Outsourced Accounting and Bookkeeping Services

1. Benefits of Outsourced Accounting and Bookkeeping Services Many small businesses, start-ups, and entrepreneurs find it challenging to hire an accountant. Especially with the right skills to prepare outgoing invoices, manage bank account operations, prepare company’s financial statements, review & analyze financial data. It is even more challenging to find a qualified and competent person at an affordable rate. More than 1/3rd of small businesses are outsourcing their accounting. Most small companies that outsourced accounting were not efficiently doing the accounting on their own. Even though it is commonly supposed that accounting and bookkeeping must be done inside of the business, it is imperative to ask yourself whether you have the necessary skills and experience to handle this job. Also, does your staff has enough experience to cope with increasing challenges in the current evolving modern business scenario? To add it up, 30% of all small businesses think that they overpay their taxes and are not able to manage their finances effectively. Due to this fact, you might consider outsourcing accounting service provider to a company that possesses the right team with qualifications and experience. Also, such a company can execute the job more qualitatively and cost-effectively. For this very reason, many CEOs have noticed various positive aspects of outsourced bookkeeping and accounting services. Importantly, outsourcing such services should be without any adverse effects on their business, employees, and customers. Therefore, based on our vast experience in managing outsourced accounting and advisory services to our clients in India, Denmark, Norway, Sweden, and Switzerland, we have highlighted the benefits of Outsourced accounting and critical aspects to be considered before engaging the right partner to manage your outsourced finance and accounting services and Taxation activities.

2. 7 Benefits of Outsourced Accounting and Bookkeeping Services 1. Cost-Saving Accounting Services In general, most businesses consider outsourcing to be an additional and therefore unnecessary cost for their business. It is not the right perception and it is the opposite. In fact, many companies have seen a reduction in overall costs with higher productivity. The savings that outsourcing usually provides can be quite substantial as most service providers can offer their services at an attractive price as they could employ efficient resources in addition to effective technological processes. You only pay for what you need and your full-time resources are able to focus on more productive activities. 2. Eliminate Time and Costs of Hiring Processes In an overall scenario, the recruitment process is a rigorous job. It takes resources to manage it, from creating a recruitment strategy to selecting right resource’s, recruit and retain them. The recruitment process takes your business time, it costs, and you will need to devote the time either for yourself or the employee. Many companies do not consider the time they spend in looking for a professional accountant as time involves costs. It makes sense to entrust the responsibility of identifying the managing the resources to the experts.

3. 3. Saving your Time As your business grows, you will find yourself spending more time managing your money and accounting transactions and less time scaling the business. Therefore, outsourcing administrative tasks like bookkeeping and accounting helps you to focus your time, energy and resources on creating business strategies. It will bring more revenue, as well as networking and building relationships with your customers. 4. Expert Accountants and Bookkeepers Outsourced bookkeeping and accounting service firms continuously have to improve their skills and qualifications to stay competitive in the market. Imagine, 50 people working in the same office. They can easily share the new accounting trends, solutions and tools. To add more, great accounting companies have more extensive access to training, courses, and they are participating continually. Moreover, outsourcing to an accounting firm is giving you access to a team of Specialized Accountants. For example, at Baltic Assist, for the fixed price company gets a team of accountants. Not merely one person to deal with different kinds of tasks. By choosing the outsourcing company wisely, you can be sure that your company’s accounting and confidential information is in the hands of a professional, reliable and knowledgeable entity. 5. Scaling Accounting Easily The accounting service providers has the band width to scale your services significantly without any lag. For example, if your bookkeeping and accounting tasks exceeds the number of functions for 1 employee, the service provider can quickly deploy additional resources to complete the task without the need to go through a rigorous and time consuming recruitment process. Moreover, many accounting and bookkeeping service providers are charging on an hourly basis. This means you can scale up or scale down the hours without any interruption and you do not pay fixed cost for the resource deployed. 6. Automation Technologies Most businesses use accounting automation software to save time and cost. It will save time and cost, but more importantly, it reduces many risks. Automating accounting is minimizing human errors. Secondly, with automated software, accountants get real-time reports. They are able to identify potential problems and resolve them at an early stage. Thirdly, it will reduce the probability of internal fraud. Most of the accounting service providers are highly qualified in the automation tools such as QuickBooks, Sage, Visma, Xero, Microsoft Dynamics, SAP and more.

4. If your accountants are still using only Excel sheets – you are wasting your time and money. 7. An Accountant is your Advisor A good accounting partner will always provide advice on how to make accounting more efficient. Mostly they will be working with a multiple companies and share their experience from the industry. Whether it is about taxation, accounting software or even providing financial advice. When you Should Consider Outsourcing Accounting and Bookkeeping? From our experience, working with various Indian, US and European companies, outsourced accounting and bookkeeping services tend to work the best when: A small business does not require a full-time bookkeeper but needs a person with more skills than the office manager or an office clerk can provide. A company of any size could not find a full-time employee with required knowledge, experience and abilities at affordable costs. A growing company is looking for opportunities to scale its accounting and bookkeeping services to meet the business challenges in expansion. The temporary services are needed, e.g., extra help with end of the year reports or if a full-time employee is going on holiday, maternity leave, etc. However, even you will hire a skilled and qualified person, a Senior Management person need to be involved in reviewing the transactions and process.     About SBS 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. For more details on outsourced finance & accounting services please visit or contact us