Why Outsource Accounting Tasks: Mini-Guide to Outsourced Accounting

September 13, 2021 Sarah Dameron

accounting outsourcing office

If you've ever nixed the idea of outsourced accounting from your list of potential strategies, you're not alone. Most small- to mid-size companies consider outsourcing to be an unattainable resource reserved only for global-size businesses. However, we're here to tell you that not only can all companies benefit from outsourced accounting, small- to mid-sized organizations might just have the most to gain. And we're also here to show you how with our complete guide to outsourcing your accounting function. Learn why it's a good idea to outsource your accounting tasks regardless of your business size.

BENEFITS OF OUTSOURCING FINANCE - WHY OUTSOURCE ACCOUNTING TASKS

Finding a reputable outsourcing company that checks off your bucket-list of wishes can be like finding a needle in a haystack. However, outsourcing is more than offloading tasks to another individual (or company), and if you're wanting to increase your business's bottom line, then you need to take note of these benefits:

  • ADDING TALENT

  • GROWTH OF COMPANY

  • REINVESTMENT OF TIME & MONEY

  • COST CONTAINMENT

WHAT TO CONSIDER WHEN OUTSOURCING TRANSACTIONAL WORK

Is virtual accounting right for your company? Does outsourcing align with your company's goals?

You've scoured the internet for blogs about outsourcing and you've consumed enough pertinent information to make a well-thought-out decision. However, before you make that next move, you want to know if it'll work for your business. We've outlined a few steps to take before you solidify your choice.

  • IDENTIFY TRENDS & OPPORTUNITIES

  • FIND THE RIGHT VENDOR

  • ANALYZE WHAT YOUR OUTSOURCED ACCOUNTING SETUP WILL LOOK LIKE

  • SECURE BUY-IN FROM KEY STAKEHOLDERS

  • BRING ALL PARTNERS TO THE TABLE

  • TRANSFER YOUR KNOWLEDGE

ACCOUNTING TASKS TO OUTSOURCE

Accounting is not a nice-to-have for a business- it's a necessity. If you think you can get by without a well-run accounting function, you're in for a surprise (and not in a good way). Here are a few functions you can delegate to virtual accounting teams:

  • ACCOUNTS PAYABLE

  • ACCOUNTS RECEIVABLE

  • TAX ACCOUNTANT

  • PAYROLL

  • GENERAL ACCOUNTING

WHERE TO OUTSOURCE?

When you think of the word 'outsourcing' you probably think of large companies with big-name clients. However, outsourcing has evolved over the past decade to include outsourced teams as small as one in two premiere destinations: India and the Philippines.

TOP MISTAKES OF OUTSOURCING

Every company new to the outsourcing world knows that there's potential for mistakes in the transitional process. Take a look at which outsourcing blunders to steer clear of and how you can keep your outsourcing strategy from blowing up.

  • GOING FOR THE CHEAPEST SOLUTION

  • BEING TOLD WHAT YOU NEED

  • IGNORING SOFT SKILLS WHEN HIRING FOR TALENT

CHOOSING AN ACCOUNTING OUTSOURCING PROVIDER

Once you've set your sights on outsourcing, the road to choosing a provider might get a little bumpy. This is why we've summarized the top five most vital things to look for in a partner.

  • TECHNOLOGY

  • INFRASTRUCTURE

  • EXPERIENCE

  • VALUES

  • QUALITY

Why outsource accounting tasks? Find out in our Outsourced Accounting Guide infographic below. In this infographic, you'll discover the benefits of outsourced accounting, what to consider, where and what to outsource and how to avoid outsourcing mistakes. Looking for more? Check out the full Guide to Outsourced Accounting.

why outsource accounting tasks infographic

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