Accounting Outsourcing: Adding Another Chapter to the Corporate Success

Corporate success relies heavily on outsourcing and synergies. How?

Handling various business processes and services alone can be taxing even for mega corporations. While managing multiple complex processes, you get all the credits and pat-back for working so hard to scale your business. But what’s upsetting you is that you can not have a happy dance, which is ACCOUNTING.

Receipts, invoices, spreadsheets- there are so many things to be taken care of in the business in order to run the business efficiently and smartly. One of the most important things in businesses of any size is managing cash flow and keeping track of financial actions. Unfortunately, many organizations face the difficulty to step next and wear a hat.

This is where outsourcing accounting comes to the rescue. Including outsourcing your finance and accounting is like applying a shield to your business.

Efficient accounting leads to smoother Business Management.

Accounting is the heartbeat of any business as with accurate accounting management, managing budget, revenue generations, and other finance activities become reliable.

What Exactly Does Outsourcing Means?

Outsourcing is hiring someone or giving a particular work to experts outside the organization to manage various business-related operations, processes, or activities. With or without an in-house team, someone proficient outside the organization, who has the exposure to work for various firms and the ability to perform the activity remarkably.

But Why Outsourcing?

One of the biggest questions that daunt many organizations is “why outsource’ or “why outsource when we can hire or have an internal team?” To answer this, there are solid benefits of outsourcing accounting services, such as:

• Save your business money:

Hiring a full-time in-house accountant can be expensive, especially for organizations that are strict with the budget.

• Save ample hours in a day:

An outsourced individual or team can proactively handle the complex tasks without wasting much time. This will free the internal team’s schedule, giving them free hours to work on other crucial tasks.

• Discover new business ideas:

Brand new insights for the business strategies does the magic. Outsourced accounting provides a new point of view to the business for effective finance and accounting management.

• Attentively monitor your business strategy:

When you outsource accounting, it saves you time and resources that  can be invested in streamlining your core business services, strategies and taking key business decisions.

Is Outsourcing the New-age Way to Have the Best of Both worlds?

Apparently, yes!

There are numerous success stories in the corporate world that speak for the synergies the outsourcing brings along. The corporate giants have been outsourcing various business processes and even services. And it has worked exceptionally well for them. Earlier outsourcing was somewhere confined to the bounds of business processes, commonly known as BPO. The latest development that has stirred the outsourcing domain is Knowledge Process Outsourcing (KPO). Various MNCs are opting for KPO to avail the skillset that is unmatched and can provide benefits of specialization. Here are the biggest corporate success stories that will substantiate the benefits of outsourcing-

Google- Outsourcing for Expertise and Knowledge

Even a corporate giant like Google, with its top-class in-house talent powerhouse, fails to find answers to some complex business problems. Let it be email support for AdWords or development work; Google has been using outsourcing for the best of its interest. Google outsources contractors for two reasons. Firstly, it allows them to work with employees with world-class expertise and secondly, they deal with spikes in workflow efficiently.

Apple- Outsourcing for Solving Capacity Issues

Apple has made a name for propagating innovation and quality. It was not a day or month, or year job but consistent quality products they have manufactured that helped them emerge as an innovative brand. The excellent products they manufacture are not handled by them alone. Their multiple partners in the US, Asia and the Far east have helped them establish efficient manufacturing and supply chain management. That’s how they have succeeded in focusing on their core business and solving capacity issues.

What Does Outsourcing Accounting Looks Like?

Outsourcing accounting services will give you the full right to manage your finances easily without the hassle of hiring and spending. Most importantly, you will get the benefits of an accounting professional that will help you boost your knowledge and give you precious time by taking tasks off the plate.

The professionals are backed with accounting & finance knowledge and skill sets, which become an asset to your business. They can come up with new ideas to grow the business.

Key Statistics About Outsourcing Accounting

Finance and accounting (F&A) outsourcing are emerging as one of the fastest-growing factions of KPO. Accounting outsourcing has eased the transactional processes for many companies. However, this particular section has now started to manage areas like budgeting, forecasting, treasury and risk management.

• According to Capital Counselor, the top reason (70%) for outsourcing is cost reduction.
• According to Research And Market, the global and finance accounting outsourcing market is to reach US$53.4 Billion by the year 2026.
• The financial services outsourcing market is worth over $130 billion worldwide, says Fortunately.
• According to Finance and Accounting outsourcing – global market trajectory & analytics, even the least penetrated Record to Report (R2R) outsourcing will see a global 5.5% CAGR and become a $9.4 billion segment by 2026.

How to get the optimum from Outsourcing Accounting

Accounting is a sensitive at the same time a complex part of the organization. That is why it requires hands-on specialists to handle it. Without the accurate knowledge and skills, fallacy and oversight might occur, risking the business stability. Therefore, outsourcing accounting to professionals is a secure and smart investment for businesses. It enables corporations to optimize resources, reduce workloads, maximize profit, focus on strategy, save money, and step to a height of success.  Still have questions or doubts regarding outsourcing accounting and bookkeeping for your business, get in touch with experts!