Every business is different, and one business’ proven formula may not fit another’s. It is very important for a company to maintain its financial discipline, irrespective of the nature or size of the business. Some of the key benefits of outsourcing accounting and bookkeeping and other finance operations are:
- Saves time: One of the most common and obvious advantages of outsourcing is the amount of time you save. It’s a simple concept: accounting and bookkeeping take time. If you’re doing it yourself, then that’s time lost. There are a lot of different aspects to consider, and it becomes a balancing act. By outsourcing your accounting and bookkeeping services, you simply save time that’s better spent on core tasks.
- Reduced Overheads: By outsourcing accounting, a company saves overheads like visa costs, perks, visa deposits, sick leaves, annual leaves, etc.
- Faster decision-making: Our reports are customizable and help the management to make informed decisions at the right time, which is crucial for any business to grow exponentially. After all, if you’re paying money to work with the experts, they’ll have the information you need to see in a way that makes sense. This allows you to continue to make decisions to grow your business with peace of mind.
- Updated Big Picture: If you’re on the fence about outsourcing one service or another, an important thing to keep in mind is the amount of information and insight you might receive. Good quality accounting and payroll companies will have a “big picture” in mind after dealing with your company for a while. This information can be had at a moment’s notice, and advanced technologies can help you obtain personalized reports giving you the insight you need to further your company.
The types of outsourced accounting and bookkeeping services we offer are listed below:
Bookkeeping / Outsourced Accountant
A service that helps the company maintain its set of books in complete order, compliant with local laws, and reconciled with various statements. This is a basic feature and the minimal requirement for any company, whether it is a startup or a Multi-National entity. Our bookkeeper shall handle day-to-day data entry, either on a full-time deputation basis or through regular visits. Typical kinds of bookkeeping outsourcing could be on a Full time, Part Time or Project Basis.
Management accounting / Outsourced FM
Management accounting entails the management of business assets, internal business operations of clients, reports on profit and loss based on the company budget, reports on the fulfillment of key performance indicators or performance metrics that are uniquely adapted by the company, cash forecasts, and revenue projections, among others. In managing this data, your provider must assume an eagle-eye approach with regard to how your company’s leadership realistically fulfills all its financial goals.
Financial controller services / Outsourced CFO
These services cover coordination with bookkeepers and business owners in the completion of monthly management reports. In the fulfillment of these services, your provider will handle financial data that is crucial to hiring, dealing with clients, and the like—an assessment of how healthy your business is at any given time. Financial analysis is a part of this service, which includes data that pertains to product cost calculation; profitability; reviewing of credits and rebills; and reviewing company sales contracts to determine the impact on accounting policies, among others.
Payroll services
Another service that is available is the management of your company’s payroll. Our payroll services include the tallying of your company’s pay cycle and the accounting of on-demand services, end-of-month services, and end-of-year services. Your provider is obligated to learn the payroll management norms of your company, as well as what the just and timely standards are for your employees’ compensation, in order to ensure that they adhere to the same.
To know more details, please contact Nihar Kothari, Partner at Affiniax, at nihar@affiniax.com
