Making crucial business decisions like whether or not you should outsource your accounting tasks can be daunting. Below are major pros and cons that you can use in evaluating whether going for outsourced accounting services is the right step to take for your business to move forward. 

PROS

  • Cost-Effective 

The amount of money you can save by going for an outsourced staff is very significant as this practice keeps businesses from covering overhead costs such as government-mandated benefits, health insurance, vacation or sick leaves, and retirement. This is one of the biggest reasons why outsourcing services are highly recommended for startups and SMEs. 

  • Focus 

Direct your time, effort, and resources to where it should be spent on: YOUR CORE COMPETENCY. Delegating accounting and other time-consuming tasks allows you and your team to focus on income-generating activities. Your time is better spent on things that really matter like overseeing the business, improving processes, and connecting with your employees and customers. 

  • Skills and Tools 

A partnership with a BPO provider means access to their talent pool and technology. It not only saves you time and money but it also brings you closer to accountants and bookkeepers with years of experience. Accounting tools and applications would not be a problem as well. Plus, being surrounded by professionals means exposure to new business practices that you can apply to your own business. 

 

CONS

  • Geographic Limitations 

Collaborative work can be quite challenging when persons in a team are working in different regions and timezones. Factors that could affect availability would include the weather, network problems, cultural diversity, and so much more. It’s advisable to pay extra attention to a BPO company’s business continuity and disaster recovery plan and establish communication policies with them. 

  • Control Issue 

Business owners who are used to doing everything themselves may find it hard to delegate tasks especially to a team that’s miles away from them. It’s still possible, however, to stay on top of things sitting down with the team and discussing expectations or deliverables. This includes what kind of reports you want, how often you want them, and in what format. 

 

Start a Conversation with Us

The thought of getting outsourced accounting services can be overwhelming especially when you have a lot of questions in mind. Feel free to talk to us to learn more. Our Sales Team will help you out for no cost at all. Forward BPO is an Australian BPO company with more than a decade of experience. Contact Us Now!