Most organizations that handle their bookkeeping and accounting tasks in-house have a small work force that takes care of operations. This workforce is normally comprised of a supervisor assisted by a few employees. Bookkeeping daily activities involve: accounts payables and receivables, billing, payroll, expense reports generation, and General ledger management. These are generally handled along with other financial tasks. As companies grow, financial tasks become larger and more complicated. This complexity can overburden and slow down the small accounting team in your organization. Investing in better training and employing more bookkeepers is an expensive proposition for any organization. Yet bookkeeping and accounting are very crucial and must be done correctly. Today, outsourcing bookkeeping is now available to small and mid-size firms, not just large companies.
Let us explore the major benefits of outsourcing your bookkeeping:
Most of the offshore bookkeeping service providers offer a clear-cut cost advantage over your in-house team as well as local bookkeeping firms in the US. The best of these offshore teams offer a bouquet of services tailored to your needs with trained professionals costing substantially less than what you would pay locally.
Utilize top-notch expertise
Outsourcing financial transactions to a team offshore provides access to professionals trained in bookkeeping, tax and other financial operations with knowledge of best practices. You have a team of quality professionals with updated knowledge at your disposal without having to incur the huge expenses of employing them. You also get access to the best accounting and tax software without actually paying the high costs if you were to buy them for your own team.
Due to immense technological leaps, cheap and faster internet, safety of data in the cloud and ease of data sharing in real time are easily available. Hence your offshore bookkeeping firms provide you service without any time lag on par or even better than any local firm. Rather, you will find your offshore firm completing the work when it is after work hours in your time zone. This is very handy on a daily basis.
Scalable and Reliable
Your own accounting team may find it hard to cope with sudden surges in work. You cannot get the diversity and depth of expertise unless you maintain a very large bookkeeping team in-house which comes at a huge financial cost. Outsourcing bookkeeping tasks to offshore teams helps you prepare for market realities of needing to downsize or upsize. Your own team can be augmented by these external resources and expert liaising.
Optimal utilization of resources
Outsourcing non-core functions helps in dedicating better focus onto the core business. This is always desirable no matter what the scale of your operations is.