We believe that the most appropriate time to seriously think about starting to outsource accounting services is when the financial year is being closed and annual reports are being finalized. Exactly at this particularly busy period, directors and top-managers may come across very unpleasant unforeseen situations. For example, the accountant may make a decision to quit before the accounting reporting has been finalized and submitted. Outsourced accounting services may help to resolve this no-win situation. But certainly, this is not the only reason to transfer company’s accounting to an outsourcing company. When thinking of engaging a professional outsourcing company at least 6 reasons should be thoroughly considered. They are as follows:
1. Cost minimization
According to the statistics, outsourced services cost 20% lower than expenses on company’s own accounting service. Moreover, the employer saves on the payments related to the maintenance of work places and social contributions.
2. Responsibility for the result
A professional accounting company is financially liable for performed works and services in accordance with the concluded contract and respective legislation acts, and guarantees that all terms and deadlines are met.
3. Hardware and software
Outsourcing companies use their own software and hardware, thus you do not need to buy expensive servers and legal databases, and equip work places for accountants.
4. Amendments to the legislation
Specialists of outsourcing companies regularly keep track of all changes and amendments in the legislation and thus the risk to make a mistake is minimized. Internal auditors perform thorough service quality control.
Personal data security agreements and commercial confidentiality agreements are signed with outsourcing companies.
6. Independence of the human factor
Outsourced accounting services are provided irrespective of sick or annual leaves or personal circumstances, outsourced accountants can be contacted at any time when needed.