10 reasons why outsourcing your accounting department is an excellent idea

It takes a lot of time and effort to find qualified and reliable accountants for your business, but there is a quicker and smarter way that is – outsourcing accounting.

What is outsourcing accounting?

Outsourcing opens up a global talent pool so you can hire the right people every time. Outsourcing accounting is a service that offers small businesses with a comprehensive accounting department expertise.

Accounting and finance departments are an essential component of every business but are often not the primary focus of most organisations.

Since outsourcing accounting has a complete set of accounting specialists, they may offer a team of accountants at a minimal cost than recruiting.

Companies who are outsourcing their accounting are becoming a practical alternative for small and medium-sized organizations looking to minimize overhead costs without compromising productivity.

However, with a little attention and outsourced support, your accounting and finance department can help drive the growth and savings your business needs to be successful.

Here are 10 reasons why it makes sense to outsource your accounting department right now.

10 reasons to outsource accounting and finance

1. Technology has given the world more complexities

Technology has made a lot of things more complicated. Complex financial data has given accountants tougher responsibilities. This has changed the role of accountants over the years, but technology has also made it possible for companies to outsource accounting.

With faster internet, cloud based storage, and software advancements, employing fully qualified accountants anywhere in the world is not just viable, but has become a common practice.

2. Accountants do more than just crunching numbers

There’s more to accounting than just adding up the numbers. Companies now require accountants to have a broader combination of skills. Accountants today must have knowledge of business practices, as well as soft skills.

This makes the field a lot broader. But the necessary skill sets make accounting roles difficult to fill. By outsourcing, you have a global talent pool from which you can find skilled accountants that suit your business needs.

3. Outsourcing can solve labour shortage

Outsourcing allows companies to attract skilled accountants to carry out accounting tasks. Outsourced accountants often come at a lower rate compared to in-house staff.

You can get the same quality of work or even better due to a wide-range of talent available globally. This helps solve your issues when it comes to labour shortage.

4. Outsourcing can save you time, money and energy

When you outsource, it enables you to reduce unnecessary expenses. You can use those savings to invest in strategies that can help your business grow. Your recruitment team can also use the resources to fill the roles that would add value to your company.

You can offer new products or services that would allow you to extend your capabilities. Outsourcing helps you to handle your accounting needs and gives you the opportunity to become more profitable.

5. Some accounting tasks are tedious

Accounting tasks like payroll, accounts payable and accounts receivable can be time-consuming and repetitive. Your accountants need to dedicate a lot of time and resources to accomplish them.

However, by engaging outsourced accounting staff to assist with these tasks, it allows your on-shore team to focus on the more important and complex elements of your business. This can also help cut down on errors and reduce the staff turnover rate.

6. Many companies are outsourcing accounting tasks

Outsourcing isn’t just limited to mundane tasks. You can also outsource more complex roles, such as financial planning, budgeting and analysis.

Many businesses have already been taking advantage of the benefits that outsourcing offers, and one of the best countries to outsource your business tasks is the Philippines.

This is due to the abundance of highly-skilled professionals, fluent English, and huge cost savings. Because outsourced accounting is now a mature industry in the Philippines, finding accounting staff with years of experience working with Western businesses is easy.

7. You can have access to key expertise

Need accounting experts in your business to work on simple tasks or high-end work? Adding the right expertise is valuable for business growth. Skilled accountants don’t need to be taught or trained in a step by step process.

They have the initiative to drive your business toward success. Your business goals become their goals, helping you to expand your business and even win new ones.

8. Finding accounting talent overseas is not that hard

Accounting is a profession that is highly regarded by many. No matter what business you’re into, you need accountants to interpret the numbers for you. Outsourcing companies can provide you with accounting professionals with the same certifications and qualifications as your local accountants. What’s better is that you can outsource roles for less than what you spend for in-house staff without sacrificing quality.

9. There are no standard requirements when it comes to accounting

Standardisation of an accountant’s skill set is not part of any university’s curriculum. This allows accountants to become flexible in their work. This is also the reason why outsourcing works.

Businesses can attract enough skilled talent in a cost-effective and flexible way. You no longer need a long and thorough process to help them get started. They are skilled professionals who are ready to do the work at any time of the day. Outsourcing allows you to find an accounting staff who can easily fit your business and culture.

10. Outsourcing can help examine key metrics

Outsourcing allows companies to analyse key metrics which can drive business growth. Delivering reports on time can help CFOs in making regular and well-informed decisions.

When you have key information, you’ll be able to identify the areas that need further improvements. This can lead to better results for your company.

You can require your outsourced accountants to produce valuable outputs weekly. It will help turn your company vision and business goals into reality.

How Cloudstaff can help your business

Accounting and Finance is the lifeblood of an organisation. If this area of your business is under-resourced, it may affect the delivery of time-dependent tasks, such as payroll processing. More workload may increase errors as your staff tries to meet tight deadlines.

Outsourcing with Cloudstaff should be your next growth strategy. Cloudstaff provides professional, highly-skilled accountants who can help your finance team meet their targets and achieve their goals.

You select the staff you want with the experience and skills that you need. Build a team of accountants who are ready to dive into the work and are fine-tuned to your requirements.

Here at Cloudstaff, we allow you and your staff to focus on what you do best. That’s really the key to outsourcing.

Work with professionals who will help your business become more profitable. Send us a message at [email protected] to know more about outsourcing your accounting and finance department.