Top Accounting Activities That Can Be Readily Outsourced

Accounting services are important for any company since failure to adhere to government regulations can attract severe penalties. However, if accounting is not your core business, you should avail of finance and accounting outsourcing companies.

These firms are specialists and can handle a wide variety of accounting activities for a fee. By outsourcing your key accounting activities to them, you can focus on sustaining and expanding your business while these firms provide you with the data needed for strategic management decisions.

Accounting Activities That Can Be Readily Outsourced

Accounts Receivable and Accounts Payable

Your accounts receivable comprise what customers owe you, and accounts payable include what you owe your vendors.

Firms providing business outsourcing services can help you track your accounts payable and receivable, so you don’t miss your collections or payments.

Processing of Payroll

Rules and regulations relating to employee payroll can be seamlessly managed by finance and accounting outsourcing companies. Some of the activities under payroll processing are: 

• Ensuring payroll compliance with the latest regulations
• Checking limitations of spreadsheets in maintaining employee taxes 
• Ensuring employee data security 
• Maintaining data accuracy 
• Providing easy access for both employer and employees 

Forensic Accounting

Business outsourcing services help you in data restoration, improving security, protection of assets, and higher productivity. 

Financial Planning

Apart from general accounting activities, accounting firms can help you with an in-depth analysis of your company’s financial condition.

Tax Filing

Returns are to be filed well within deadlines and according to guidelines. You can claim tax benefits and avoid harsh penalties. 

Do Independent Accounting Firms Provide the Same Level of Service as Inhouse Accountants?

Finance and accounting outsourcing companies provide a superior level of service compared to in-house accountants for the following reasons: 

No Time Lost on Training

You don’t need to spend time and money training an independent accountant. These firms have qualified and experienced accountants on their team, ensuring high-quality work. 

Lower Costs

An outsourcing firm ensures major savings on overheads. You don’t need to worry about computer equipment, electricity bills, office rent, salaries, holiday pay, and other associated costs.

Payment to the firm would depend on the workload and would be lower during lean seasons. 

Higher Productivity

There is no loss of productivity due to employee illness or vacations.

Fraud

Unlike in-house accountants, accounting firms are less likely to commit fraud by sharing confidential information since their reputation is at stake. 

What to Look for in an Accounting Service Provider?

Check for the following before availing of an Accounting Service Provider:

Reputation

Read customer reviews online or call up existing customers to verify the accounting firm’s reputation. 

Data Security

The firm should have a robust data security system so that confidential business information is not leaked.

Efficient

The firm should meet the regulatory deadlines and have a low turnaround time. 

Well-Trained Staff

The firm should invest in training so that the staff are aware of the latest accounting rules and maintain records accordingly. 

Flexibility

The firm must perform with the same efficiency during peak and lean business periods.

How Does Outsourcing Accounting Help Your Business?

Following are the benefits of outsourcing your accounting services: 

Expert Advice

Your accounting requirements are being handled by professionals with extensive experience, lowering the chances of any errors. 

Compliance

With knowledge of the latest regulations, an accounting firm ensures that you don’t have to bother about penalties due to non-compliance. 

Higher Profits

When your accounting needs are met by the accounting firm, you can focus on meeting the needs of your customers. 

Final Thoughts

Business success depends on how well you focus on your core activities and outsource activities that don’t add value to your company. Accounting activities are essential since they not only help you analyze the financial health of the business but also avoid any penalties. 

Outsourcing your accounting activities to a professional accounting firm can help you run your business more efficiently and focus on improving customer satisfaction levels. Leave the accounting to the experts and watch your profits soar. 

About Us

OHI is a specialized finance and accounting outsourcing service provider with over fifteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end to end accounting processes covering daily accounting activities, reconciliations, month end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.

OHI serves close to 300+ clients across USA, UK and Canada. We invite you to experience finance and accounting outsourcing through us.

Learn More About Our Accounting Outsourcing Services – CONTACT US