What is outsourced accounting?
Outsourced accounting is the process of contracting an external company or service provider to handle all or a portion of a company’s accounting operations. This usually includes responsibilities like keeping financial records, creating financial statements, processing payroll, and assuring tax compliance.
Why should I consider outsourcing my accounting?
Outsourced accounting has several advantages such as access to specialised expertise, time, efficiency, scalability, compliance assurance, and the freedom to focus on core business activities. It enables you to streamline financial operations while also gaining vital insights for making informed decisions.
Is outsourced accounting suitable for small businesses?
Outsourced accounting enables small businesses to obtain professional services without retaining an in-house team.
Will I lose control over my financials by outsourcing accounting?
No, outsourcing accounting does not imply losing control. You will receive frequent reports, have access to financial insights, and will be able to communicate openly with the outsourced accounting team. They become a trusted partner, assisting you in making sound judgments.
Is outsourced accounting suitable for small businesses?
Outsourced accounting is an excellent choice for small businesses as it enables them to obtain professional accounting services without having to retain an in-house team.
How do I choose the right outsourced accounting provider?
When picking an outsourced accounting company, consider factors such as experience, qualifications, range of services offered, and security measures. It is also advisable to request consultations and compare providers to find the one that best fits your company’s needs.
Can outsourced accounting assist in tax preparation and compliance?
Outsourced accountants are knowledgeable about tax laws and can make sure your company stays compliant. They can also assist with long-term tax planning and prospects for tax savings.
Can I customise the services I receive from an outsourced company?
Yes. Most outsourced accounting companies offer tailored service packages to meet clients’ unique needs. A reputable company should be able to meet your requirements, whether it is for bookkeeping or comprehensive financial management.
What accounting services does Outsource Hub provide?
- A dedicated accountant
- Monthly processing and reconciliations
- Debtor and creditor reconciliation
- Monthly management accounts
- Annual financial statements
- Tax clearance, withholding tax returns, and provisional tax return
