When The Finance Dept commenced business back in 2008 we had a much tougher time convincing the owners of professional services firms that outsource accounting was a viable alternative to an in-house accounts team. In the 8 years that have since passed it has become less difficult, technology has improved significantly but the underlying benefits remain the same:
Technology
It didn’t take long to catch on but cloud software is now seen as the norm. With cloud accounting at the core, and our favourite Xero in particular, it’s now much easier for the client and internal accountant or financial controller to collaborate. Some major benefits to cloud accounting, and cloud software in general for that matter, are:
1. Information is accessible anywhere, any time;
2. Data is centralised in one location avoiding duplication and all of the associated headaches that it can cause;
3. Sharing is easy and secure;
4. Backups are managed by the software provider;
5. No installation or IT maintenance;
6. Affordability – we are lucky enough nowadays to have access to programs online that are more powerful than those that only big business could afford just 10 years ago…and for what is usually only a minimal monthly subscription;
7. Powerful financial insight can be gained with great accounting software like Xero, and enhanced by utilising specialist software in unison.
Staffing Hassles Gone
An inexperienced or inadequate accounts team can lead to inaccurate reporting, basic compliance being overlooked, a large overhead expense, poor business planning and timely information not being received for making business decisions.
By outsourcing your accounting you can avoid all of this and ultimately drive business performance more effectively with consistent, timely and appropriate financial reporting.
Outsourcing to a reputable provider like The Finance Dept also offers you the opportunity to easily scale up your accounts operation as your business grows, without having to worry about hiring new staff.
Efficiency Improvements
I don’t think I’ve ever met a business owner that doesn’t appreciate a good, efficient system and the related benefits to their business. In the same way as an engineering firm might adopt a new piece of design software to speed up the delivery of a project, outsourcing accounting (done right) takes administration pressure away from the business internally allowing everyone to focus on core business.
Huge Dollar Savings
All of those employment costs that mount up leave the equation when you outsource accounting. It’s not just wages and super that make up payroll costs to a business…it’s recruitment costs like advertising and recruitment agencies, the burden of leave and replacing people, workers compensation insurance, payroll tax (if the payroll is large enough), and more.
And don’t forget those overhead costs indirectly related to employment…rent, electricity, IT hardware and software, cleaning, amenities like tea and coffee, the list goes on.
The dollar savings can be quite simply staggering when you outsource this key, but non-core, function to a specialist provider.
Accounting Expertise
Since a specialist outsource accounts firm specialises in various accounting services, you receive expert attention for all of your company’s accounting needs. This expertise can potentially exceed what a full-time employee may be able to contribute, as a specialist firm deals with all types of situations that an employee may not have exposure to in their everyday role.
A professional firm will provide you with routine updates on the financial health of your business by way of the most appropriate reporting specific to the industry. The benefit of being provided with an objective point of view on where the business is headed and can improve is priceless.
There’s never been a better time to benefit from sending the accounts offsite.
The Finance Dept is a Brisbane-based accounts outsourcing firm utilising qualified accountants at a fraction of the cost of an in-house accounts team for your business. We are an offsite (not offshore) alternative to having an in-house accounts team or financial controller.
Call 1300 855 721 or click here to see if you should take your accounts offsite.
