Accounting and bookkeeping can be stressful jobs. As more businesses are coming into the scenario of work from home in the pandemic, monitoring and delivering the work to the clients becomes more challenging.
Now business owners are opting for online accounting services so they can easily monitor business’ cash flow, prepare taxes and other financial tasks.
In the accounting department, businesses mostly prefer to outsource:
- Assets/equipment ledger maintenance
- Inventory reconciliation
- Bank account reconciliation services
- Year-end Accounting Outsourcing
- Management Accounting Outsourcing
- Payroll Processing
- Tax Preparation Outsourcing
If you are looking for a vendor to whom you can outsource your accounting department, you must know what benefits and real-time challenges you may face.
Benefits of outsourced accounting services in Ghana
Leveraging the full potential of service can only be done only when you are aware of what you should expect from your vendor.
The same applies to outsourced bookkeeping services to get maximum profit and efficiency in your workflow. Some other advantages are:
- Focus on core business: After outsourcing the accounts, your employees can focus more on the client and work to create a more unique client experience to get better returns. All the accounts and bookkeeping work for the client will be handled by the expert outsourcing team.
- Streamline the work process by not only getting the managed solutions but also 2 stage reviews before the work is delivered to you.
- It is always an advantage to get expert advice on your accounts and tax matter. Hiring a team of tax experts will help you to be in peace during tax season.
- It is not wrong to say that cost-effectiveness becomes the major point to choose an accounting outsourcing service as Outsourcing can help businesses cut up 50% of costs without hampering the quality of work.
- Get premium access to cloud technology at no additional cost. Softwares like Tally, Xero, Quickbooks, and tax calc will help to get access to information from any device globally with secured networks in a real-time environment.
Challenges of outsourced bookkeeping services
When you have decided to outsource your accounts, there are certain challenges you can face, and it’s always better to be educated yourself before choosing the best vendor for your accounting firm/business.
- Check if the company is registered or not with proper documentation. Look if the company employees are experts in accounting and bookkeeping as promised by the vendor. Take a short interview to understand the experience an employee holds and would it be a good fit for your work.
- Your vendor must be using cloud-based technology in their process instead of taking the traditional approach. Not only integrating the cloud-based software like Tally, Quickbooks, Xero, and TaxCalc, but your outsourcing partner must also have employees who have hands-on experience with industry-relevant software to provide you with efficient work.
- It is very important to check if your outsourcing company is TAX compliant or not. Also, your vendor must offer high security to prevent any data leakage.
- Ask for the engagement model your vendor offer. Look for the hourly model if you don’t have work that requires a full-time equivalent model. If it is possible, ask for a customized package.
How PISTIS And Associates can help?
Most companies are considering outsourcing services a great option so they can focus more on bringing more clients in this pandemic period.
PISTIS And Associates fully understands and empathises with the complications faced by the Accounting, CPA firms & businesses in the accounting arena and, thus delivers solutions.
Our brand purpose is to help CEOs, Partners, Directors, CXOs of the Ghanaian Accounting Firms & International CPA firms, solving problems in outsourcing their compliance work and focusing on consulting & advisory while spending more time with their valued clients & saving costs which enriches their customer experience.
Contact us today to claim your free trial