Organisations or business owners are not new to terms like “increasing revenue and cutting expenses”, while “the latter” are more focused on these terms in their initial years of business setup and management, “the former”, more experienced ones have a continued focus on an evolved version of this term i.e., “increasing revenue, minimizing expenses while maintaining value, quality and efficiency” in their business or organization, and they consistently work around this mantra.
It can be a daunting task for small and medium scale businesses to manage and keep a sharp eye on their accounts, finances, taxes, payroll, HR etc. while it can be a matter of policy, transparency, and reputation for larger organisations with dishevelled finances and accounts. In either case, the perfect solution comes in the form of outsourcing services. Outsourcing services is not a novel concept and many organisations have been doing it for years.
However, with the pace of changes in the business world, there is a need more than ever for focused outsourced services which delivers quality and value for the organization. High value functions, such as finance, accounting and taxation are critical for every business and have been a focus of outsourcing to third party firms and consultancies, so that organisations can get the full “Accounting Department” experience. Why? Here are some reasons:
Expertise:
Outsourced accounting firms or consultancies bring with them superior expertise, which is significant for any organisation’s growth even if they are running their own accounting departments. An outsourced accounting firm brings with it best practices which it has experienced with a variety of different clients, giving them exposure to unique accounting and financial scenarios, putting them in a solid position to provide a higher level of expertise to their client as compared to an in-house accounting department.
Quality and value for Money:
While outsourcing a service may look like an expenditure for the organization, it however is quite the contrary. For small businesses, taking care of accounts, taxes, financial matters, payroll expense etc, can translate into hiring resources who can manage each of the above function, or hiring one single resource (an expensive one none the less) to manage all these functions solo, therefore it looks like an expense incurring exercise. However, by outsourcing your accounting services, an organisation is paying a set fee in return for a whole team of experts who will take care of all its accounting need, therefore eliminating the organisations need to go through a hiring process, onboarding, paying, and maintaining an in-house team, which might or might not be as effective as it seems. Hence, outsourcing your accounting services can save you costs, while deliver more value and quality.
Saving time and easy scalability of accounting services:
As businesses grow, so do their focus on managing their money, accounts, and finances, while organisations/ businesses may have internal bookkeeping resources, managing accounts, taxes, finances can become a task which might be hard for an in-house team to manage. This is where outsourcing to an accounting firm or consultancy comes into play. An outsourced accounting service firm has the capacity to undertake these tasks easily and in a more expert manner, with focused and well-resourced teams they are not only able to manage a client’s tasks but can easily scale up services and assign additional resources to cater to any extra work that might needs to be done, saving organisations the time and hassle to go through rigorous hiring processes, daily supervision and added payroll expenses, instead they may focus on their business and growth strategies.
Highly skilled and trained team:
It is very rare that an organisation would find resources who are aces in all aspects of finance, accounting, and its related components. This is where accounting firms such as BSA (Bader Saleh Auditing of Accounts) come in, BSA has effective mix of expert resources who can provide services which would not be possible with an in-house accounting department or a team, the mix of experiences and skills within our teams allows a firm like ours to cater to the most unique of needs providing the best-in-class quality of accounting services, which offers a complete value for money for our clients.
Plethora of real time information:
Having an accounting firm on-board translates into having up to date information with regards to changing laws, tax environments, accounting standards and legislations. No organisation can afford to have a single resource who would be able to keep up to date with the fast-changing accounting world. An outsourced Accounting firm such as BSA has the capability to keep abreast of all changes in the finance and accounting environment and provide its clients with updated information, data and effective solutions to it.
Expert Advisors and swift solution providers:
Organisations count on their finance and accounts leaders to be able to provide them with advice which would be beneficial for the organisation in terms of growth, revenues, budgeting and more. While in-house teams may be able to advice on certain aspects of the organisation, such as, finances and strategy, many a time they lack a holistic industry outlook, as their focus is more internal and less on a macro level. This is where an outsourced partner comes in. A firm such as BSA, with its depth of knowledge of the industries, and its experiences of working with a diverse clientele, we can pick out best practices, prior accounting wins and tested solutions to give our clients advice which is not only effective but also impactful for the organisation to grow. We have turnkey solutions which can be implemented swiftly, effectively requiring minimum changes, because of our holistic experience and understanding of the industry, saving time and unnecessary expenditure for our clients.
Detailed Reporting and automation
If you are an organisation which needs to understand micro factors affecting your business and how to manage them, having an outsourced accounting firm can do wonders for you. While in-house finance and accounting teams might be pressed for time, resources, and capacity to create customised and detailed financial reports on a regular basis. Accounting firms do, and organisations can take advantage of their enhanced capacity and capability in getting detailed and customised financial reports created for them from outsourced firms, similar is the case with in-house finance departments in the use of accounting software, which have now become a necessity for businesses to implement. Firms like BSA have the capability to utilise specialised accounting software with ease and effectiveness, ensuring clients receive efficient reports, centralised accounting solutions and expert team to manage all of it at value driven cost.
What do you think now?
After reading this article, and you believe outsourced accounting services is the way forward for you. We are here to help you reach your goal, contact us.
We will understand your finance and accounting needs, map out a clear path of how we can help you achieve your business objectives, introduce you to the BSA family and give you the peace of mind necessary to run a growing organisation and business.
We are also happy and available to help you with other services we offer, to make sure your business is headed in the right direction.
Connect with us:
+971 4 570 7357
+971 58 108 5690
info@bsauditing.com
Office # 0641, Tamani Arts Offices, Business Bay, P.O. Box 111390, Dubai, UAE
