10 reasons why outsourcing your accounting department is an excellent idea

10 Reasons Why You Should Outsource Accounting Tasks

Recruiting qualified, reliable accountants can be time-consuming and costly. There is a quicker and smarter way— outsourcing. Why should you outsource accounting tasks? Because it gives your business access to a global talent pool – providing you with the best people for your business.

While an essential component of every business, accounting is often not a primary focus for most organizations. However, outsourcing accounting and finance tasks can help drive the growth and reduce overheads – adding to your business’s profitability.

Here are ten reason why it makes sense to outsource accounting tasks:

1. The global digital transformation

Technology has made many things easier but conversely, it brings with it challenges. This includes increasingly complex financial data, giving accountants tougher responsibilities.

While this has changed the role of accountants over time, technology has also made it possible for companies to outsource accounting tasks 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. More than simply crunching numbers

Accountants aren’t just the number crunchers of a business.  Often they bring a broad range of skills and add value to businesses in other ways.

Today’s accounts must not only have financial knowledge but also be informed of business practices and a soft skill set. These comprehensive and varying skill requirements often make filling accounting roles challenging. Outsourcing provides businesses with a global talent pool to draw from to find skilled accountants with the skills your business requires.

3. Solving the labor shortage

Global businesses are finding it difficult to fill a growing number of vacant roles, making outsourcing an attractive option for most industries.

Outsourcing allows companies to connect with highly skilled accountants who can carry out a wide array of accounting tasks. Remote finance professionals often have lower wage costs than in-house staff. When you outsource accounting tasks, you lower overheads without compromising quality. 

4. Save time, money and energy

When outsourcing is done right it can enable business growth through lower manpower costs. Instead of high wage bills, businesses can use those savings to invest in strategies that help them  grow.

Additionally, when you outsource accounting tasks, your recruitment team can fill roles that expand your business’s capabilities while adding value. For example, outsourcing solves the challenge of recruiting talented, highly skilled accountants while adding to your businesses profitability.

5. Off load time-consuming, repetitive tasks

Accounting tasks like payroll, accounts payable and accounts receivable can be time-consuming and repetitive. Accountants dedicate a significant amount of time and resources to accomplish them.

By outsourcing accounting staff to assist with these tasks, it enables your onshore team to focus on the more important and complex elements of your business. This can lessen errors and reduce staff turnover rate.

6. Stay ahead of the competition

Outsourcing isn’t just limited to repetitive tasks. You can also outsource more complex roles, such as financial planning, budgeting and analysis. Global businesses have been using outsourced staff for decades. If you’ve not already taken advantage, you might be behind the competition. Find out what a remote team can achieve for your business with Cloudstaff.  

7. Add expertise to your business

Want to recruit finance experts to work on simple tasks or high-end work? Adding the right expertise is valuable for business growth.

 You don’t need to teach or train skilled accountants in a systematic way . They have the initiative to drive your business forward. Your business goals become their goals, ensuring success and business growth.

8. Easily recruit offshore finance professionals

Accounting is a highly regarded profession. No matter your industry, you need accountants to interpret the numbers for you. 

A knowledgeable outsourcing partner can connect you with highly skilled, global finance professionals. When you outsource accounting tasks, you can rest assured they are completed per industry standards and your business is compliant at all times.

9. Accounting skill sets aren’t standardized

When finance professionals attend university, they aren’t all taught the same skillset. While they all have similar abilities, they are often flexible when it comes to the types of work they do – and why outsourcing is an ideal way to recruit the right one for your business. 

Outsourcing enables you to hire highly-skilled, talented finance professionals with a wide range of skills easier than local recruitment methods and at a fraction of the cost. With the help of an outsourcing partner, onboarding remote finance professionals is effortless, getting them to work quicker and without the long recruitment process.

10. Hit your business growth goals

Outsourcing allows you to analyze key metrics that drive business growth. Your outsourced finance professionals can produce valuable outputs weekly, monthly and annual reporting that will help turn your business goals into reality. Delivering reports on time can help CFOs and business owners make regular, well-informed decisions. Easily identify areas for improvement, implement change and achieve better results for your company.

Outsourcing with Cloudstaff

For over 10 years, Cloudstaff has helped businesses across the global achieve their goals by sourcing knowledgeable, high-performance offshore teams. Whether you’re looking to create efficiencies in your business processes or improve customer experience with 24/7 availability and free up time for your onshore teams to focus on growing your business.

With a talent pool featuring thousands of qualified candidates, we have the finance professionals you need to outsource accounting tasks successfully. Contact our team today to find out more.

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