September 20, 2018

5 Misconceptions Related to Account Outsourcing You Must Be Aware Of

Slowly, outsourcing is gaining popularity among the small business owners, because it is not only cost-effective but also allows the owners to take care of more important things for the business. By outsourcing the accounting process, they don't have to worry about the finances of the company and instead they can shift their focus towards the core business operations. But wherever FINANCES are concerned, the owners become reluctant in taking the decision of account outsourcing, because of the few myths or misconceptions attached with the accounting outsourcing.


Today, we are going to expose 5 misconceptions that are misleading and stopping you from opting for account outsourcing -
  1. I can't afford account outsourcing- Account outsourcing is primarily designed for the small business which can't afford full-time in-house accounting staff. Startups and small businesses facing scarcity of funds initially should opt for accounting outsource which doesn't hit their pockets severely. Not only this, but accounting outsource firms also provide virtual CFO services which eliminate the burden of hiring a full-time finance professional for taking care of business finances.
  2. My data is not secured- An experienced outsourcing entity realises the importance of data security and confidential information. We ensure restricted access and regular CCTC monitoring to protect the client data from unauthorised use. Also, we conduct periodic reviews and process audits to ensure a strict system of data security.
  3. I will lose control over the organisation- This myth misleads many of the business owners from opting for account outsourcing. Instead, account outsourcing empowers the owners to focus on core business operations. By outsourcing the accounting process, they can invest time in strengthening the critical processes. Also, outsourcing firm provides you periodic analytical reports through by which you can take the relevant decisions without spending the time on data and report extraction.
  4. I will use ready-made accounting software- To an extent, the small accounting software can do most things itself, but still, it misses few essential technical things. Also, as your business grows, you need a bigger and more complicated accounting software and a more expert staff to handle it. Instead, you can just outsource the operations right from the start.
  5. Outsourcing firms do the accounting hastily - Outsourcing firms have a team of experienced professionals who are well versed in handling various clients at a single time. Also, they employ leading global practices and innovative technology in maintaining the accounts which need minimum human interference.

Also, since they handle clients from various industries, they have extensive knowledge of multiple domains like taxation, IT, legal laws etc. making the whole process more efficient. Some businesses have had bitter experience of outsourcing the accounting operations which gave the birth to these misconceptions, but it is indispensable to mention that the decision went wrong in choosing a right and appropriate outsourcing firm. An experienced outsourcing firm values its clients and their privacy and applies techniques which create a comfortable and happy outsourcing journey for them.

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