Relying On Outsourcing Accounting Services During Pandemic
The coronavirus pandemic is infecting millions globally. As the virus spreads rapidly, it has brought the global economic activity to a halt as many countries have imposed tight restrictions to break the chain of virus spread. With governments struggling to keep the economy floating amid lockdown and safety measures, most companies and industries are either forced to change their working strategy or bear the impact. Similarly, the accounting industry has also changed the working strategy and experiencing more demand for outsourced accountants and offshoring jobs.
Slowly and gradually, the global condition has started to improve, with daily cases of covid19 decreasing progressively, and vaccines are being rolled out to a larger population. However, the pandemic has turned the tables for significant industries and changed the way businesses rely on outsourcing/offshoring.
“A crisis is a tremendous opportunity to learn and grow. John Mackey”
To keep the company’s financial wheels balanced amid lockdown, accounting and financial industries are redefining the business plans. Following the government quarantine measures and fluctuation in operating firms in total capacity, most CA, CPA firms, Financial Advisors and Bookkeeping firms, small, mid-size or large ones, are forced to shift their part or entire work remotely. Significant Australian accounting businesses outsourced their bookkeeping, payroll, SMSF, accounts finalisation & taxation preparation services to minimise the in-house cost by more than 50% into a fixed cost service at the same time making sure there is no compromise in the quality of work delivered to their clients and meeting the deadlines, with this change.
What is accounting outsourcing?
Amidst the pandemic, accounting outsourcing has become a trend in the accounting industry. Accounting outsourcing is a solution that provides end to end accounting & taxation services for many accounting firms across Australia.
The offshore accountants are qualified and trained to handle their client’s day-to-day bookkeeping transactions, SMSF Admin & accounting, taxation, accounts payable and receivable, payroll, financial reporting, audit back office services and many other things.
Outsourced Accounting offers the industries to hire a team of skilled accountants at a lower cost and high returns/revenues.
Benefits of accounting outsourcing amid coronavirus pandemic
Many accounting firms are currently facing a financial drawback or limited growth due to the coronavirus pandemic. Presently many companies are seeking to address customers’ difficulties while fulfilling the client’s requirements. Some companies are facing challenges to attract and retain their employees.
Therefore, it isn’t easy to manage the workload or organise a fully functional book-keeping/accounting unit and liaise with the B2C clients during these uncontrolled times. Hence, outsourcing accounting work is a big weight off their shoulders, exceptionally cost-efficient but also flexible in terms of contracts and the availability of skilled resources.
Many start-up companies are in search of an efficient, experienced and affordable accountant for hire. Preparing accounts for the existing clients, hiring new staff and training and maintaining customer relationship can prove to be a complex task as well as costly for many accounting businesses. Outsourcing their accounting work helps them not only save significantly on their current salary costs but also helps to focus on business growth.
Here are five benefits of outsourcing your accounting work with ABS:
1. Cloud-based accountant service
Cloud accounting has proved to be the most valuable helping hand to grow the business without investing much. Managing business accounting is one of the complex processes, especially when everything has shifted online, and most of us are working from home.
Cloud accounting eliminates the need for full-time staff to manage bulky account books and can be accessed by anyone authorised in the company. It’s packed with many features such as automated debtor’s reminders, automated assistance in recurring transactions — invoices, journal entries, bills, etc., taxation and audit sheets, and many more.
2. Enhanced cost-efficiency
As an outcome of the coronavirus pandemic, most business owners forced shelter-in-place limitations until it is safe. While the business may have slowed, bills and local taxes are still in play. Employees are still working from home; hence they are still on the payroll. The outsourcing accounting services team from Ascendum Business Solutions help the accounting and financial advisors in offloading the extra burden to look after the accounts.
Depending upon the organisational structure and company budget, the accounting businesses opting for outsourcing accounting services because they do not have to bear the total cost of having a full-time finance team. The outsource accounting team leverages to pay only for the services the business owner opted for.
Firms that choose to outsource their services indicate that the main motive of outsourcing is lower costs.
3. More Data Security
Migrating accounting work from server-based software to cloud-based accounting software allows business owners and team members to have remote access to accounts faster to manage and delivering accurate figures. At the same time, the main concern is always the security of the data. All accounting software are built with a high encrypted system with increased data security with cutting-edge technology.
With the sensitive data upload/download, every minute on a cloud-based accounting system, an outsourcing company like Ascendum Business Services provide a secured VPN connection to ensure the accounting Data security measures.
4. Helping hand in solving frequently changed government laws
With so many things happening amid the pandemic, even the best in-house employee could miss the new ATO updates. There are so many regulations and relevant laws to monitor to avoid penalties carefully. Outsource accountants team make sure that the business is following the latest regulatory government requirements.
Even though the government is trying to provide some flexibility in taxation or other guidelines keeping the impact of coronavirus outbreak in mind, there can still be challenges? That is a daunting task to solve. Instead of juggling and worrying about various taxation of your products or services, employee payroll taxes, and many others, outsourcing your accounting and taxation services to Ascendum Business Services with skilled resources can prove beneficial to handle and take care of the accounting work of any size of accounting & financial advisors.
5. Offering excellent packages as per the accounting needs
The ultimate reason for outsourcing accounting service besides affordable costing, high encryption, and other things is that it offers multiple customised packages to cater for all your business needs.
For instance, if a start-up company needs an accountant to look after monthly bookkeeping, payroll, SMSF admin and taxation, they will opt for required services only, which will be billed monthly and economical than hiring a full-time in-house accountant at the office.
There are various chartered accounting companies offering multiple solutions & services to their end client. Customized outsource accountant services are cost-efficient and help boost business efficiency and allow the business owner to focus on the business development.
List of some of the accounting work services CPA firms can choose to outsource:
- Self-managed super fund (SMSF) Accounting & Audit back support services
- Accounts Finalisation & Taxation Preparation (Individual, Company, Trusts or Partnerships)
- Accounts payable & receivable services
- Preparing aging reports & summaries
- Bank accounts, income, credit card, inventory, payroll reconciliation services
- Complete bookkeeping & BAS Preparation services
- Payroll management services
As the coronavirus pandemic has shaken the world economy, the demand for outsourcing accounting services has been undeniably magnified due to various reasons. An increasing number of CA’s CPA’s & Bookkeeping firm have shifted their base virtually and started working from safe makeshift places facing a financial slowdown.
Therefore, it has become essential to invest in a reliable outsource accounting firm like Ascendum Business Services that is well-positioned to keep the financial operations highly secure and help the business operate smoothly amidst the pandemic with lower costs, diverse pool of skilled resources and add more value to onshore work.
“A good plan, violently executed right now, is better than the perfect plan executed next week. George Patton”