It is not a surprise that many large and mid size companies are looking outside their private environs for accounting outsourcing. They are not even moving out of their shores to endure the pain of call centre employees who have no idea what a firm’s business is all about. During recession, this seems to be the safest bet to work with. Accounting outsourcing has existed since the late 1960s but has gained momentum only in the last decade. Giants like Time Warner, Walt Disney productions have already outsourced their large accounts successfully. Perhaps this is why they are still very much in business!
Niche accounting firms, having statutory requirements of SAS 70 certifications are well equipped to handle audits of large and medium sized companies with precision. Conforming to global standards, having local human resources to work out figures on the latest computing software has clinched important deals for client based accounting outsourcing firms. One of the biggest merits that benefit this critical department of any company, is, that there is no need to employ and train personnel- Which also means, there is no question of any employee being enticed by a rival company to trade secrets. When an accounting outsourcing firm picks the client, the unwritten mantra is a veiled secrecy to the auditing of accounts, handling taxes in trying times. Already the current wav of recession has led to large closures and shocking disclosures of reputed giants.
Then why take a risk?
The trend of smaller companies’ outsourcing expertise in auditing, maintaining book of cash flow, daily tally of credits and debts has increased. Niche account firms keep an eye on developing key software for specific client’s purposes rather than fit the client in their own stable. This way the client is able to concentrate on the business rather than keep an account on daily petty cash. Lesser the number of employees to handle make it easier for the company to conduct business. Many companies may get business but when it comes to financial dealings they get stuck. A professional outsource service firm ensures timely dues to the tax department, government and to maintain the staff. One can find online all aspects related to accounting outsourcing firms which are complaint to all global standards. A proper firm will also coordinate with partner firms to facilitate client’s financial compatibility in trade and also cut losses with knowledge and experience.
Orson Clayson writes for accounting and recommend IQ Backoffice for accounting outsourcing solutions.
IQ Backoffice is the leader in accounting outsourcing. It explains which accounting outsourcing solutions are right for you.