Outsourced accounting is when you hire a third-party business accounting services provider (like Elsavco) to handle your accounting tasks for a fixed price. This would entail the provider taking care of your accounting needs, including bookkeeping, reconciliations, payroll, planning and projections, budgeting, or anything else you could imagine or need under this umbrella.
Outsourcing your accounting function can have many benefits for your company:
1. Cost –effective
Outsourcing your accounting function is cheaper than hiring employees. The cost of hiring an accounting team begins when you pay for the advertisement of the position, and keeps adding to your expenses in the form of payroll, employee benefit expenses, materials and stationary, paying for training, allowances for overtime etc. In addition to the employee related cost you will also need to pay for the accounting software which you use.
Connecting with a third party accounting solutions provider, you just pay for the predetermined fixed price for the service tailored to your needs.
2. Saving time
If you are small team handling bookkeeping yourself you are using time which you could have spent investing in growing your business, focusing on your vision and purpose.. If you are a larger company, it can save you the time needed to hire, train, develop and manage an internal team of accountants.
3. Access to Expertise
Hiring, developing and maintaining a team of in house professionals can be expensive and difficult. Third party professionals have hands on experience in various dimensions of accounting and finance given that they have worked for many clients from various industries. Additionally, accounting companies are also up to date with the latest standards and technologies. By outsourcing your accounting and finance you get the specialized knowledge your company needs and which might not have afforded otherwise.
4. Ability to scale up or down
Your company size may vary over time, and thus the size of your accounting team will also need to vary; or you may have a seasonal pattern which would translate into more work in a specific season. Maintaining your in house accountants during periods when business is down can be challenging. Losing employees, or employees on sick leave or maternity leave can also be challenging for a company. Having to let employees go is difficult.
Outsourcing your accounting function eliminates these problems. Accounting firms have the team to support you in both your up and downs and help you gain business continuity benefit as you will never have to worry about holiday/sick leave or how people leaving your company is impacting work.
5. Lower risk of fraud
Internal frauds are frequent within in house accounting departments. The use of accounting outsourcing companies reduces the risk of such violations.
6. Not just an accountant but a trusted advisor
Highly experienced accountants can offer insights to your companies. Accounting firms will have experts in various areas which you can take advantage of.
Why choose us?
Here at Elsavco we offer truly partner led services, where you can contact the partner in charge of your account by just picking up the phone, thus ensuring there are no delays in communication.
We set up your work in a way that best suits your needs and makes you feel comfortable, allowing you to control as much or as little as you wish.
There are no hidden costs since all costs are discussed and agreed in advance, and we set up payment schedules with which you are comfortable.
All information provided to us is treated in a confidential manner.
Interested in working with us? Send us a private message on our social media, email us at info@elsavco.com, or call us on 22811900. Our team will be happy to discuss with you how we can help.
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