“Accounting is the most outsourced industry sector” reads Clutch research data that says 37% of US small businesses outsource finance and accounting. Outsourcing finance and accounting services have a lot of proven advantages. Most arise from firms striving to increase the accuracy, agility, and usefulness of their bookkeeping and accounting procedures without incurring significant overhead expenses. The administration of every firm relies heavily on finance and accounting. Money is the lifeblood of businesses, and controlling it translates to controlling the direction of the business by keeping accurate records of a company’s income and spending.
Although many business owners are unaware of how finance and accounting outsourcing might benefit their company, these services help in expanding their business. A lot of decision-makers all too frequently believe that finance and accounting can only help in conventional ways, such as with bookkeeping, record keeping, as well as account payables and receivables. Even though those are very important tasks that must be completed precisely, this way of thinking restricts the actual range of what outsourced accounting and financial services may offer. A critical component of expanding one’s business is using outsourced finance, accounting, and fractional CFO services that assist businesses in thinking strategically and connecting their plan to KPIs.
IBN Technologies is an established provider of outsourced bookkeeping, finance and accounting services via a team of highly competent and devoted offshore bookkeepers. With an aim to help their clients increase their core business capacity, IBN Technologies offers significant cost reductions on operational costs of bookkeeping, finance, and accounting services. And all these add to the client benefits of not worrying about the talent crisis afflicting the accounting sector.
“Businesses today are aware that finance and accounting services require unique and specialized expertise. Not all businesses have the scope of having an in-house bookkeeper or accountant / financial expert,” says Ajay Mehta, CEO, and Founder of IBN Technologies. “That’s why business owners should look to outsource this key function to a leading-edge firm that offers focused, accurate, and value-added services that are forward-looking for a business.”
A benefit of good accounting procedures is that they maintain a business in legal compliance. It is easy for owners/founders to break a lot of rules, such as not paying the correct amount of taxes, without competent accounting. Poor accounting can also result in ignorance of several small aspects that together maintain a business on the straight and narrow, such as making facility changes to meet safety regulations. Having bad financial records can also cause a lot of unneeded problems if a business is ever under legal investigation, which happens to many firms, eventually.
Another major reason that organizations outsource accounting services is that they require both – ‘advice‘ and ‘task fulfillment. These companies are aware that they require direction, and that sometimes this means bringing in specialists to evaluate and pinpoint areas for improvement. When it comes to financial and accounting assistance, outsourcing is extremely helpful.