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Outsourcing accounting and outsource bookkeeping are part ofa $50 billion industry worldwide. Providing services for outsourced accounting and outsourced bookkeeping has seen tremendous growth because a growing number of businesses are finding it smart, practical and cost effective to outsource these specific tasks to a service provider that can get it done -and done exceedingly well – and also delivered on time.
Reasons to Outsource
Other reasons companies outsource bookkeeping, outsourcing accounting services include the fact that tasks in bookkeeping and accounting are both labour intensive and demand a high level of skill or a specialization.
Another good reason to outsource is because it helps reduce costs while still maintaining quality results. The company actually even gains access to a skilled group of employees that can deliver results using the most updated information and best practices.
For these companies that outsource bookkeeping or engage outsourcing accounting services, these tasks are not part of their core business and so it makes sense, particularly if they are understaffed, to simply outsource and focus instead on their core competencies. Focusing on core competencies allows companies to gain an edge over other business rivals.
Get a Clear Idea
Before you start looking for a service provider of outsource bookkeeping and outsourcing accounting services, you should compute the actual total costs of having these tasks done by an in house team. Factor in the wages and other employee compensation, construction and rent costs if applicable, equipment and supply expenses, and training. After that, compute the total actual cost outsourcing. And then make a list of the other benefits of outsourcing particularly the non monetary benefits such as support, expertise and experience that an outsourced staff may be able to share with your existing in house staff. Doing this exercise gives you a clear idea of the benefits that your company may (or may not) be getting if you hire a service provider.
Aside from that, you should determine the specific accounting and bookkeeping tasks that you need to outsource. Some companies outsource the entire process while others choose only specific tasks; it all depends on what works best for the company. Compare the list of specific tasks that you need to get done with the list of services that a service provider has to offer. This will give you an idea not only on which service provider can cover your accounting needs.
Use this, too, as an opportunity to compare services and costs. Check out at least three – preferably more, of course – service providers, compare, and go for the outsourcing firm that can give the best and most cost effective services.
To maintain high quality and timely delivery of results when outsourcing accounting and when you outsource bookkeeping, you need to effective communication. You should also be able to articulate, in clear and exact terms, what you expect from the service provider and when you expect them. The objectives should be clear, specific and, as much as possible, quantifiable. The deadlines should also be clear and strictly followed.
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