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Should you use outsourced accounting services for your business?

01/04/2020by Brad Ferris
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Outsourcing your accounting allows you to avail services of accounting experts at cheap prices along with the latest accounting technology. Your outsourcer will provide services like accounts payable and receivable, maintaining books and ledgers, billing and invoicing, payroll, and monthly reporting.

Following are the pros of hiring an outsourcer instead of an in-house accountant:

  1. Cost-Effective:

Outsourcing your accounting means there is no need for an accounting department with employees and expensive accounting software. You won’t have to pay sick leaves or bonuses instead you will only pay for the services when you use them.

  1. Managing Capacity Fluctuations:

It is ideal for seasonal businesses. Unlike in-house employees, there will be no need for sick leaves or holidays during heavy activity periods.

  1. Accurate Work:

By outsourcing, you have experts at your side with great financial skills, experience, and software. Hence, there will be a lower risk of penalties as a result of erroneous work.

  1. More time and resources:

Having a team full of experts do your accounting frees up time and resources available to you. Now you can focus on your core competencies and work on business growth and expansion.

  1. Scalability and Efficiency:

Your outsourcer will set up an accounting system to specifically suit your business needs. This means up-to-date data, reliable forecasts and reports, proper payroll management, and accurate financial reports.

  1. Affordable CFO:

As compared to hiring a CFO, hiring an outsourcer to analyze and evaluate your business performance costs much less. They also provide strategic advice and help in decision-making.

We suggest you outsource accounting when your business:

  • Is growing rapidly
  • Is funded by investors
  • Requires strategic decision-making
  • International business entering Australia

Brad Ferris

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