Outsourced Accounting
Outsourced accounting refers to the practice of hiring external professionals or a third-party firm to handle a company’s financial tasks, including bookkeeping, payroll, and other accounting functions. Instead of maintaining an in-house accounting department, businesses delegate these responsibilities to an external service provider, allowing them to focus on their core operations while ensuring their financial matters are managed efficiently.
These services typically include:
- Bookkeeping: Keeping track of financial transactions, including income and expenses, to maintain accurate and up-to-date financial records.
- Payroll Processing: Managing employee payroll, including calculating taxes, and other deductions, and ensuring timely and accurate payments.
- Customer Management;Customer management services may include regular consultations, timely responses to inquiries, and proactive engagement to anticipate and address clients' evolving financial requirements.
- Supplier Management;This service encompasses various activities, such as negotiating contracts, evaluating supplier performance, and ensuring compliance with financial and regulatory standards.
Preparation and maintenance of your books of accounts.
File Management;The services include digital file an physical file organization, document tracking, and implementation of secure data storage solutions
What are the benefits?
Hiring an outsourced accounting firm has a lot of benefits such as;
Save Money: A third party for your accounting work is generally more cost-effective than hiring someone internally. Hiring in-house accountants can be expensive when factoring in office space, insurance, sick days, etc. Moreover, hiring an accounting firm allows access to a team of people with a variety of skills (versus an employee who can only do one task at a time).
Access Expertise: By outsourcing your accounting, you can actually save money and improve results at the same time. If you run a company that isn’t an accounting firm, you likely aren’t a master accountant. By teaming up with a CPA specialist you get access to someone (or a team of people) who is an accounting professional with a wide range of expertise. This makes sure your books are always accurate, payroll is compliant and completed on time, and you’re not at risk of penalties or regulation mistakes. A good firm will get it done right and do it cost-effectively.
Save Time: By outsourcing your accounting, you will spend less time overseeing the organisations financial functions and preparing financial statements, enabling you to have more time to focus on your vision and purpose. At Breakthrough, we also assist you with reporting and presenting to your board, so all the information you need in one place.
One of the biggest struggles many organisations face is the high level of regulation and compliance. Breakthrough will also assist you to reduce the complexity and headaches, whilst reducing the time and effort required to comply with the various regulatory bodies.
Improve Productivity: If you have a reliable finance team, you can have peace of mind knowing your accounting responsibilities are all taken care of. You’ll also get useful financial reporting insights showing your business performance, cash flow, budgeting and more.
Scale Up Easily: If you’re a growing organisation, having an outsourced accounting firm will make your life a lot easier. Accounting operations can be difficult, and when you’re scaling up it’s easy to get overwhelmed and caught up in all the moving pieces. By hiring Breakthrough, you’ll be working with an experienced firm that has done this many times before.
Automate & Go Digital: You’ll also be able to reduce your carbon footprint and impact on the environment by going digital and reducing wasted paper. This saves money on inventory and saves time by reducing filing and storage.
By outsourcing your accounting, you can save money and improve results at the same time.