How To Choose The Best Accounting Outsourcing Agency – Answers by Maple Tree for Small Business
Think of how we used to prepare FINANCIAL ACCOUNTING BOOKS. Today it feels like a science fiction novel compared to what it used to be. With all advances in technology, you no longer need an in-house accountant. But is it a good idea since you are just a start-up?
Why should SME consider ACCOUNT OUTSOURCING SERVICES? We get asked this question a lot, so Mr. Sunil K Gupta – Consulting Associate of Maple Tree Business Consultants Private Limited has thrown some light on these questions that would help SME to determine outsourcing accounting services.
How much does accounting outsourcing cost?
This is what most of the SME have in mind when they think about OUTSOURCING their accounting work. Mr. Sunil K Gupta explains that it totally depends on the size of the business and its operation scale. It can be categorized in two categories as follows:
- Start-up Business: Depending upon the volume of work it may cost INR 10000.00-25000 per month on an operation scale of 1-25 employees and goes up as the volume increases.
- Established Business: It depends on the volume of work but in general it may cost INR 25000.00 to 50000.00 per month on an operation scale of 25-50 employees and goes up as the volume increases.
However accounts outsourcing services can be customized based on the budget which the client may have, depending upon following outsourcing models:
- Onsite full time ACCOUNTING
- Onsite part time accounting
- Offsite accounting
Is my financial data secured with an accounting outsourcing service provider?
Yes, your financial data will be fully secured and it will be never shared with anyone unless you want to do so by giving your permission in writing. They maintain high level of data confidentiality and even restrict the access to the data internally. They maintain multiple backup so there are no chances of losing data in case of any untoward incident. If client wish to have online access to their data then it provides the same via CLOUD STORAGE PROVIDERS.
How to choose right accounting outsourcing partner?
There are five main criteria to filter the service providers:
- Management Structure of the Consultant: First, it is very important to see what is the management structure of the consultant so that you are sure there is team which is taking care of your work and not only one person as that’s the main idea of Accounting OUTSOURCING that irrespective of the changes in the team your service will not be affected.
- Expertise: Second, to see that the consultants which you are going to hire have enough expertise to take care of your work.
- Availability: Third, the availability of the vendor as and when you need to connect the consultant with your queries and questions.
- Cost: Fourth, depending upon your budget you should choose the best consultant. However you must not compromise with the quality of service as there may be non-compliance risk which may look small today but it becomes a big problem when the organization grows.
- Professionalism: Last but not the least from day one when you start interacting with the consultant you must observe his/her professionalism as this is one thing which going to have impact on delivery and quality of work.
Should I choose accounting self-service or ACCOUNTING SOFTWARE?
You must choose accounting software due to following advantages:
- Uniformity in accounting process
- Automated Invoicing, Delivery Challan, Debit note etc.
- Effective stock management
- Real time updation of Receivable and Payables
- Ready to use Management Information System (MIS)
- Safety and easy to back-up
Further if you have an accounting software then you can manage your business at multiple locations easily with many ERP solutions available in the market.
Which is good? In-house or Outsourcing of accounting
OUTSOURCING has following benefits over in-house Finance & Accounts (F&A) function:
- Flexibility: You can use the services of the consultant as and when you need it on part time basis, full time basis or even on offsite basis. You need not worry anymore about the fixed cost of the F&A department. You don’t have to worry about recruitment and replacement in case someone leaves you.
- Expertise: When you outsource your F&A function then you not only hire a consultant but you hire a Virtual CFO who has expertise of advising many businesses of multiple sectors.
- Cost: Compared to in-house F&A function outsourcing is much cost effective and the cost of outsourcing is not fixed i.e. it totally depends on your level of operation.
- Quality: Outsourcing agencies design their services in such way that quality is ensured at every step and they deliver faster and on time to stay relevant in today’s highly competitive market. Whereas in-house employees often do not work in sync and end up creating mess which is discovered by the Internal or Statutory Auditors or by the Government agencies.
If you do not have the resources or expertise to carry out the maintenance of your financial records, it is profitable and wise to OUTSOURCE ACCOUNTANCY work to outsource your accounting work to Maple Tree Business Consultants Private Limited.
About Maple Tree Business Consultants
It is an Indian based Business Consultancy firm set up by a team of well experienced dedicated professionals rendering comprehensive professional services which mainly include Business Entry Services, Finance and Accounting (F&A), Taxation, Corporate Services and Payroll Management etc. Client satisfaction and quality work have been our main focus from the day one and we have designed our services in such a way that an entity can avail our services on one stop shop basis i.e. right from the start to the growth phase.
Mr. Sunil K Gupta – Consulting Associate of Maple Tree Business Consultants Private Limited is a practicing chartered accountant, having Master’s Degree in Commerce. He has an extensive knowledge of working on various assignments in the field of Compliance, Accounts, Payroll and Taxation.
To contact Maple Tree Business Consultants, write to us on email@example.com
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