5 Benefits of Outsourced Finance and Accounting for Small Business in India
The concept of outsourcing has gelled really well with world businesses. As outsourcing has extended to almost all the areas of business, its advantages are now being introduced to small and mid size businesses. Outsourced finance and accounting services can take care of payroll, handle HR, and service accounts receivable and accounts payable using outsourced professionals and advanced accounting software. This can considerably save time, effort and costs invested on such non-core functions, allowing small business owners to better invest their resources on more rewarding, revenue-generating activities.
So far the start-ups and small business owners have been struggling with spreadsheets, outstanding payments & invoicing issues, hiring and managing administrative staff and still spending lengths of time dealing with accounting and reporting issues. But with outsourced finance and accounting, small businesses have great opportunity to benefit from specialized F&A services, just like the big organizations.
Benefits of Outsourced Finance and Accounting for Small Business
With favorable industrial changes and easy availability of better know-how, businesses are in better position to decide which functions to specialize in and which ones to outsource. However, small businesses often undermine finance and accounting support needs of their operation. While payroll is the only major activity that gets outsourced for specialization benefits, all other finance and accounting related functions are not fully performed or kept in-house in the hands of unqualified staff.
Outsourced finance and accounting is one of the major trends in the global marketplace, and it can help your small business too. We explain how…
1) Outsourced finance and accounting reduces cost
When engaging outsourced accounting services you save money spent on paying full-time employees, their salaries, wages, bonuses and benefits. Moreover you save on lost productivity costs that come along with hiring employees onto the payroll. By finance accounting outsourcing you only pay for what you need. Also specialized outsourced finance and accounting provides better visibility into a company’s financial operations and better control over costs.
2) Finance accounting outsourcing uses dedicated accounting software
Outsourcing your bookkeeping operations gives you more access to the top tools in the industry. Small businesses are usually not in a position to pay for highly expensive accounting software. Outsourced finance and accounting lets you have the benefit of such tools and the expert knowledge of industry professionals.
3) Scalability options
Outsourced finance and accounting allows you the flexibility whether you want to cutback or grow beyond. Whether you are looking to expand your business or cut down on some of the expenses, having a trusted outsource partner who can provide you with various plans and options will help you achieve your goals.
4) Outsourced finance and accounting charge according to your needs
Everything, from bookkeeping, accounts payable to producing monthly financial statements, is done on fee basis. That means you only pay for what you use unlike paying full salary to in-house staff even when there is no work requirement.
5) Leverage the expertise
Outsourcing is a great way to gain complete, full-time knowledge on your team without having to pay for it around the clock. By putting your accounts into the hands of a highly experienced staff who understand the best practices and how to properly staff for certain tasks, your work becomes easier, smooth and effective.
Without a doubt, the best solution for most small businesses is to use a virtual accounting assistant. Outsourced finance and accounting offers huge benefits – cost savings, competence and professionalism that usually goes missing with internal resources, and reduction of the owner’s time involvement in a non core function.
Radisson Consulting is a trusted name when it comes to outsourced finance and accounting. Radisson Consulting is promoted by eminent professionals with proven track record of consistent performance under the leadership of Mr. Sunil Sharma. The firm’s operation majorly focuses on consulting disciplines and compliance services which it deploys to assists its clients in developing and expanding their businesses. Radisson Consulting provides premium services in tax, regulatory, assurance, corporate finance and real estate advisory.
Finsmart, CA Matters Online, and Adventus Business Services are few other credible players in the field of outsourced accounting services. In operations since 2007, Finsmart has delivered impeccable and cost-effective solutions to several clients. Under outsourced accounting services, Finsmart covers monthly accounting entries, bank reconciliation, statutory dues calculation and payment, statutory compliance, monthly book closures and monthly management reports.
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