To achieve success in business, we have to not only ensure that our existing customers are retained but also make concerted efforts to expand our horizons to acquire new customers. The bottom line for every business is profits, and we need to assess the contribution of each business function to the business profitability.
One of the integral functions would be the Finance & Accounts Department as they provide inputs to key executives of the company for taking critical decisions.
Now the question arises whether one should have an in-house Finance & Accounting Department or go in for outsourced accounting services? The answer to this lies in the opportunity cost of in-house accounting versus outsourced accounting.
A few statistics will help clarify the situation. Around 47% of business leaders feel that the in-house Finance & Accounting division falls short about capabilities to handle future priorities. A whopping 80% of business leaders think that there is no integration between front office strategy and back-office functions. In-house Finance & Accounting teams are not able to provide the required guidance or advice as they are too preoccupied with their routine duties. This is where outsourced accounting services can make a difference and therefore make a wise investment.
There are a lot of advantages of using outsourced accounting services from a professional finance and accounting firm. They are:
There are certain activities like regular transactions, determining cash balance, revenue and profitability projection, ascertaining profitability position or fixing operational processes which don’t add value to the business. We automate these to help business focus on the company strategies.
We ensure complete financial visibility using high-level metrics and key performance indicators. Economic forecasts are provided which are benchmarks for measuring the company’s performance.
Our qualified and skilled team of professionals will meet the current and future requirements of the business as they are proactive, can adapt to the changing needs and help to scale up the business to the next level.
We enable access to data at all times from anywhere through the cloud software platform. All the softwares required by the business are integrated into an enterprise-level accounting package and allow effective data sharing.
We upgrade the existing processes and controls with regard to the company’s revenue and expenditure items to eliminate lost revenue or internal frauds. We create formal policies and documentation to provide timely financial reporting.
Optimize returns by investing in processes that add value to business profitability and outsource the Finance & Accounting function. With more focus on strategic decisions, it will be possible to scale up business operations. Choose your right partner in growth which will provide effective financial solutions for your business.