Pushpitha Wijesinghe
Finance and accounting was one of the first departments that companies outsourced and this practice continues to develop. As the markets mature companies are exploring novel ideas and seeking fresh answers to streamline the process of accounting. Today's competitive market is expanding outsourcing to areas of finance and accounting within new markets and a variety of company sizes.
Outsourcing daily activities such as bookkeeping, management accounts, statutory accounts, payroll and VAT can significantly lower your operational cost. You will be saving the money that is being spent on staff training and management, energy bills, maintenance cost, employee wages and associated costs and IT hardware and software. If your company is a small-scale company and if you manage the function personally then imaging how much time will be saved!
Finance and Accounting Outsourcing allows room to focus on a more strategic approach within the business. Your time and concentration can be focus on the core competencies such as decision-making, improve marketing, competitor analysis and improving products and services. Handing over this task to an outsourced company will improve your strategic function immensely.
You will be outsourcing your accounting function to an accounting firm such as InfoMate specializing in this area. This will enable you to avoid financial pitfalls such as compliance failure. They are aware of the latest regulations in terms of tax codes and state laws ensuring that your company's financial reporting is up to standard and is completed within proper deadlines foe submission.
An outsourced finance and accounting firm will have access to the best technology and best practices within the industry while an SME business may not be able to access otherwise. Even large enterprises will not require investing in specialized finance technologies, which do not directly relate to their business.
The improved information that an outsourced company provides will help make better business decisions. This will inevitably have an impact on your cash flow thus increasing profits.
As your business expand your outsourced team too can grow as your business needs and when you want to lower your spending then the team can decrease. You will have no need to hire or lay of staff in anyway. Accounting firms usually offer flexible schemes to suit your budget and objectives.
Many new business owners spend time handling the accounting function by themselves. But what many of them do not understand is that they spend productive time, which they need to focus on building up their business, is wasted here. Routine activities in finance and accounting need to be given to the experts to handle so that you can focus more on the core business functions.
An outsourced accounting firm will do wonders to this function of your business. They will deliver a faster and much better job than what you will do in house. When you outsource to a specialized company then your will be able to stop worrying about it altogether.
