Outsourcing accounting tasks can be a great way to support existing finance teams and free up extra resources.
Not only can it save money, but it also provides access to expertise, builds closer relationships, and offers the latest accounting technology.
If you are looking to boost your internal finance function, here are five reasons why you should consider outsourcing your accounting work this year.
- Cost Savings
Outsourcing accounting tasks can help to reduce your costs. By hiring an outsourced accountant, you don’t have to pay for additional employee benefits such as; holiday or sick pay or other overhead expenses related to full-time staff members.
This can result in significant cost savings that help you invest more in other areas of the business.
- Expertise
When you outsource your accounting work, you gain access to expertise that may not be available internally.
An experienced outsourced accountant knows the ins and outs of the industry and can provide valuable advice on how best to manage finances and ensure compliance with the latest tax and accounting regulations.
- Building Closer Relationships
Outsourcing your accounting work allows you to build closer relationships with external professionals, who understand your business needs and objectives.
An outsourced accountant is often better able to offer tailored advice based on their knowledge of the industry and their past experiences working with similar businesses.
This helps create a more collaborative relationship between the internal finance team and an external advisor who can provide helpful insights and ideas for improvement.
- Access to the Latest Technology
Accounting technology is constantly evolving, making it difficult to stay up to date with all of the latest developments.
By outsourcing certain tasks, such as bookkeeping, payroll processing, or tax preparation, you can take advantage of modern digital tools that automate many of these processes, while ensuring accuracy and compliance with regulations.
This allows internal finance teams to focus on more strategic initiatives by reducing the time spent on mundane data entry or calculations.
- Improved Financial Oversight
Outsourcing your accounting allows you to have better financial oversight of your business. An experienced accounting firm will be able to provide you with a better understanding of your financials, so you can make more informed decisions about your business.
This includes providing more detailed management accounts, financial forecasts, expertise and insights.
Start Outsourcing Now
If you’re looking for ways to reduce costs while still maintaining high-quality financial reporting standards, outsourcing could be the answer!
So why wait? Get started today by emailing enquiries@stca.co.uk or calling 01494 552100.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 31 January 2023.