It takes a lot of time and effort to find qualified and reliable accountants for your business, but there is a quicker and smarter way—and that is to outsource accounting. Outsourcing gives you access to a global talent pool so you can hire the right people every time.
Accounting is an essential component of every business but is often not the primary focus of most organizations. However, with a little attention and outsourced support, your accounting and finance department can help drive the growth and savings that your business needs to be successful.
Here are 10 reasons why it makes sense to outsourced accounting services for your business.
10 reasons to outsource accounting and finance
1. Technology has given the world more complexities
Technology has made a lot of things easier but conversely, it has also made many other things more complicated. This includes complex financial data, which has given accountants tougher responsibilities. While this has changed the role of accountants over the years, technology has also made it possible for companies to outsource accounting work quickly and securely. With faster internet, cloud-based storage, and software advancements, employing fully qualified accountants anywhere in the world is not just viable, but has become a standard business practice.
2. Accountants do more than just crunching numbers
There’s more to accounting than just adding up the numbers. Companies now require accountants to have a broader combination of skills. Accountants today must have knowledge of business practices, as well as soft skills. This makes the field a lot broader. But the necessary skill sets make accounting roles difficult to fill. By outsourcing, you have a global talent pool to draw from to find skilled accountants that suit your business needs.
3. Outsourcing can solve labour shortage
Outsourcing allows companies to attract skilled accountants to carry out a wide array of accounting tasks. Outsourced accountants often come at a lower rate compared to in-house staff. You can get the same quality of work or even better due to the wide range of talent available globally. This helps solve your issues when it comes to labour shortages.
4. Outsourcing can save you time, money and energy
When you outsource accounting, it enables you to reduce unnecessary expenses. You can then use those savings to invest in strategies that help your business to grow. Your recruitment team can also use the resources to fill the roles that expand your capabilities and add extra value to your company. Outsourcing helps you to handle your accounting needs and gives you the opportunity to become more profitable.
5. Some accounting tasks are tedious
Accounting tasks like payroll, accounts payable and accounts receivable can be time consuming and repetitive. Your accountants need to dedicate a lot of time and resources to accomplish them but by engaging outsourced accounting staff to assist with these tasks, it allows your onshore team to focus on the more important and complex elements of your business. This can also help cut down on errors and reduce the staff turnover rate.
6. Many companies are outsourcing accounting tasks
Outsourcing isn’t just limited to mundane tasks. You can also outsource more complex roles, such as financial planning, budgeting and analysis. Many businesses have already been taking advantage of the benefits that outsourcing offers, and one of the best countries to outsource your business tasks is the Philippines. This is due to the abundance of highly skilled professionals, fluent English, and huge cost savings. Because outsourced accounting is now a mature industry in the Philippines, it is relatively easy to find accounting staff with years of experience working with Western businesses.
7. You can have access to key expertise
Need accounting experts in your business to work on simple tasks or high-end work? Adding the right expertise is valuable for business growth. Skilled accountants don’t need to be taught or trained in a step-by-step process. They have the initiative to drive your business toward success. Your business goals become their goals, helping you to expand your business and even win new ones.
8. Finding accounting talent overseas is not that hard
Accounting is a profession that is highly regarded by many. No matter what business you’re into, you need accountants to interpret the numbers for you. Finance and accounting outsourcing companies can provide you with accounting professionals with the same certifications and qualifications as your local accountants. What’s even better is that you can outsource roles for far less than what you spend for in-house staff without sacrificing quality.
9. There are no standard requirements when it comes to accounting
The standardisation of an accountant’s skill set is not part of any university’s curriculum. This allows accountants to become flexible in their work. This is also the reason why outsourcing works. Businesses can attract enough skilled talent in a cost-effective and flexible way. You no longer need a long and thorough process to help them get started. They are skilled professionals who are ready to do the work at any time of the day. Outsourcing allows you to find accounting staff who can easily fit your business and culture.
10. Outsourcing can help examine key metrics
Outsourcing allows companies to analyse key metrics which can drive business growth. Delivering reports on time can help CFOs and business owners in making regular and well-informed decisions. When you have key information, you’ll be able to identify the areas that need further improvements. This can lead to better results for your company. Your outsourced accountants can produce valuable outputs weekly, monthly and annual reporting that will help turn your business goals into reality.
How Cloudstaff can help your business
Accounting and Finance is the lifeblood of an organization. If this area of your business is under-resourced, it may affect the delivery of time-dependent tasks, such as payroll processing and increase errors as your staff tries to meet tight deadlines.
Outsourcing with Cloudstaff should be your next growth strategy. Cloudstaff provides professional, highly skilled accountants who can help your finance team meet their targets and achieve their goals.
You select the staff you want with the experience and skills that you need. Build a team of accountants who are ready to dive into work and are fine-tuned to meet your requirements.
Here at Cloudstaff, you can reap the benefits of outsourcing accounting services as we allow you and your staff to focus on what you do best. That is really the key to outsourcing.
Work with professionals who will help your business become more profitable. Contact one of our outsourcing specialists today at email@example.com.