Outsourced Accounting Services Versus Hiring

In today’s highly volatile business scenario, scalability and flexibility are crucial. At Finsmart Solutions, we have often seen small businesses struggle with ramping up or downsizing their accounting resources to keep in sync with business spikes and troughs.

Several times, Accounting firms may not have full-time work for their accountants and may end up hiring a low-cost, part-time employee to save cost, or worse still, assign bookkeeping tasks to an administrative resource who is not trained or skilled in accounting practices.

As they grow, the transition becomes all the more difficult because of these unskilled or semi-skilled bookkeepers. Overpaid or incorrectly paid taxes, incorrect accounts receivables filing, erroneous reconciliations are all a CEO’s worst nightmares. Apart from the nightmares, these also make a dent in profitability!

On the contrary, when accounting firms partner with an outsourced accounting firm like Finsmart Solutions, they have access to a range of benefits including:

– Ability to ramp up or scale down your accounting team at very short notice – giving you the power to take on new business without worrying about the skills and ensuring that you do not end up adding fixed costs, when there is a dip in business.

– Ready access to high quality accounting professionals, so that you do not need to worry about hiring, training. This comes to you at a fraction of the cost that it would take you to hire the same resources in-house.

– Availability and exposure to cutting edge technology which makes modern-day accounting efficient and accurate.

– Specialized resources and clear separation of duties that ensures increased quality of output, speed as well as accuracy.

We also have several layers of checks and balances, with different resources to counter-check and review work – reducing the chances of fraud or embezzlement.

Most importantly, we provide actionable financial reports, insights and interpretations that business owners can use to improve operational efficiencies and grow their business.

Outsourced accounting firms like Finsmart Solutions can become your true partner in productivity and profitability. As it is evident, for small and medium sized accounting firms, this seems to be like a no-brainer!

Mrs. Shalaka Joshi

Electronica Finsmart Solutions Private Limited

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