Working for an accounting services outsourcing company, I still meet clients who are not familiar with this sphere. Some are unaware of the benefits and advantages they will gain by entrusting a part of their operations to a professional company.
Alternatively, they fail to grasp the full spectrum of associated costs.
Let’s go deep into the advantages of accounting services outsourcing.
To begin with, internal costs include:
- Salary payment
- Payment of all taxes and contributions
Typically, this is where most discussions on the efficiency of outsourcing end. But is this a complete assessment?
What else must be considered to arrive at the actual cost of maintaining an inhouse specialist’s functions?
- Workplace maintenance, which includes expenses related to providing work equipment, connecting to the company’s internal networks, office supplies, and the use of office equipment (e.g., printers and scanners).
- Maintaining the employees' qualifications to ensure they can perform any task. This involves ongoing training, staying updated on legislative changes. Thus we face the incurring costs to maintain the employee’s professional expertise at a high level.
- What if an employee is absent, even temporarily? What does it take to find a replacement quickly, meet statutory reporting deadlines and manage the key information often solely held by the employee, which isn’t documented internally? The above turn into additional expenses for recruitment and transfer of functions.
- Other costs associated with seeking qualified assistance from external tax or legal advisors can appear.
- We should not overlook software maintenance, including licenses, specialists to install updates and configure the software.
- Lastly, monitoring employee performance and ensuring quality of work is another additional cost item.
Now, let’s explore how professional outsourcing of accounting services operates:
- You pay only for the services rendered, not for an individual employee’s work. A professional company streamlines business processes to align with the time required according to internal standards.
- You mitigate the risk of penalties, as the service provider establishes effective quality management systems. This includes configuring checks in the accounting system, using checklists for process control, and conducting regular internal audits to ensure prompt and accurate transaction processing.
- You can be confident of the operations correctness, because outsourcing companies employ highly qualified specialists, as well as methodologists, labor law and tax consultants.
- You will stay informed about changes in legislation as the provider monitors and ensures timely training for employees and software updates.
You will stay informed about changes in legislation as the provider monitors and ensures timely training for employees and software updates.
Save time and resources by partnering with a professional provider.