Small business owners face daily challenges on many fronts, from generating customer happiness, to managing inventory, to promoting their products/services and to fighting competition. One of the most crucial ones is running an efficient accounting department. A business owner often faces challenges such as:
- Unqualified and inexperienced accountant/team
- Books are not updated on time
- Limited or no accounting data to take financial decisions
Accounting outsourcing is the answer to these challenges. A business can be rest assured that their books are in safe hands of a qualified and experienced accounting team and updated on a regular basis. An updated book helps in taking informed business decisions.
However due to the lack of understanding, many businesses believe some misconceptions regarding this service. We analyze five of the most common accounting outsourcing myths about a service that is essentially designed to increase the efficiency and profits of the business.
Accounting Outsourcing Myths
Benefits of Outsourcing Accounting
- Cost savings between 40-60%- Realize savings ranging from USD 9600-21600 yearly in staffing costs alone
- Access to skilled accountants and analysts
- Flexible Contracts
- Complimentary time zone difference between India and US helps in getting the work done faster
- Saves time to focus on growing the business
- Better financial control and improves the relevance, reliability and quality of financial information
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.