In today’s post-covid era small and medium businesses must stabilize their ship and lay the right foundations as fast as possible to gain an edge over the competition. Maintaining a lean structure and making the most with fewer resources is the goal for any small and medium business. And outsourcing is the key that can help achieve this goal.
In the wake of financial disruption caused by the pandemic, accounting expertise is paramount for improved and consistent financial performance. However accounting expertise can be expensive for any business and outsourcing is the only way that makes improved financial performance affordable, and how? Read on to know:
5 ways to improve financial performance and reduce your overhead costs with Outsourced Accounting Services:
1. Eliminates the cost of hiring and training: The majority of the accounting work requires a broad range of skills that can only be made possible with continuing education, certifications, mentoring and experience. Over the years this deadlock made the positions in accounting and finance tough to fill and now they have git even tougher.
Not only has the pool of skilled accounting resources been shrinking perennially, but the expectation from employees are rising too. Add this to the inflation that necessitates higher wages and training costs – a business or CPA firm will have to pay more than ever even to retain the employees. By outsourcing, a CPA firm can get hands on the best accounting resources in the business at fraction of the cost. When outsourcing is diligently leveraged, a CPA firm gets more legroom to hire/retain the best accounting talent for business-critical accounting tasks.
2. Pay flat rate over expensive salaries: Outsourcing does eliminate the cost of hiring new resources and benefits don’t end there. Choosing the right cost model can further save money and time while leveraging the right accounting expertise.
For example, in the case of in-house accounting resources, a CPA firm or business, in addition to paying higher salaries also has to pick the tab for different types of hidden costs like vacation health insurance, dental insurance, paid time off and even training costs. By outsourcing to an accounting firm at a flat rate, a business or a CPA firm can avoid all the above-hidden costs and make the right use of money for investing in growth opportunities.
3. Save on office space with outsourcing: Office space is a direct cost and too expensive one to waste with manual grunt work accounting and finance industry is notorious for. By outsourcing, established businesses can get rid of manual storage, scanning processing and data entry methods to maximize their office space for better optimization. Even better, outsourcing allows small and medium businesses to stay lean and operate with better efficiency while saving on real estate costs to overcome blockage of capital.
4. Pay based on work volume: Choosing the right cost model can further sweeten the deal with outsourced accounting services. For example when a business or a CPA firm choosing to pay based on the volume of work paves way for effortless scalability.
While a flat fee structure works for businesses with consistent work requirements, pay-based-on-volume works the best for seasonal businesses. This way businesses can make the right use of limited resources and make most of them in the most efficient way possible. At Outsourced Bookkeeping, we offer both types of cost models for our clients for all the bookkeeping and accounting requirements.
5. Leverage technical infrastructure while saving on their costs: Accounting software, automation and other technical tools are a high ROI investment that helps businesses save time and money while improving the overall accounting performance. However, outsourcing makes it even more profitable by enabling them to leverage cutting-edge technical infrastructure at a fraction of the cost. Outsourcing eliminates the need for investment, avoids the training costs of the personnel all while improving the financial performance to give an edge over the competition.
That said, every remote accounting firm is different with a specific set of skills and USPs. It is advised to choose an outsourcing partner after thorough research into there area of expertise, experience, the scope of services and security standards.
Why choose Outsourced Bookkeeping?
As one of the leading remote accounting firms in the business, Outsourced Bookkeeping has been offering a comprehensive set of bookkeeping ad accounting services for clients all around the globe. Our in-house CPAs perfectly blend their expertise with the utility of cutting-edge accounting tools and software to provide high ROI accounting services at scale.
Blessed with an extensive bookkeeping and accounting team we cater to a wide variety of accounting requirements and deliver them with a fast turnaround. You can check out our testimonies here and make the right decision: https://outsourcedbookeeping.com/testimonial/