Five Business Functions to Outsource for Enhanced Productivity

When Outsourced

Managed In-house

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.

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.

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.

Outsourced Payroll

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.

Outsourced IT Support

In-house Management

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.