and resources. The company can do things like add new products, services, hire key personnel, including adding marketing programs to attract more sales.

 

Benefits of Outsourcing

Regardless of a company's size and profitability, they are huge benefits when it utilizes the services of an accountant or bookkeeper. Some of these benefits;

 

  • Will Save you time
  • Gain the Expertise from an experience Accountant or Bookkeeper
  • Reduce your cost and bring savings to your business
  • Offer Flexibility and Scalability to your business
  • Growth Potential for your business
  • Less Hassle around your Business Finances
  • Have a Peace of Mind

 

Let's look at a few Benefits in details:

 

What is your time worth?

As a business owner, you may say to yourself, "I can't afford to hire an accountant or bookkeeper, so I'll do my company's books myself". Unless you are a train accountant or bookkeeper, it is unlikely that you will have the best skills for this task. You may have an untrained friend or relative to do your company's books, and this would end up costing you more time and money. In these few scenarios, we recommend that you utilize the services of an accountant or bookkeeper, so that you will have more time to concentrate on what you do best, which in turn leads to higher productivity and less stress.

Expertise

When you put your business in a highly skilled experience accountant or bookkeeper hands, who understands your business and can help your business grow, your tasks becomes more easier and effective, because they will give you vital information from an outsiders perspective about your business and will examine your company's financials to help you make wise business decisions that in turn, help your business thrive.

Cost Savings

This subject by no means, needs much introduction. Every business should want to save money and ideally time. When you utilize the services of an accountant and bookkeeper to handle your accounting operations, you will reduce your expenses and in turn save money. Hiring a full or part-time employee to do this tasks means that your cost will increase because you will have employee wages/salaries, benefits, employee and employer taxes and so on. As seen on the illustration, these payroll expenses you can not avoid because they are statutory. Outsourcing is the most efficient cost saving method because you only pay for the time or services when needed.

Flexibility and Scalability

Outsourcing provides flexibility that an in-house bookkeeper or accounting personnel or department just can’t provide. Normally, employees take time off for whatever reason(s). This at times, brings delays and sometimes frustration when you are unable to find what you are looking for, because lets face it - things do pop-up when you need your employee and nothing can be even more frustrating when they are unreachable. After all, we are only human.

 

As a company owner, you would want to know that there is reasonable flexibility from your accountant or bookkeeper, you would (if necessary), want to avoid taking on additional employees because the payroll expenditure will increase. Utilizing our services will be beneficial to you because you will save money, have access to us and will reduce your company's overheads.