Top 3 benefits we want to share, which our clients have experienced after they decided to outsource their bookkeeping and accounting; especially during COVID-19 where a remote workforce has become the norm.
Keeping your company’s finances in-check is vital. Whether you are starting a business or already established, bookkeeping and reporting must be managed properly to provide accurate and real-time assessment of the company’s financial performance and position.
Traditionally, bookkeeping and accounting functions have been completed internally, but nowadays in a dynamic market there is a challenge hiring and retaining qualified finance professionals at an affordable rate. Thus, an increasing number of businesses are outsourcing their bookkeeping and accounting functions to a company with the right knowledge and expertise which can do the job better with time and cost saving methods. It also allows business owners and managers to shift their time and budget to improve their core business activities.
Therefore, here is the list of top 3 benefits we want to share, which our clients have benefited after they decided to outsource this function.
1. Cost Efficiency
Contrary to common perception that outsourcing can be additional or an unnecessary cost, outsourcing provides cost efficiency and reduces expense on hiring and payroll. Additionally, the process of hiring a full-time employee will attract additional costs, not just their salary but other expenses such as:
- Facility costs
Savings associated with outsourcing are significant. Outsourcing Companies often offer their services at the lower cost rate (typically due to economies of scale), with better quality and service with no drop in productivity that come along with hiring full-time employees. Outsourcing will give your business more than you’d get with a traditional in-house bookkeeper including advice on tax and compliance.
2. Saves Time
Automation and streamlining your business should become integral as your business grows. However, without proper support you may find yourself spending more time managing people and processes for bookkeeping activities, leaving very little time to scale your business.
With an outsourced bookkeeper you can buy your precious time back to focus your time and energy on creating business strategies and development; investing in operations and training on employees that support your core business; and improving customer experience and building better relationships with your customers.
3. Improve Morale
When you hire an in-house bookkeeper, there is a possibility of certain margin of human error while waiting for them to understand the business and historic transactions. Before the numbers can be reliable, in-house finance staff need an adjustment period. Bookkeeping service providers help alleviate that challenge by promising maximum efficiency from day one.
By taking advantage of services provided by your outsourcing partners, you’ll have an expert that will save you time and reduce risks. Our bookkeepers utilize an automated system that seamlessly tracks your finances and provides real-time reporting, with a dedicated team of experts to resolve any issues immediately. Finally, as an independent firm, outsourcing will reduce the probability of internal fraud.
When You Should Consider Outsourcing Your Accounting And Bookkeeping
From our experience working with different local and international companies in Myanmar, outsourcing bookkeeping and accounting tends to work the best when:
- A company of any size cannot find full-time employees with suitable qualifications at the affordable rate.
- A small business which does not require a full-time bookkeeper but needs a qualified professional.
- A growing company is looking to scale their accounting and bookkeeping functions.
- A company that requires temporary services (e.g., extra help with year-end reports or if a full-time employee is going on holiday, maternity leave, etc).
- A foreign company looking to do expend into Myanmar and requires a reliable outsourcing solution provider for their business.
FocusCore Corporate Services Myanmar is the leader in providing outsourced bookkeeping and accounting services to our clients in Myanmar and across the region. Our accounting professionals are highly qualified in the automation tools such as Xero and Quickbooks with an expert knowledge of the market, Myanmar tax administration law, and accounting standards.