Pros and Cons of Outsourcing Your Accounting

Accounting can be a major source of stress for many business owners. It’s complex and time-consuming, and the stakes are high. 

Hence, many entrepreneurs outsource accountants for increased accuracy and efficiency, allowing them to focus on core business activities. 

Read on to know more about how you can outsource accounting tasks.  

Accounting Tasks You Can Outsource

You can outsource many accounting tasks depending on your needs. These include: 

• Bookkeeping. You can hire an accountant for daily transaction recording, financial statement preparation, and general ledger maintenance.
• Tax Services. An outsourced accountant can also help with tax preparation, tax planning, and other optimisation strategies.
• Payroll Processing. They can also calculate employee wages and deductions, manage employee benefits, and file payroll tax returns.
• Financial Reporting. You can also outsource accounting tasks such as creating income statements, balance sheets, and cash flow statements.
• Other Accounting Tasks. An accountant can even help with fraud detection and prevention, financial statement audits, and compliance procedures. 

Pros of Outsourcing Your Accounting

When you outsource accounting, you can experience many benefits. Let’s take a look at some of them: 

Cost Savings

Hiring an outsourced accountant eliminates the need for training in-house staff, purchasing accounting software, and other overhead expenses. 

Access to Expertise

Outsourcing gives you access to a wide roster of skilled professionals. 

For instance, many AU business owners partner with Remote Staff when it comes to hiring qualified Filipino accountants. 

Improved Time Management

By outsourcing accounting tasks, you don’t have to worry about accounting deadlines or complex financial issues, giving you more time for better things. 

Scalability

As your business grows, your accounting needs evolve too. Fortunately, outsourcing allows you to scale up or down, depending on your changing requirements. 

Cons of Outsourced Accounting 

While outsourcing has numerous advantages, it also has its own challenges. Here are some examples (and how Remote Staff can help you overcome them): 

Finding the Right Fit

It can be challenging to find the right accountant. You need to factor in their communication style, experience, and qualifications. 

Remote Staff addresses this by providing a list of qualified candidates. This way, you just need to choose someone who aligns with your vision and values. 

Hidden Costs

Many outsourcing companies charge additional fees for specialised services, software integrations, and unforeseen complexities. 

In contrast, Remote Staff is transparent about its pricing structures and the potential extra costs, if any. 

Potential Quality Concerns

While there are many applicants for remote accountants, it can be difficult to find a candidate who delivers quality work. Thus, quality concerns can be a major deterrent. 

Aside from pre-qualifying each candidate, Remote Staff also conducts ongoing performance evaluations to maintain quality and efficiency.  

With over 16 years (and counting) of experience, Remote Staff has successfully matched thousands of AU businesses with skilled professionals. 

Thus, if you’re looking for the right industry partner to outsource your accounting to, look no further. 

Join the growing number of Australian entrepreneurs who’ve partnered with Remote Staff for their accounting needs. 

For more information, request a call back now.