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Some common questions which arise while thinking of accounting related processes outsourcing.
If you are planning for outsourcing the accounting function, before selecting finance and accounting outsourcing services, you might get some questions. We have tried to address some of the general questions for your consideration.
Benefits of Outsourcing
- Better internal control as execution of work and maintaining of books of accounts are in the hands of different independent people
- Independence of people maintaining books and preparing reports from the company staff, hence avoiding any conflicts of interests as well as financial frauds
- Savings in Human Resource Management costs
- Increase in efficiency and productivity
- Focus on core areas like production and sales by management
- Savings in Infrastructure and Technology costs for non-core activities
- Access to expertise services for business processes without hiring in-house experts for performing those processes
- Faster and better services
- Distribution of risk of non-compliance
- Cloud storage, virtualization and other technology options have made it possible for all companies to take advantage of accounting outsourcing services and bookkeeping outsourcing services
In most cases, because of our specialisation in the domain, use of relevant technologies and specialised team, our charges to deliver services are lower compared to CPA firm’s charges.
We give very serious consideration to Data confidentiality and copyright. We ensure that any client related information is not published, distributed, sublicensed, sold or disseminated to third-party at any cost. We have implemented certain procedures to assure confidentiality, such as;
- Carrying out background checks on our employees,
- Clause in “terms of employment” in which our employees pledge to maintain confidentiality and non-disclosure agreements in respect to client data.
- Restricting access to premises and systems.
- Restricting access to data backup solution.
- Restricting access to print media and shredding all waste printed papers
- Such other measures which make our company as most trusted by clients
Moreover, following are the reasons for outsourcing even if your employees are able to manage work load
- Employees’ time can be best used for other activities such as dealing with sales and service issues
- Get rid of issues related to employee turnover and unplanned leaves
- Get rid of issues related to training a permanent or temporary replacement
- Reduces the risk of fraud losses and regulatory fines
- Leaving of the key employee
- Termination of employee because of dishonesty and fraud
- Additional transaction volumes because of business growth
- Short-term requirements for to support a project or to cover employees leave period due to maternity leave, illness or military service
There is no risk of losing control since you will be owner of the books of accounts. Appropriate clauses are mentioned in the agreement as well as non-disclosure agreement. Moreover, all your transactions will be approved and controlled only by you.
Benefits of Outsourcing
- Better internal control as execution of work and maintaining of books of accounts are in the hands of different independent people
- Independence of people maintaining books and preparing reports from the company staff, hence avoiding any conflicts of interests as well as financial frauds
- Savings in Human Resource Management costs
- Increase in efficiency and productivity
- Focus on core areas like production and sales by management
- Savings in Infrastructure and Technology costs for non-core activities
- Access to expertise services for business processes without hiring in-house experts for performing those processes
- Faster and better services
- Distribution of risk of non-compliance Cloud storage, virtualization and other technology options have made it possible for all companies to take advantage of accounting outsourcing services and bookkeeping outsourcing services
Yes, you might be already outsourcing the preparation of financial statements and tax returns. However, as per the regulatory requirements, a CPA firm that is providing bookkeeping services to a client, can’t provide Audit services to that client because of a conflict-of-interest situation.
In most cases, because of our specialisation in the domain, use of relevant technologies and specialised team, our charges to deliver services are lower compared to CPA firm’s charges.
We give very serious consideration to Data confidentiality and copyright. We ensure that any client related information is not published, distributed, sublicensed, sold or disseminated to third-party at any cost. We have implemented certain procedures to assure confidentiality, such as;
- Carrying out background checks on our employees
- Clause in “terms of employment” in which our employees pledge to maintain confidentiality and non-disclosure agreements in respect to client data.
- Restricting access to premises and systems
- Restricting access to data backup solution
- Restricting access to print media and shredding all waste printed papers
- Such other measures which make our company as most trusted by clients
If you have appropriate staff managing and controlling accounts with ethics and quality then you may continue working with them. However, if you have only one employee managing all your accounting tasks, that is when you should consider us because whole function in the hand of one person increases risk related to internal control.
Moreover, following are the reasons for outsourcing even if your employees are able to manage work load
- Employees’ time can be best used for other activities such as dealing with sales and service issues
- Get rid of issues related to employee turnover and unplanned leaves
- Get rid of issues related to training a permanent or temporary replacement
- Reduces the risk of fraud losses and regulatory fines
Please check below sample situations:
- Leaving of the key employee
- Termination of employee because of dishonesty and fraud
- Additional transaction volumes because of business growth
- Short-term requirements for to support a project or to cover employees leave period due to maternity leave, illness or military service
Yes. Currently most of the desktop accounting software comes with the facility of Remote Desktop. Using it we can access your accounting system remotely through our allotted user credential. However, to make it successful, you need to have high speed internet connectivity.