Outsourced accounting and finance services have gained a substantial foothold amidst SMEs. They are gaining add-on benefits and accelerating business growth.
However, while businesses consider outsourcing for the first time, they might fear about some critical issues. Sometimes, they are reluctant to take the step, mainly where your finances are concerned.
Often observed with indifference, confusion many entrepreneurs have the misconceptions surrounding outsourced services abound. Thus, they did not grab an opportunity to embrace outsourcing gains.
Are you reluctant to outsource accounting services?
Read on this post. Here we are focusing on the most common misconception about outsourcing finance and accounting services.
#1. Outsourcing is an expensive choice
Misconceptionally, businesses have associated outsourcing with a costly decision. The matter of fact is that outsourcing is less expensive than hiring in-house accountants. In fact, outsourcing first became an option tailored to smaller companies who did not want to spend on building an in-house team and because they couldn’t do it all.
It has only more lately become an option for larger organizations interested in cutting costs. On average, FinAcc Global’s accounting services save businesses 50% of the expenses than an in-house accountant’s department.
#2. Outsourcing is a complex process
Outsourcing accounting and finance is not a complicated process at all. You only need to follow certain steps. For instance, FinAcc Global follows the simple process with requirements gathering, working on the project, delivering the results on time.
With the decent track of your company’s financial record, the process can be smoother easily. Usually, it only takes us a couple of days to onboard a new client. And, we efficiently deliver accounting and finance reports on time.
#3. Outsourcing still requires an in-house accountant
This is one of the most common misconceptions. If you are outsourcing accounting and finance, you will get the final results in your hand with every detail covered.
Hence, you just need to glance through the results. There is no requirement to have an in-house accountant to check those as the outsourcing firm will guide you through all the details.
#4. Information sharing is not secure
This myth is partially true, but technically conversing, nothing is 100% secure. There are standard measures and protocols that outsourced accountants take to ensure the highest security as much as possible. Wherever you administer the business, financials have the potential for a security breach.
But, with secure data transfer and other measures, the details will be secured while outsourcing accounting. Plus, most of the outsourced accounting service providers ensure optimal security for the financial information with NDAs (Non-Discloser Agreement).
#5. Lose control over the company’s financial
Many business owners assume that by outsourcing their accounting, they are eventually giving up internal control to the third-party. On the contrary, by having comprehensive management of accounts, you will gain more control via a better understanding of your company’s financial position.
This will help you make smart decisions and sustain business growth. Usually, the outsourcing service provider involves you through the entire working process. As a result, you will know how and when they will give you the completed tasks.
#6. Sending files is a time-consuming process
Most of the time, companies think that data sharing with outsourced resources will take much time and effort. However, there are multiple simple ways available to send large files quickly and easily.
You can send your documents swiftly and electronically through Dropbox or email. Besides, the outsourcing service provider sometimes uses its system for the hassle-free, secure file sharing process.
#7. Many software are available, no need to outsource
With the advancements in technology, many software is available in the market. So, sometimes business owners prefer to use the software and perform accounting and finance tasks.
You can perform the basics, but master skills are required for the complex tasks. Besides, with the expansion of business, finances become more complex. Rather than investing time and costs to operate an accounting automation tool, consider relying on experts who have the time and the advanced skills for the accuracy in accounting and finance related tasks.
All in all, outsourced accounting services will benefit your business in many ways. From cost-cutting to accessing expert skills, it will be helpful to make smarter decisions for your business.
Companies that outsource accounts and finance services take advantage of external contractors and empower business growth.
Do not let these misconceptions resist you to access expert advice through outsourced accounting services!
FinAcc Global offers industry-best, business-centric accounting, and finance outsourcing services. Our simple process with a transparent work approach helps in improving client satisfaction. Besides, we deliver optimal accounting results by using our expertise and decade long experience. Connect with us now to know more about how we provide the most accurate accounting and finance services.