5 key benefits of outsourced accounting services for your business

5-Key-Benefits-of-Outsourcing-Accounting-Services-for-your-Business-_1200x628-2For all business leaders, lowering accounting and financial administration costs without sacrificing efficiency and accuracy, is the holy grail of process and personnel management.

For small to medium businesses in particular, finding value within the margins is often the difference between success and failure.

In this context, future-focused businesses are increasingly choosing outsourced accounting services to lower costs while maintaining the service levels their customers deserve.

Check out our Sourcefit blog to learn the 5 key benefits of outsourcing accounting services, and how your business can connect to curated, world-class accounting solutions.

What is outsourced accounting?

Accounting outsourcing is the process of assigning one’s accounting and bookkeeping services to an external service provider or specialist.

Generally, this means turning to a reputable, trusted service provider with years of experience in providing globally applicable financial services solutions.

Well-executed outsourced accounting can function as a full-service solution for all your business’s financial management needs, or can be tailored to address specific tasks, functions or projects.

Why are outsourced accounting services so popular?

According to Grand View Reasearch’s Finance and Accounting Business Process Outsourcing Market Report, ’the global finance and accounting outsourcing market was valued at USD 56.42 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030.’

While the accelerated growth for this industry can be attributed to the process disruptions that were COVID-19, the positive changes to business best-practices, and the inherent value these changes unlocked, are here to stay.

Accounting clients and future-focused businesses have realized and embraced the potential in reliable, reputable, cost-effective accounting solutions. They are determined to leverage this potential to scale their reach, streamline their processes and ultimately, connect to growth.

Outsourced accounting solutions benefit 1: Cost savings

Labor costs for staff hired through Sourcefit normally run 50-70% less than equivalent staff in local markets.

According to The Bureau of Labor Statistics (BLS), ‘the average hourly rate for accountants is $37,’ steeply increasing depending on their qualifications and experience.

Outsourcing service providers recognize that for businesses, maintaining high-end accounting teams in-house can fast become overly expensive.

To offer cost-effective access to reliable financial professionals, outsourcing mainstays such as Sourcefit have established themselves in countries with lower business costs, such as The Philippines, allowing your business to enjoy the same level of service, at a fraction of the cost.

Additionally, reputable outsourced accounting service providers allow you to save on costs such as cloud accounting and accounting-specific software, hardware, healthcare, food, office space, human resources costs and the general expenditure needed to keep an in-house team running.

Sourcefit’s simple and straightforward pricing structure, which includes salaries, taxes, benefits and all support and infrastructure costs, makes it easier than ever to manage your business.

With no set-up fees or long-term commitment, and Sourcefit’s risk-free, no obligation approach, connecting to outsourced accounting solutions is easier and more affordable than ever.

Sourecfit says: look out for our amazing new ROI Calculator hosted on our homepage – coming soon!

Outsourced accounting solutions benefit 2: Access to talent

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According to the World Economic Forum’s Manpower Group Survey, ‘75% of employers reported difficulty in filling roles, a 6% increase on the same time last year.’

As the report makes very clear – the global talent shortage has hit its highest level in 16 years.

To paint an even bleaker picture of the accountant shortage – for managers in search of accounting and financial service professionals in particular, a 2022 Deloitte poll, ‘found that 82% of hiring managers for accounting and financial positions at public companies and 69% at private companies said talent retention is a challenge.’

Whether you realize it or not, your business is directly affected by the accounting talent shortage, with the cost of finding, hiring and retaining suitable candidates increasing every day.

Partnering with a service provider such as Sourcefit, allows you to connect directly to industry-leading talent specifically selected from a range of qualified professionals to suit your needs, and your budget.

Sourcefit says: Finding top accounting talent on your own can be a challenge, with no guarantee you will find the right candidate at the right price point. Sourecfit does all the hard work for you, presenting you with a selection of suitably qualified, affordable options to choose from

Outsourced accounting solutions benefit 3: Capacity, scalability, flexibility

As businesses seek growth, the need for increased capacity naturally occurs. While this is definitely a good problem to have, it does present real challenges from both a workforce perspective, as well as a skills perspective.

For example, growing your U.S.-based accounting firm offshore not only requires basic man and woman power, but specific in-country knowledge, experience and infrastructure.

Well-conceived accounting outsourcing solutions are designed to accelerate not only operational growth but also operational competencies, while mitigating the need for extensive recruitment and resource investment, offering your business the best possible shot at successful growth.

Trusted outsourcing service providers give your business the flexibility to adapt in real-time to the market and to take advantage of growth opportunities as they occur.

Further, outsourcing your accounting solutions mitigates long-term Return on Investment-risk, as you can plug in and plug out your outsourced solutions as needed, allowing for efficient application of your budget and capacity.

Sourcefit says: in this super-connected business-scape, outsourcing your accounting solutions allows you to scale your financial services requirements affordably, quickly and as needed.

Outsourced accounting solutions benefit 4: Regulatory compliance

Today, financial and regulatory compliance is not just essential, but a core mandate for any business.

The financial policy, statutory obligation, and regulatory compliance landscape is ever evolving. Further, when one considers the intricacies and legal complexities of connecting to non-local markets and opportunities, the very thought of setting up an in-house accounting team can become quite daunting.

The repercussions of inadequately meeting these challenges can be dire, exposing businesses to potentially fatal errors.

The solution? Trusting the expertise of outsourced accounting service providers.

By integrating specialized professionals into your workforce, businesses can seamlessly adapt to regulatory needs and changes.

Delegating accounting solutions to high end accounting outsourcing experts ensures compliance without diverting your attention from core business operations

Sourcefit says: Outsourcing accounting solutions not only ensures compliance, but also allows businesses the peace-of-mind of knowing your compliance is managed by experienced professionals.

Outsourced accounting solutions benefit 5: Focus on core competencies

Is your management team’s time lost on financial reporting? Do you find your team wasting valuable time on process? Is your business drowning in busy work?

Outsourcing accounting solutions allow your business to delegate tasks that while not necessarily core, need to be done and done to a certain standard.

Delegating lower-value or high-intensity tasks allows your team to focus on your businesses core competencies, without wasting effort and valuable time on non-essential tasks, or on tasks easily handled by qualified financial experts.

Further, connecting to reputable outsourced professionals ensures optimal turn-around time, as well as accuracy across your business’s financial reporting and operations.

Sourcefit says: remote accounting services allow you to delegate time-intensive work, meaning your in-house team can focus on doing what they do best – delighting your customers and scaling your business.

Connect to the benefits of outsourced accounting solutions, today.

Outsourcing accounting services offers a multitude of benefits for businesses of all sizes. As the global talent shortage persists, outsourced solutions provide access to top-notch professionals without the challenges of recruitment and retention.

These services also offer cost savings, scalability, and flexibility, allowing businesses to adapt to market changes and growth opportunities efficiently. Moreover, outsourced accounting ensures regulatory compliance and allows management teams to focus on core competencies, freeing up valuable time and resources.

With the finance and accounting outsourcing market on the rise, businesses are recognizing the inherent value in reliable, cost-effective accounting solutions.

As Sourcefit continues to deliver world-class accounting services, your business can make the strategic move towards enhanced financial management and sustainable growth, today.

Connect to curated accounting solutions and experience the transformative benefits for your business.

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article.

We invite you to follow us on social media and to visit our website to learn more about Sourcefit – your outsourcing partner

banner-finalAbout Us

Sourcefit – your preferred accounting service provider –  is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth ChampionHR Asia Awards, among others.

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