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Introduction to outsourced accounting services
Outsourced accounting services are a popular method used by companies. Companies contract with an accountant to offer similar services as the day-to-day accounting department. Outsourced accounting services hold many benefits. Especially to new start-ups, businesses in an upward growth trajectory, or just simply businesses that want to be leaner and focus on their core functions. Below we list our top 5 benefits of outsourced accounting services.
Benefit #1: Cost savings
Outsourced accounting services provide cost savings. There are no lengthy contracts, additional benefits, leave payouts, and other overheads associated with employing someone on a full-time basis. You will only be paying a fraction of what you would normally by employing a full-time accountant.
Benefit#2: Access to financial experts
Such services provide small business access to qualified and experienced professional accountants that can guide you in your business journey. The expertise of these professionals can assist you in making sound financial decisions to enable your business to grow.
Benefit#3: Release of capacity and resources
Many times, the onus of tax and other statutory compliance falls on the small business owner or other individuals. These individuals are actively involved with the core functions of the business. These services release and creates more capacity and resources so that these individuals can focus on their core functions.
Benefit#4: Compliance requirements
South Africa has an ever-changing compliance environment with tax law changes and amendments, Companies Act requirements, Labour Act requirements, etc. These services provide the small business with a pathway of success when it comes to meeting your small business compliance obligations. Outsources accountants stay up to date with the recent changes and requirements as part of their continuous professional development.
Benefit#5: Access to best-in-class systems
Outsourced accounting services provide businesses with the best accounting tools and systems available to streamline and automate processes. Access to cloud accounting software, data-entry automation, and inventory management tools, reduces the burden of implementing expensive software. You also won’t be incurring additional costs by employing additional resources.
If you want to hire an outsourced accountant, het in touch here.