According to recent statistics, 37% of businesses spend more than USD 5,000 for the administration of finances and 33% of these firms devote more than 81 hours on finances every year.
Whether you run a real estate business, textile firm, a digital marketing agency or any other industry, every small business needs to manage its books. Some entrepreneurs handle it themselves and others hire an in-house professional.
However, with an increased need for quality accounting services to fulfil business demands, outsourcing accounting activities are gaining popularity in recent times. You won’t have to look after monthly expenses, spend too much time every year on taxes or pay hefty prices for hiring skilled professionals.
Let’s consider some pros and cons of outsourcing accounting activities. These will help you make an informed decision while looking for an accounts outsourcing partner.
Pro and Cons of Outsourcing Accounting [Infographic]
Choosing the Right Accounting Outsourcing Provider
You can easily reduce your burden of accounting and finances by choosing the “right-fit” outsourcing partner. Although pros and cons of outsourcing accounting do exist, all these cons can be eliminated if your outsourcing firm has enough experience in the field and can cater to your needs efficiently. Hence, outsource your accounts for enhanced decision-making and heightened business operations.
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.