Why Outsource Financial Accounting Services?
Engaging services of Outsource Business Accounting Partner would provide requisite financial reports timely for effective business decision making apart from improving operational efficiencies, establishing best practices and support system for strengthening corporate governance. The following major advantages identified by various research organizations when the decision is arrived with necessary due diligence includes:
1. Focus on Business Strategy and Operational Excellence
By outsourcing accounting operations, available additional time of organization can be better spent on business strategy and Operational excellence proactively which in turn translate value proposition to customers.
2. Professional Expertise
By outsourcing financial accounting services to a professional accounting firm, organization is effectively hiring a team of experts. Professional accountants know the tax matters and applicable laws. So, the most experienced and qualified/trained professionals would extend requisite services from time to time as needed apart from business analysis for timely decisions of the organization.
Outsourced accounting operations save overall cost by eliminating full-time/part-time employees of the entire department and avail specialised expertise from the respective service providers. The cost benefit analysis of outsourced accounting vs. in-house bookkeeping can save up to 25 to 40% in overall costs.
4. Fraud Prevention
According to Association of Certified Fraud Examiner’s study released earlier, most common victims of fraud are privately owned small businesses with less than 100 employees. This is due the fact that most small companies don’t have access to a controller or CFO who could look at the KPI and metrics which show abnormal activity in the transactional and billing data. Accounting controls and external audits are responsible for 26% of the cases in the study for detecting or preventing fraud. With outsourced accounting, small businesses can afford a CFO/controller who can look for fraud signs and implement proper fraud protection controls.
Last, but certainly not least, outsourcing will have scalable options. When outsourcing of accounting operations decision implemented, it becomes simple to expand and grow business or find places of cost optimization. Accounting firms can provide with lists of options, giving valuable feedback and suggestions that will strengthen profitability of the organization. Essentially, outsourcing gives flexibility and scalable options towards organizational growth.
SBS Global is an ISO 9001:2015 & ISO 27001:2013 certified company serving since 2007. SBS Global offers a comprehensive range of Outsourced Financial Accounting Services, CFO Services, Compliance (i.e., Company Secretary services) & HR Services catering to the needs of Small & Medium Organizations across industry sectors to meet their changing needs & expectations. Our team includes employees having industry & domain expertise who have insights drawn from years of professional experience.