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Accounting and Bookkeeping
Accounting and bookkeeping are the foundations of sound financial health. Bookkeeping is a basic function that businesses must carry out diligently to ensure reliable accounting. In turn, updated accounting helps ensure financial soundness. Take a look at the following table:
Diligent and on-time recording of transactions.
Because in-house resources multitask, delays and gaps in record-keeping can occur.
Access current infrastructure, including backup capabilities.
Need to first raise and invest capital in purchasing equipment and structure to keep it.
Save expenses that would otherwise go into hiring expensive and trained accounting resources.
Required to hire skilled accounting resources, even if at significant expense, to ensure high-quality productivity.
Free-up in-house resources to do high-margin work, including analytical financial management.
Resources may get caught up with other work, leaving them little time to dedicate to accounting and bookkeeping.
Extend value to your clients by utilizing proven systems and resources from your outsourcing partner to complete deliverables without compromising quality or timelines.
Continue to offer existing solutions. Schedule in-house resources to allow them to devote equal time to all stakeholders.
Stay aligned with the latest industry trends and best practices.
Upgrade as and when possible, given the expenses of time and money involved in upgrading.
Ensure data safety, including data belonging to clients, through secure modes of access, such as encryption.
Ensure data safety to the extent possible within budget and time available to in-house resources.
Free up critical resources to pursue new opportunities, including business building and revenue generation.
Miss out on opportunities because in-house resources may be multitasking and unavailable.
Tax planning is vital to ensure business sustainability. However, there are multiple challenges regarding tax preparation and filing, which businesses can overcome better with outsourcing help. One of the challenges includes in-depth knowledge of applicable taxes, given that tax payments differ according to business structure, number of employees, and industry and business type. The following table illustrates the differences between outsourced and in-house tax planning:
Outsourced Tax Planning
In-house Tax Planning
Ensure 100 percent compliance with tax payments.
Ensure compliance to the extent possible, given work schedules of available resources.
Gain from smart tax planning through an in-depth understanding of tax laws, applicable tax credits, and deductions.
Ensure payment obligations are met. Take advantage of deductions or applicable credits wherever possible.
Keep pace with changes in tax laws, new modifications, introductions of any new business or industry-specific tax breaks.
Face the risk of not tracking, following, and optimizing all available tax breaks.
Ensure insightful tax planning; ensure on-time payments, and stay ahead of tax deadlines.
Face the risk of not tracking and following all deadlines all the time.
Ensure freedom from fraud and unwitting errors.
Face the risk of fraud through unauthorized access of information or even through simply not being aware of tax laws and regulations.
Budgeting and Forecasting
Budgeting and forecasting are essential parts of business planning. Without a practical budget, a business may not plan available funds optimally. In the case of larger-sized businesses, not having a well-planned budget can also create interruptions in payments such as taxes, salary and payroll, and other business investments. Here are some reasons why outsourcing budget planning can prove better for accounting practices:
Outsourced Budget and Forecasts
In-house Budget and Forecasts
Get a realistic budget prepared from realistic analysis and review of business.
Ensure budget preparation from available data, especially if time and resources don’t permit detailed review and analyses.
Build forecasts that take business goals and targets into account. Consider industry-specific news and trends that can influence business-building activities.
Ensure industry-specific news and trends are followed to leverage opportunities for business-building activities.
Build forecasts that can adapt to change in the sales pipeline while ensuring budgets that can withstand unforeseen cash payout without affecting cash flow.
Ensure budget considers necessary expenses, while forecasts are flexible enough to adapt to unplanned budget modifications.
Assistance with Salary and Payment
Payroll Managed In-house
Ensure timely wage payouts.
Track and follow timelines for payment if resources are available and free, delegate payroll responsibility.
Ensure accuracy in wages paid, especially in the case of multiple categories of staff, including part-time payments, hourly payments, full-time payments, etc.
Follow payroll laws, research, and comply with minimum wage laws and other legal payroll requirements.
Ensure zero loss of productivity while also making sure payroll is compliant.
Ensure in-house resources understand payroll requirements and meet them to the best of their understanding.
Robust IT support for Accounting Automation
A 2020 research report reveals respondents (two-thirds of accountants) said firms need to increase technology adoption. With accounting and bookkeeping becoming automated, practices can ensure speedier work, safer data, secure backup, and reliable reporting for themselves and their clients through accounting automation. Here are some reasons why outsourced IT management works better:
Outsourced IT Support
Save on expenses incurred for IT and automation infrastructure.
Research and invest in IT infrastructure to support accounting automation needs.
Freedom from the hassles of upgrades, security patches, etc.
Research and invest in relevant security and industry-appropriate tools and upgrades.
Seamless security for sensitive business data and customer information.
Investment is needed to access security measures and ensure the digital safety of data.
Access to talented and skilled resource pool to operate and ensure deliverables.
Need for hiring and training to build a resource pool.
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