As this is their area of expertise outsourcers are always going to have the latest technology and highly qualified experts that can utilise that technology to give you the best information possible. This has become even more of a benefit as companies frequently need to analyse their data more and more.
On average businesses find they can achieve 70% cost savings by outsourcing their accounting function. This is achieved through gaining access to better analytics that allow cost savings to be readily identified. Plus, there are the obvious staffing and infrastructure savings but also the less obvious ones such as the ability to strategically redeploy staff to areas that increase sales and add real value to the business.
The true scalability of outsourcing makes it available to all businesses including those that may have considered themselves too small.
There is also the ‘future proofing’ benefit that is afforded when the burden of responsibility of managing internal talent is placed on the outsourcing company. Scaling up or down resources during changes in economic and business situations is no longer a concern for those businesses that outsource their accounting functions.
By partnering with an external supplier businesses will see levels of quality increase as they can rigorously manage an outsourced provider more than any internal department.
Clear benchmarks and metrics will be adhered to, that will achieve not only increased quality levels but also cost savings and continuous improvement.
Keeping abreast of the constant changes in regulations and compliance will be the responsibility of a company who dedicates itself to accounting outsourcing and therefore levels of accuracy will be at 99.9%. In addition, companies will be rest assured that their accounting data would always be handled and stored securely.What is very clear is that for so many businesses, of all sizes, outsourcing the accounting function is the only viable options as it offers greater benefits as providing true flexibility, better quality, more value and significant cost savings.