Ensuring your business has sound financial accounting, and accurate reporting requires skilled and full-time employees who may not meet your company’s ability or requirements.
You also require different skill sets for the various financial accounting, bookkeeping, and reporting elements for your business, so you may need to have multiple employees, which can get costly.
More and more companies are now electing to outsource this function, finding that it saves them time and money in the long run.
Reducing monthly running costs
By not having an in-house resource to do your finances, you can save on everything regarding that employee, including salaries, unemployment taxes, leave days, health care benefits, sick days, infrastructure, utilities, software, and technology.
Outsourcing entails an offsite team that is output-based, so there is no more paying for lunch hours and smoke breaks. You can outsource at a set retainer that is transparent and suited to your own needs.
Reduced operational costs
Not having your team of personal running your finance department, companies are now opting for external resources to lower operating costs in the office environment. Not having to allocate space, desks, and equipment radically reduces the business’s overall monthly running costs.
Accuracy in terms of a particular skill set can be a tough ask. An individual may not have the skills to work across all the accounting outputs required, so there is usually a requirement for multiple staff members to be involved. Changes in regulation and conditions would also mean additional training, all at the business’s expense.
It does not become your issue if a staff member is in an accident, gets sick, or must take maternity leave. With a consultancy firm, they need to manage the output for you. With multi-skilled staff, they can pick up and continue to deliver your work regardless.
Consultants will always be sure to be on top of the latest technology and provide this to you at a fraction of the cost you need to pay for licenses and user training.
Overall, outsourcing is often the go-to option for smaller businesses that don’t have the budget or in-house skill to manage this vital part of their business. They can be rest assured that they are always compliant, get detailed reports when required, and don’t have to be concerned about how much coffee their employees drink.
If you want to discuss how we can help you save money and headaches in your business, get in touch.
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