Αccounting Outsourcing
Introduction to Outsourcing Accounting
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7 Benefits to Outsource Accounting and Bookkeeping Services
1. Cost-Saving Accounting Services
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 the 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 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.
2. Eliminate Time and Costs of Hiring Processes
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 to 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 the 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 for savings of outsourcing business processes.
3. Saving your Time
As your business grows, you will find yourself spending more time managing your money and less time scaling the business. Therefore, outsourcing administrative tasks like bookkeeping and accounting help you to focus your time, energy and resources on creating business strategies. It will be bringing more revenue, as well as networking and building relationships with your customers.4. Expert Accountants and Bookkeepers
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 kinds of tasks.
By choosing the outsourcing company wisely, you can be sure that your accounting is in the reliable and knowledgeable company’s hands.
5. Scaling Accounting Easily
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.
6. Automation technologies
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 at 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.
7. An accountant is your advisor
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 providing financial advice.
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5 Types of accounting services that can be outsourced
1. Accounts Receivable/Accounts Payable Management
Both of these accounting functions are some of the most popular outsourced accounting services in Singapore. The purpose of AR services is to make sure that your customers are paying you in a timely manner. Moreover, such services include expense reporting, payment approval, order management, managing vendor inquiries, financial reporting, debt management, forecasting, and customer billing management. The advantage of outsourcing AR/AP management services is that it will free up your time so that you can concentrate on core business functions. Moreover, you will be relying on professional and competent individuals who have years of experience in managing various accounting functions.
2. Record Management
Record management and bookkeeping are also highly popular outsourced accounting services because bookkeeping is a rather repetitive and mundane task for any type of business. Modern accounting firms in Singapore have access to efficient and reliable tools and technology that are capable of producing accurate and quick results. The use of cloud technology in accounting and bookkeeping has also made outsourcing bookkeeping functions quite easy. You should consider outsourcing such services to get thorough and accurate reports that will help you in using the available financial data to make smart decisions about your company.
Following are some of the most important functions included in outsourcing bookkeeping services:
Payroll management
Creating and maintaining ledgers
Cash management
Subscription renewals management
Invoice processing
Setting up a modern bookkeeping system
3. Preparing Financial Reports
Preparing financial reports is an essential accounting function for all types of companies and businesses. In many situations, you need to have external accountants review the financial conditions of your organization to prepare thorough and reliable financial reports. Therefore, outsourcing such a function to an accounting firm in Singapore becomes essential in many different situations. As a result, you will be getting reliable and timely results from your outsourced accounting team. You will also get independent and professional advice to solve the cash flow issues of your company and ensure the smooth functioning of the business.4. Controller Services
Outsourcing controller services to an accounting firm in Singapore means you will be outsourcing most of your accounting functions like audit reporting, compliance management, reporting, communication between employees and vendors, cash flow analysis, and KPI reporting. The benefit of outsourcing controller services is that you will be able to conduct a thorough cash flow analysis of your business with the help of professional and experienced accountants. As a result, you will be able to review the financial health of your company and make smart strategic decisions.
5. Financial Planning and Analysis
You can also outsource your financial planning and analysis to an experienced and reliable accounting firm in Singapore. Such services include a comprehensive evaluation of the financial conditions of your company and using suitable strategies to ensure maximum growth and optimum performance. As a result, you will be able to have logical cash flow projections and act on the advice of professional accountants to make well-informed decisions for the success of your business.
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PwC’s Accounting Outsourcing team, made up of more than 120 professionals, provides services to a wide range of clients across many different industries including high-tech, banking, pharmaceutical, retail, private equity fund, auto, media & entertainment and energy, among others.
With outsourced customer service, not only will you be able to meet the constant change in demand of your customers but you’ll also experience an increase in turnaround times, improved quality of output and overall, business growth.
We offer a wide spectrum of outsourcing services in the finance and accounting area and work with companies of all sizes.
A solution to adopt accounting outsourcing services, may be the answer to regulatory compliance and cost saving. Improvement and integration of accounting and reporting into the finance function has never been more important than it is today. However, the objectives extend well beyond these, to other strategic payoffs – such as better reporting, increased control and transparency, and an improved ability to respond to market changes.
We aim to help you add value
We aim to help you add value to your organisation by providing the following strategic benefits:
Reduce business risk by transferring liability to us
Focus on core business and gain a competitive edge with sophisticated technology and people
Enhance risk management with rigorous disaster recovery mechanisms and detailed back up plans
Close collaboration with other PwC Advisory Consulting teams
No staff problems, i.e. turnover, HR Management, training
Free up internal resources for mission-critical activities
Access to cutting-edge technology solutions / Accelerate migration to new technology
We work with you to design innovative solutions
We work with you to design innovative solutions based on our industry expertise, with the following offerings:
Core services
Assistance in the initial set-up of the full set of accounting books and records system (chart of accounts, accounting policy, software);
Bookkeeping services;
Preparation of annual financial statements;
Direct and indirect Tax Returns preparation and filing;
Regulatory Filings per Industry specific requirements
Special projects
Accounting review and related advisory services;
Accounting reconciliation service (e.g. mapping between global and local financial systems, inter-company reconciliation);
Secondment services (e.g. Accounting Manager, experienced Accountant);
Co-sourcing services by working with the client’s team in order to complete a series of accounting tasks
Business Insight
Understanding the vision of the Finance and Accounting function actively engaged with supporting planning, strategic goals and objectives.
Technology
Performing tasks on a timely and cost effective manner through simplified and standardized process that leverage technology.
Compliance and control
Mitigate any risks arizing from accounting and tax exposure. .