Services that our accounting department provides include:
In general, most businesses consider outsourcing to be additional, and therefore the unnecessary cost for their business. It is not the right perception at all. In fact, it is opposite.
Our clients who are outsourcing accounting is willing to reduce their expenses but most importantly, without reducing the quality.
The savings that outsourcing usually provides can be quite considerable as most companies can offer their services at the lower cost rates (typically due to lower labour costs at their location).
Besides, by outsourcing, you save money on paying the salaries, taxes, office supplies and benefits for the full-time or part-time employee. You only pay for what you need. There is no loss in productivity costs that come along with hiring full-time employees.
If you will look at the picture, the recruitment process is a rigorous job. It takes resources to manage it, from creating a recruitment strategy, selecting applicants to interview them. The recruitment process takes your business time, it costs, and you will need to dedicate the time either for yourself or employee.
Many companies do not consider the time they spend looking for a professional Accountant. And time is equally correlating with costs. It must be accounted to savings of outsourcing business processes.
As your business grows, you will find yourself spending more time managing your money and less time scaling the business. Therefore, the outsourcing administrative tasks like bookkeeping and accounting help you to focus your time, energy and resources on creating the business strategies. It will be bringing more revenue, as well as networking and building relationships with your customers.
Outsourcing may offer you the possibility to hire a professional with a higher level of expertise at an affordable price.
Outsourced bookkeeping and accounting service firms continuously have to improve their skills and qualifications to stay competitive in the market. Imagine, 50 people working in the same office. They can easily share the new accounting trends, solutions and tools. To add more, great accounting companies have more extensive access to training, courses, and they are participating continually.
Moreover, outsourcing to an accounting firm is giving you access to the team of Accountants. For example, at Baltic Assist, for the fixed price company gets a team of accountants. Not merely one person to deal with different kind of tasks.
Choosing the outsourcing company wisely, you can be sure that your accounting is in the reliable and knowledgeable company's hands.
The accounting service providers has the amount of availability to scale your services significantly without any lag. For example, if your bookkeeping and accounting tasks exceed the number of functions for 1 employee, you can easily be enforced with the extra workforce. Without the need to go through a rigorous recruitment process.
Moreover, accounting and bookkeeping service providers are charging on an hourly basis. It means you can scale-up or scale-down the hours without any interruption.
Most businesses use accounting automation software to save time. It will save time, but importantly, it reduces risks. Automating accounting is minimizing human errors. Secondly, in automation software, accountants get real-time reports. They assist in catching potential problems and resolving them in an early stage. Thirdly, it will reduce the probability of internal fraud.
Most of the accounting service providers are highly qualified in the automation tools such as Quickbooks, Sage, Visma, Xero, Microsoft Dynamics, SAP and more.
If your accountants are still using only Excel sheets – you are wasting your time and money.
A good accountant will always provide advice on how to make accounting more efficient. Sometimes he might work with a couple of companies and propose an excellent experience from another client. Whether it is about taxation, accounting software or even provide financial advice.